Tuesday, August 26, 2014

Kane County Economic Update

Most of Kane County’s current economic indicators suggest the area has found economic stability. Jobs and construction activity are up and unemployment is down. Plus, the drop in sales isn’t a really current-quarter decline at all.

Employment growth in Kane County cranked up a notch in the first quarter of 2014. The county added more than 100 jobs between the March 2013 and March 2014 for a healthy year-over growth rate of 3.7 percent. Retail trade, leisure/hospitality services and health/care social services proved the major movers and shakers behind this uptick in growth rates.

With this improvement in employment it shouldn’t be surprising that Kane County’s jobless rate slipped from 5.4 percent in June 2013 to 4.6 in July 2014. While registering higher than the Utah figure (3.6 percent) it falls far below the national average of 6.2 percent.

Construction added to Kane County’s economic good news. Figures for 2013 show home permitting up 33 percent and total permit values up 42 percent. Gross taxable sales proved the one blotch on an otherwise shining picture. However, the 14-percent first quarter decline in sales resulted primarily because of an adjustment for a previous quarter.