Tooele County Economic Update

The Wasatch Front South Service Area labor market began 2014 with healthy year-over employment growth of 2.7 percent and then slowed somewhat in the late spring and early summer with the growth rate cooling to about 2.3 percent. This reduction in the job growth rate occurred as the goods-producing industries of mining, manufacturing and construction had basically the same level of employment as a year earlier. The goods producing industries account for 14 percent of payroll jobs in Salt Lake and Tooele counties.

The region’s unemployment rate was around 3.5 percent by mid-year and drifted down to 3.3 percent by September. Last year Wasatch Front South unemployment averaged 4.2 percent.

• Tooele County’s own job recession continues, with year-over job losses of 563 for the 12 months ending in June 2014.
• The three largest job reductions occurred in administrative support/waste management services decreasing by 381 jobs, the federal government shedding 167 jobs and professional/technical and headquarters declining by 62. Many of these losses stem from the direct and indirect effects of the Deseret Chemical Depot closure which is now complete.
• The three industries showing the largest June 2014 year-over employment increases include construction (126), health care/social service (46) and transportation/warehousing (42).
• Overall, nonfarm payroll employment totaled 15,094 in June 2014. This is the lowest job count for the month of June since 2006.
• In June of 2012, the unemployment rate was around 5.8 percent, improving throughout 2013 to record a rate of 5.2 percent in September 2013. As of September 2014, there are about 1,250 unemployed Tooele County Residents looking for work and a jobless rate of 4.2 percent.
• Gross taxable sales declined by 2.9 percent in the first quarter 2014 compared to first quarter 2013. Second quarter 2014 sales were down again by 1.1 percent on a year over basis. This is the seventh consecutive quarter with year-over reductions. 

Overall for the Wasatch Front South (Salt Lake and Tooele Counties), continuing healthy job growth and improving labor market characterizes economic conditions through 2014. Economic expansion brought down the unemployment rate to about 3.3 percent by the end of summer 2014. The jobless rate will likely continue to range between 3.2 and 3.5 percent through the remainder of 2014.

The 2014 job outlook in the Wasatch Front South area is expected to show overall employment growth of around 2.6 percent, adding an additional 15,500 to 17,500 jobs. Substantial job increases should come from professional/scientific/technical services, state higher education, administrative support and food services. Looking forward into 2015, job growth will likely continue between 2.3 to 2.8 percent in the region, with Tooele County once again contributing to positive job growth.