Continuing a year-long upward trend, Iron County’s employment expansion torqued up a notch in the first quarter of 2016. Most industries contributed to the robust expansion although there are a few notable exceptions. As in most Utah counties, joblessness has ticked up in recent months. However, the county’s rate remains below the national average. First-time claims for unemployment insurance have trended slightly higher than usual in the last few months contributing to overall level of joblessness. Construction permitting seems to be off to a slow start in 2016. However, it’s early days yet and activity will likely improve. Gross taxable sales increased nicely in first quarter contributing to a healthy economy with only small pockets of disquiet.
Between March 2015 and March 2016, Iron County’s employment base added almost 1,000 new jobs, up nearly 6 percent.
Most industries joined in the overall expansion with retail trade, accommodations/food services, government, professional/business services and construction showing strong employment contributions.
On the down side, both mining and information displayed significant industry-level job contraction.
Joblessness has increased in recent months as layoffs took their toll.
In June 2016, the county’s unemployment rate measured 4.7 percent, almost the highest level since 2013.
First-time claims for unemployment insurance have measured somewhat higher than average in recent months.
Construction, retail trade and professional/business services (all with a seasonal/temporary component) have generated the largest number of new claims so far this year.
Iron County’s average monthly nonfarm wage has trended upward for an extended period of time.
Yet, in the first quarter of 2016, wage gains stalled. A quarter does not a trend make and figures may improve in upcoming months.
Construction permitting appeared somewhat slower in the first three months of 2016 when compared to the same time period in 2015.
However, data for most of the year is not available and permitting in 2015 was the strongest since the recession.
Gross taxable sales showed a healthy 13-percent increase between the first quarters of 2015 and 2016.
Retail sales showed particularly strong gains with motor vehicle, electronics and general merchandise stores leading the pack.
