Friday, March 22, 2013

2012 Surge in Utah’s New Car Sales

According to data from the Utah State Tax Commission, new passenger vehicle and light truck sales increased almost 18 percent in 2012—just another sign that the Utah economy is expanding. Sales of big-ticket new cars and trucks reflect not only consumer optimism in the economy but pent-up demand that went unsatisfied during the recession.

Uintah County, already taking the top Utah rankings in population and employment growth, displayed the fastest expansion in new car sales, too—a whopping 87 percent. Obviously, not only is the current oil/gas boom spurring population growth it is generating car sales as well.

Other counties with rapidly expanding 2012 car sales included Sanpete, Weber, Iron, Washington and Salt Lake. Each exhibited annual growth rates greater than 20 percent.

However, not all counties shared in the current uptick in new car sales. Most of the counties which manifested a 2012 decline in new car and truck sales were small with low volumes. The one exception? Utah County where sales slipped by 7 percent.