Wednesday, February 4, 2015

Kane County Economic Update

Kane County appears to have finally shaken off its lackluster post-recession economic performance. Recently-released nonfarm job totals show robust employment expansion in this southwest Utah county. In concert with stronger job growth, unemployment in the area continues to edge downward. Rounding out this bright economic picture, gross taxable sales bounded upward.

  • Between September 2013 and September 2014, Kane County added more than 210 net new jobs. 
  • This year-to-year gain of 6.3 percent ranks Kane County as the second-fastest growing county in Utah. 
  • Most major industrial sectors joined the job-creation event. 
  • Leisure/hospitality service added the largest number of positions with important assistance from retail trade and other services. 
  • Job losses at the industry level proved minimal. 
  • As in most Utah counties, unemployment kept on contracting at year end. 
  • In December 2014, Kane County’s unemployment rate glided to 4.2 percent which is approaching the typically accepted level of full employment. 
  • During the first few weeks of 2015, first-time claims for unemployment insurance measured even lower than the same time period last year. 
  • Mirroring the area’s strong employment performance, third quarter 2014 gross taxable sales increased by almost 10 percent when compared with the year-ago total. 
  • Vibrant gains in leisure/hospitality industry sales factored heavily in the overall increase.