SCORECARD
Utah Economic Snapshot
Utah Labor Market Indicators - June 2007
(May 07)
- Employment Growth: 4.5% (4.5%)
- Employment Increase: 55,100 (54,000)
- Unemployment Rate: 2.6 %(2.5%)
Source:
Utah Dept of Workforce Services, 7/17/07
U.S. Labor Market Indicators - June 2007
(May 07)
- Employment Growth: 1.4% (1.4%)
- Unemployment Rate: 4.5%(4.5%)
Source: Utah Dept of Workforce Services, 6/12/07
Where the Jobs Are - June
2007
- State Total - 55,046 +4.5%
- Salt Lake County (47%) - 25,772 +4.4%
- Utah County (18%) - 10,182 +5.8%
- Davis County (4.6%) - 3,831 +3.7%
- Weber County (6.1%) - 3,367 +3.6%
- Washington County (4.3%) - 2,373 +4.5%
Source: Utah Dept of Workforce Services,
7/17/07
What kinds of Jobs - June
2007
- State Total - 55,046 +4.5%
- Specialty Trade Contractors - 10,000 +15.0%
- Professional, Scientific, and Technical Services -
5,600 +9.0%
- Accommodation and Food Services - 4,000 +4.3%
- Health Services and Social Assistance - 3,900
+3.7%
- Food Services and Drinking Places - 3,300
+4.4%
- Finance and Insurance - 2,800 +5.2%
- Construction of Buildings - 2,500 +11.5%
Source: Utah Dept of Workforce Services,
7/17/07
Aug 08 2007 ED Survey
Results
- What are or should be your Economic
Development goals?
- Creating more jobs 14%
- Creating "Good Jobs" 52%
- Creating "Tax Base" 21%
- Creating "Retail Sales" 7%
- Other? 7%
- No Responses 0%
- Total 100%
- What is your strategy for increasing the total
number of jobs?
- Strengthening your local export base? 18%
- Substituting local produced products for imports?
8%
- Recruiting employers? 38%
- Recruiting retailers? 23%
- Other? 13%
- Total 100%
- What is your strategy for encouraging "High-
Quality Jobs?
- Limit incentives to employers who pay higher than
regional average wages? 7%
- Recruiting high value added employers? 38%
- Encourage "on-the-job- training? 14%
- Supporting higher education? 17%
- Help with technology transfer/acquisition? 7%
- Other? 17%
- No Responses 0%
- Total 100%
- What is your strategy for increasing retail
sales?
- Recruiting retailers? 21%
- Recruiting grocery stores? 0%
- Recruiting "big box" retailers? 7%
- Recruiting auto and RV dealers? 0%
- Encouraging new household developments?
17%
- Other 55%
- No Responses 0%
- Total 100%
- Which of the following categories best
describes the sector you work in?
- Local Government Services 38%
- State Government Services 3%
- Consulting Services 0%
- Education 0%
- Real Estate 24%
- Financial Services 3%
- Government Services 0%
- Non-Profit 17%
- Marketing/Sales/Public Relations 3%
- Other 10%
- No Responses 0%
- Total 100%
The evolving role of the CMO
Who is the State, County or City CMO?
The Economic Development Director?
- As the forces of proliferation gather strength,
companies will need to redefine the way the
marketing function performs its critical tasks and
broaden the role of the chief marketing officer.
- Today, many CMO's have narrowly defined roles
that emphasize advertising, brand management, and
market research.
- In the years ahead, companies will need their
CMO's to lead far-reaching change efforts, shape their
public profiles, help manage complexity, and build
new capabilities.
- CEO's have a role too: helping CMO's to set
priorities and drive organizational change while
fostering closer connections between them and other
senior executives.
Source: McKinsey & Company, 2007
Grants for Community Colleges!
- Community-Based Job Training Grants
- POSTED: 8/8/2007
- FUNDING SOURCE: DOL
- ELIGIBILITY: Community or technical colleges,
community college districts, and One-Stop Career
Centers in partnership with the local WIB
- $ AVAILABLE: $125,000,000
- GRANTS AVAILABLE: 75
- MAX GRANT SIZE: $2,000,000
- DEADLINE: 10/10/07
- CONTACT INFORMATION:
http://www.tgci.com/fedrgtxt/E7-15362.txt
- DESCRIPTION: Funds to support or engage in a
combination of capacity building and training activities
for the purpose of building the capacity of community
colleges to train individuals for careers in high-
growth/high-demand industries in the local and/or
regional economies.
Whole Foods-Wild Oats merger OK'd
- Federal judge OKs Whole Foods-Wild Oats
merger.
- A federal judge rejected the Federal Trade
Commission's bid to stop Whole Foods' acquisition of
Wild Oats, which may close as early as Monday
afternoon.
- The FTC has the option of appealing
the decision and seeking an emergency delay.
Source: The Wall Street Journal
Take the ED Survey
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Greetings!
- Economic Development Survey #1
Results
- Utah Jobs
- CMO's?
- Community
College Grants
- Economic notes
- This weeks leads
Bob Springmeyer
Bonneville Research
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Economic Notes: |
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- International Business Confidence
- Businesses are very nervous about the turmoil in
global financial markets. Sentiment fell sharply last
week on top of a large decline the week before.
Assessments of present conditions fell to their lowest
level since in the middle of the Iraq invasion in early
2003. It is notable that sentiment has weakened most
outside of the U.S., with very sharp declines in Europe
and South America. Respondents appear particularly
worried about sales. It is encouraging that
expectations regarding the six-month outlook have
held up much better, suggesting that respondents
believe that the current problems will not prove long-
lasting.
- International Trade (FT900)
- The nominal U.S. trade deficit in goods and
services narrowed by 1.7% in June. The U.S. trade
deficit came in at $58.1 billion, $1.0 billion less than
May's revised $59.2 billion, according to the Bureau of
Economic Analysis. In June, both exports and imports
increased, while exports increased more than
imports. The goods deficit with China, however,
widened 5.7% to $21.2 billion. Crude oil prices
increased in June, however, the nation's total import
bill for energy-related petroleum products decreased
to $26.7 billion, since the quantity imported declined.
- Risk of Recession
- The Moody's Economy.com probability of
recession retreated in July to 12%, down from June's
17%. The probability of recession is within in the
narrow range that has prevailed since early-2006.
Also, the decline in the probability of recession in July
reflects an improvement in consumer confidence and
tight labor markets.
- ABC News/Washington Post Consumer
Comfort Index
- The ABC News/Washington Post consumer
comfort index is heading south. The headline index
dipped two points to -11 in the week ending August
12. This puts confidence at its lowest level in five
weeks. The details were mixed, with a six-point drop
in the economic component leading the overall charge
lower.
- Treasury Budget
- The unified deficit for July was $36.3 billion,
slightly above the CBO's preliminary estimate of a $33
billion deficit. The federal government has run a deficit
of $157 billion through the first ten months of fiscal
year 2007; this is 34% smaller than the deficit at the
same point in fiscal year 2006. The federal
government continues to see strong revenue growth
and spending restraint, which is reducing the deficit.
- Treasury International Capital Flows
- Net long-term TIC flows rose to $120.9 billion in
June, compared to $126 billion in May. Total monthly
net TIC flows came to $58.8 billion in June, down from
$105.9 billion in May.
- Import & Export Prices
- The U.S. Import Price Index increased 1.5% in
July. The increase followed a 0.9% rise in June and
was led by an increase in petroleum prices. Export
prices rose 0.2% in July, after increasing by 0.3% in
the previous month.
- Senior Loan Officer Opinion Survey
- The Federal Reserve's July Senior Loan Officer
Opinion Survey showed that, on net, demand for loans
has dropped off across most categories since the last
survey in April. The survey also showed that banks
continue to tighten lending standards on real estate
loans-both commercial and residential.
- Industrial Production
- Industrial production rose by 0.3% in July, half the
rate of growth in June. Manufacturing output rose a
better-than-expected 0.6%, but utility production
disappointed with an outsized 2.1% drop. Mining
output rose 0.7%, the strongest growth year to date.
Capacity utilization rose to 81.9% in July and the result
for June was revised higher by a tenth of a percentage
point. Manufacturing utilization rose to 80.7% and now
sits within striking distance of its cyclical high of 81%
set in August 2006.
- Business Inventories (MTIS)
- Total business inventories increased by 0.4%, in
line with expectations. Inventories at retailers were up
0.5% for the month. Total business sales declined by
0.3%. The total I/S ratio rose to 1.27.
- Business Employment Dynamics
- After slumping during the third quarter of 2006, the
year ended on a more positive note for job creation.
According to Business Employment Dynamics, the
rate of job creation improved to 6.8% in the fourth
quarter, while the rate of job losses fell to 6.4%-the
lowest rate on record. This suggests that employers
are holding on to workers in the tight labor market.
- Jobless Claims
- Slightly away from expectations, but consistent
with the fact that recent readings were too low, initial
jobless claims increased by 6,000 to 322,000.
- PPI
- Producer prices rose faster than expected in July
across all stages of processing. Producer prices for
finished goods rose by 0.6%, due largely to inflation
among energy products. Excluding food and energy,
core prices for finished goods rose by only 0.1%, in
line with prior expectations. Core price increases were
tame at earlier levels of processing as well.
- Consumer Price Index
- The seasonally adjusted consumer price index
was up 0.1% in July, following a 0.2% increase in
June. A drop in energy prices led to weaker topline
inflation. The core index, excluding food and energy
prices, increased 0.2% in July, the same pace as in
June. Over the past year core CPI inflation has run at a
2.2% pace, while topline inflation has increased 2.4%.
The numbers were in line with the consensus.
Today's report is further indication that inflation is
slowing, the result of recent below-potential economic
growth.
- Bankruptcy Filings
- Personal bankruptcy filings continue to increase
from their post-reform lows at a slow pace. Filings in
the second quarter were 35% above last year, a much
smaller gain than in the first quarter, and remained
less than half the second quarter of 2005. Business
bankruptcies are following a similar pattern, up 38%
from the second quarter of last year, but down 23%
over the past two years.
- MBA Mortgage Applications Survey
- Mortgage demand increased 3.4% in the week
ending August 10. Purchase applications increased
3.9% and refinance applications increased 2.6%. In
the last couple of weeks applications are up, reflecting
a shift in lenders' preferences to the fixed rate
mortgages demanded by potential mortgagors.
- NAR Metro Prices
- Regional pricing trends continue to look weak in
the second quarter of 2007, with about 34% of the
metro areas reported by the NAR posting a year-over-
year decline in the median price. The Midwest region
is taking the biggest hit overall, but house prices are
descending the fastest in Florida metro areas. Sales
are down in 42 of the 49 reported states.
- NAHB Housing Market Index
- Homebuilder optimism decreased another two
points to 22 in August, a drop of 14 points total since
March. Overall, the index is down in every component.
In fact, the traffic of potential buyers index value of 16
is an exceedingly low number, signaling that the
bottom of the housing market appears nowhere in
sight.
- New Residential Construction (C20)
- Housing starts decreased 6.1% to 1.381 million
units in July. Housing permits decreased 2.8% during
the month. The figures are below estimates. Expect
the market to remain soft throughout the year.
- Retail Sales (MARTS)
- Total retail sales rose 0.3% in July after tumbling
in June, led by strong growth at department and
apparel stores and restaurants. Non-auto sales rose
0.4% as auto sales dipped. Growth was positive
nearly across the board outside of auto dealers and
gasoline stations. Growth in June was revised up to -
0.7% from -0.9%. Year-over-year growth dropped to
3.2% in total and 4.4% excluding autos.
- Chain Store Sales
- Chain store sales fell 0.9% in the week ending
August 11, the second straight decline and the largest
in 12 weeks. Year-over-year growth fell to 2.3%, the
lowest in seven weeks. Severe weather in several
parts of the country was blamed for the
weakness.
- Internet Sales (E-Commerce Sales)
- E-commerce sales rebounded from a soft first
quarter, growing by 6.4% q/q in the second quarter of
the year. This report suggests that consumers remain
resilient in their online spending habits despite a
growing number of adverse macroeconomic factors,
the most notable being the housing correction and a
slower pace of hiring nationwide.
- Oil and Gas Inventories
- Crude oil inventories dropped 5.2 million barrels
for the week ending August 10, according to the
Energy Information Administration. Expectations were
for a 2.5 million drop in crude oil inventories. Gasoline
inventories fell by 1.1 million barrels, also above
expectations. Refineries capacity utilization rate
averaged 91.8% in this period, in line with
expectations. Distillate stocks rose by a mere 0.2
million barrels, well short of expectations.
Source: Economy.com
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This Weeks Leads |
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- Leslie's Pool Supplies
- Leslie's Poolmart, Inc. trades as Leslie's Pool
Supplies.
- The 500-unit chain operates nationwide
in 35 states.
- The pool supply stores occupy
spaces of 3,000 sq.ft. in freestanding locations and
strip centers.
- Growth opportunities are sought
nationwide during the coming 18 months.
- Typical
leases run five years.
- The company prefers sites
anchored by grocery stores.
- Mail site submittals to:
- Jim Iacobazzi,
- Leslie's Poolmart, Inc.,
- 3925 East Broadway Road, Suite 100,
- Phoenix, AZ 85040;
- Web site:
www.lesliespool.com.
- 5 & Diner
- 5 & Diner Franchise Corp. trades as 5 & Diner at
18 locations throughout AZ, FL, IA, ID, MA, OH, OK, TN,
VA and WI.
- The diners occupy spaces of 3,000
sq.ft. in endcaps of strip centers, inline spaces in
entertainment centers and downtown/urban areas in
addition to freestanding locations.
- Growth
opportunities are sought nationwide during the
coming 18 months.
- The company is franchising.
- Mail site submittals to:
- Ken Higginbotham,
- 5 & Diner Franchise Corp.,
- 1140 East
Greenway Street, Suite 1,
- Mesa, AZ 85203;
- Web site: www.5anddiner.com.
- Lucky Brand Jeans, Juicy, Sigrid Olsen,
Dana Buchman, Mexx, Laundry, Elisabeth and Ellen
Tracy
- Liz Claiborne, Inc. trades as Lucky Brand Jeans,
Juicy, Sigrid Olsen, Dana Buchman, Mexx, Laundry,
Elisabeth and Ellen Tracy at 220 locations throughout
AZ, CA, CO, FL, IL, MA, NJ, NV, NY, PA, SC, TX,
UT, VA and Washington, DC.
- The apparel
stores occupy spaces of 2,500 sq.ft. to 4,000 sq.ft. in
lifestyle centers and malls.
- Growth opportunities
are sought throughout the east and west coasts
during the coming 18 months.
- Typical leases run
10 years.
- A vanilla shell and specific
improvements are required.
- Preferred cotenants
include Neiman Marcus and Nordstrom.
- Preferred
demographics include a population of 500,000 within
10 miles earning $75,000 as the average household
income.
- Mail site submittals to:
- Brian Dwan,
- Liz
Claiborne, Inc.,
- 3340 Leonis Boulevard,
- Vernon, CA 90058.
- Franktitude
- Franktitude operates five locations throughout FL.
- The hot dog restaurants occupy spaces of 1,000
sq.ft. to 2,000 sq.ft. in power, specialty and strip
centers; airports, colleges, hotels and other
entertainment locations as well as urban/downtown
and freestanding locations.
- Plans call for 100
openings nationwide during the coming 18 months,
with representation by APE Realty.
- A vanilla shell
and a tenant improvement allowance are required.
- Preferred demographics include a population of
30,000 within a three-mile radius earning an average
household income of $45,000.
- The company is
franchising.
- Mail site submittals to:
- Mark
Camara,
- APE Realty,
- 4491 West Whitewater
Avenue,
- Weston, FL 33332;
- Web site:
www.franktitude.com.
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BONNEVILLE RESEARCH - People, Passion & Pride |
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Successful client work requires a superior team of
outstanding people working fluidly together.
Bonneville Research is committed to excellence.
We work to help clients achieve enduring results
and improve the communities in which we live.
BONNEVILLE RESEARCH
Bonneville Research is a Utah-based consulting
firm providing economic, financial, market and policy
research to public and private sector clients
throughout the intermountain west.
Our services include:
- Financial Analysis
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Analysis and Budgets
- Strategy and Policy Analysis
- Economic and Fiscal Impact Analysis
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Each of our studies is tailored to address the
unique needs of our clients and their communities.
If we can help, please call or email us at
- Bob
- 801-364-5300
- BobSpring@BonnevilleResearch.com
- Jon
- 801-746-5706
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JonSpring@BonnevilleResearch.com
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