Here’s a brief rundown of the available economic indicators:
- The best indicator of local economic well-being—the year-to-year change in nonfarm jobs—shows Washington County continuing its strong early 2012 performance. Between June 2011 and June 2012, the county had added 2,550 net new jobs compared to a year earlier. This 5.4-percent increase places Washington County at its long-term average for employment growth.
- Economists prefer this continued moderate expansion. Much stronger jobs growth could suggest the economy is once again getting “too hot.”
- Washington County’s employment growth measures notably higher than either the Utah (3.6 percent) or U.S. (1.3 percent) rates of expansion for the June-to-June period.
- All major industries added jobs between June 2011 and June 2012. This positive performance by all sectors represents a broad-based, and therefore, more sustainable expansion.
- Professional/business services, leisure/hospitality services, retail trade, construction (yes, construction) private education/health/social services, the public sector (includes public education) and manufacturing each contributed more than 200 jobs each.
- Two industries experienced double-digit growth rates--wholesale trade and professional/business services. Four other industries—mining, construction, manufacturing, and other services—exhibited expansion rates of 7 to 8 percent.
- Unemployment rates continue to trend downward. Washington County’s August 2012 jobless rate of 6.8 percent is nestled in between the national average (8.1 percent) and the statewide rate (5.6 percent).
- Residential construction is picking up. Home permits are up 21 percent for the first half of the year. On the other hand, always-sporadic nonresidential construction permit values are down from last year which pulled total permit values down by a negligible (for the world of construction permitting)—about 5 percent.
- According to the federal Housing Price Index, Washington County’s home prices begThe National Association of Homebuilders/Wells Fargo Bank Housing Affordability Index suggests a median income family can now afford 76 percent of homes in the area compared to less than 20 percent in 2006.
- In second quarter 2012, gross taxable sales showed the sixth straight quarter of year-to-year gains. The 7-percent second quarter increase is just one more signal of a healthy Washington County economy. New car and truck sales are also up year-to-year. an appreciating in mid-2011. In the second quarter of 2012, home prices were up 3.8 percent compared with the previous year.
