Utah’s economy is one that is seeing a steady growth. It boasts of one of the best economies in the country. It is thus the envy of several other states in the US like some people envy the traders making big cash with Orion Code. New predictions based on the financial analysis depict a significant rise in the economy. According to the forecast, the one-time funds might approximately be over $180 million and the ongoing revenue might be an impressive $ 380 million, according to http://www.utah.gov/. Utah does it again and continues to excel in its economy. Here is a brief of the recent economy trends in Utah. This would also help you understand the direction in which each sector is heading to in 2017.
The employment rate and job market of Utah:
Utah has always been known for the best employment rates in the country. This year has been no less than the previous ones. The rate of unemployment in the state has gone down from 3.7% to 3.1% in the recent months. The employment rate has increased from 3.3% to 3.4%. More than 42000 new jobs have been newly made available in the state within the past year. There has been an overall increase in the jobs across various sectors including Education, Health services, Trade and Transportation. The reduction in jobs has been seen in just one in ten industries including the mining industry. There are more people filling up new job vacancies. This increased rate of employment shows how much the businesses in Utah are growing. Expanding businesses imply that there is a brighter economic condition ahead.
Though a lot of manufacturing sectors have switched to improved levels of automation, the job market in the manufacturing sector too has remained significant in Utah. The jobs in the manufacturing sector have not seen much of a growth since decades but the output has risen steadily. The share of jobs in the manufacturing sector is just 9% as against 11% as it was 30 years ago. But the contribution of the manufacturing division to the state’s GDP has increased.
The housing and real estate segment in the state of Utah:
As with the other states in the country, the prices of houses increased in the recent year in Utah. The trend shows that the housing market would continue to grow and the prices would continue to increase. They might increase by around 5% with respect to the current year. The increase in prices has been steady and unwavering year after year. Roughly by October 2017, home prices might reach the highest level ever. There has also been an impressive rate of reduction in the number of days for which a house remained listed on the market before being bought. Land costs have also been increasing and there is a reported reduction in the availability of construction laborers. This has further lead to housing contractors to increase pricing of the homes. But irrespective of the price surge, there has also been a marked growth in the demand. The demand in the current situation is in excess. With the bright future predicted for the job market in the state, the housing and real estate market are also seeing a new scope due to more residents preferring to move to Utah.