Monday Report
Our First Look at 2008! May 12th, 2008

Utah Economic Snapshot






  • Summit County up $10.7 million or 8%
  • Millard County up $817,000 or 11.6%
  • Utah County down $45 milion
  • Salt Lake County down $42 million
  • Overall State down $121.8 million


County Taxable Retail Sales

CountyJan 2007 SalesJan 2008 Sales% Change
MILLARD$7,018,345 $7,835,33211.64%
SUMMIT$139,418,441 $150,133,9747.69%
DAGGETT$245,612 $261,5676.50%
JUAB$4,359,533 $4,591,8405.33%
IRON$41,752,144 $42,543,2551.89%
WAYNE$1,139,945 $1,154,0331.24%
TOOELE$31,486,501 $31,749,4190.84%
WEBER$224,781,794 $226,154,0040.61%
GRAND$9,094,680 $9,111,7450.19%
WASATCH$16,928,828 $16,653,007-1.63%
CACHE$86,620,214 $84,485,343-2.46%
SALT LAKE$1,458,387,682 $1,416,243,652-2.89%
WASHINGTON $174,364,240$169,227,601 -2.95%
DAVIS$254,511,651 $245,974,595-3.35%
CARBON$32,853,368 $31,718,851-3.45%
SANPETE$12,582,011 $11,628,174-7.58%
UINTAH$86,779,361 $79,677,045-8.18%
UTAH$452,027,527 $406,983,835-9.96%
BEAVER$3,869,063 $3,452,811-10.76%
KANE$5,133,825$4, 548,507-11.40%
DUCHESNE$24,479,454 $21,240,747-13.23%
GARFIELD$2,076,763 $1,724,141-16.98%
BOX ELDER$35,994,752 $29,873,534-17.01%
EMERY$10,634,984 $7,991,102-24.86%
SAN JUAN$7,543,886 $5,508,195-26.98%
SEVIER$28,799,852 $20,871,346-27.53%
RICH$565,122 $391,172-30.78%
PIUTE$509,212 $229,256-54.98%
OUT OF STATE USE TAX$3,032,015 $2,991,158-1.35%
Total$3,160,296,339 $3,038,456,086-3.86%

Top International MBA programs 2008

  • University of Pennsylvania: Wharton
  • London Business School
  • Columbia Business School
  • Stanford University GSB
  • Harvard Business School
  • Insead
  • MIT: Sloan
  • IE Business School
  • University of Chicago GSB
  • University of Cambridge: Judge
Source: Financial Times, 2008


  • Economic Development
  • The Office of Community Services (OCS) has just issued the Community Economic Development (CED) program RFP, which provides funding for a wide array of small business development, economic development and/or job development initiatives.
  • There is $29,000,000 available with grants to $700,000.
  • Grants to Improve Economies in Low- Income Areas!
  • Community Economic Development Program Operational Projects
  • POSTED: 4/22/2008
  • ELIGIBILITY: Nonprofits
  • $ AVAILABLE: $29,000,000
  • MAX GRANT SIZE: $700,000
  • DEADLINE: 5/22/08 (LOI); 6/25/08 (final)
  • CONTACT INFORMATION: http://www.acf.hhs.gov/grants/open/HHS-2008-ACF- OCS-EE-0024.html
  • DESCRIPTION: Grants to provide technical and financial assistance for community economic development activities designed to address the economic needs of low-income individuals and families through the creation of employment and business opportunities.
  • Improve the Health of American Indians in Urban Areas!
  • Urban Indian Health Programs
  • POSTED: 5/1/2008
  • FUNDING SOURCE: Indian Health Services
  • ELIGIBILITY: Urban Indian Organizations
  • $ AVAILABLE: $25,500,000
  • MAX GRANT SIZE: $25,500,000
  • DEADLINE: 5/21/08
  • CONTACT INFORMATION: http://www07.grants.gov/search/search.do? &mode=VIEW&flag2006=false&oppId=41490
  • DESCRIPTION: Grants to improve and make healthcare services available to American Indian and Alaskan Natives who live in urban areas.
  • Tribal Law Enforcement Grants!
  • Tribal Resources Grant Program
  • POSTED: 5/1/2008
  • ELIGIBILITY: Indian Tribes
  • MAX GRANT SIZE: $400,000
  • DEADLINE: 6/13/08
  • CONTACT INFORMATION: http://www.cops.usdoj.gov/html/funding/applying/TRGP Guide_e030821127.pdf
  • DESCRIPTION: Grants for a wide array of activities designed to increase the power, presence and effectiveness of tribal police forces.
  • Improve Minority Science and Engineering!
  • Minority Science and Engineering Improvement Program # 1 - 3
  • POSTED: 4/22/2008
  • FUNDING SOURCE: Dept. of Education
  • ELIGIBILITY: Predominantly Minority IHEs
  • $ AVAILABLE: $7,000,000
  • GRANTS AVAILABLE: Varies by program
  • MAX GRANT SIZE: Varies by program
  • DEADLINE: 5/22/08
  • CONTACT INFORMATION: http://edocket.access.gpo.gov/2008/E8-8711.htm
  • DESCRIPTION: Funds to effect long-range improvement in science and engineering education at predominantly
  • minority institutions and to increase the number of underrepresented ethnic
  • minorities, particularly minority women, entering scientific and technological careers.


January 2008 Utah Sales Taxes

Yes, they are late in reporting! The Tax Commission has been changing computer systems so this is our first look at 2008. Preliminary #'s and County reports only!

How bad is it?

Who is down?

Who is up?

Bob Springmeyer

Bonneville Research

  • Utah Economic Snapshot
  • Wasatch Front Notice of Default activity - April 2008

    # of new notices recorded:

    • # Last Week 202
    • Previous Week: 247
    • Same Week Last Year: 111

    Utah Labor Market Indicators - March 2008 (Feb/Jan 08)

    Utah's unemployment rate rose to 3.3 percent in March. Pushing unemployment higher is a slowdown in the state's ability to create jobs. Utah's job growth in the year that ended in March slipped to 2.1 percent, the state said.

    That means the state created only 26,200 jobs over that one-year period and demand for housing will continue to drop.

    • Employment Growth: 2.1% (2.3%/2.6%)
    • Employment Increase: 26,200 (28,100/31,600)
    • Unemployment Rate: 3.3% (3.0%)

    Source: Utah Dept of Workforce Services, 4/15/08

    • Global Business Confidence - Record Low!
    • Global business confidence is at a record low, signaling that the global economy likely contracted in April. Across the globe, the survey results suggest that the U.S., Canadian and European economies are contracting, while the Asian and South American economies are growing below potential. Hiring intentions have notably weakened in recent weeks, as has the strength of sales. Businesses' assessments of current conditions continue to hit new record lows. The only positive is that pricing pressures have not risen commensurately with the surge in oil and other commodity prices.
    • ABC News/Washington Post Consumer Confidence - Close to All-Time Low!
    • The ABC News/Washington Post consumer comfort index fell sharply over the week and is within striking distance of its all-time low. The headline index came in at -46 in the week ending May 4, down from - 41 the previous week. The details of the report were very weak with all three components declining. Consumer confidence is at a level consistent with a more severe than expected recession.
    • Senior Loan Officer Opinion Survey
    • The April Senior Loan Officer Opinion Survey by the Federal Reserve revealed that the credit crunch continues as lending standards continued to tighten in the first quarter on all types of consumer and business loans. Loan demand by both households and businesses continued to weaken, although the pace of decline slowed from the previous survey.
    • Wholesale Trade (MWTR)
    • Wholesale inventories fell by 0.1% in March, falling well short of expectations of a 0.5% build, following an downwardly revised 0.9% gain in February. Sales rose by 1.6% in March compared with an upwardly revised 0.5% decline in February. The inventory-to-sales ratio fell two-hundredths of a point from an downwardly revised 1.11 to 1.09 in March.
    • Consumer Credit (G19)
    • Consumer credit increased by $15.3 billion in March, reaching $2.558 trillion. Once again, revolving lines of credit were responsible for most of the increase this month. However, nonrevolving credit also increased by a surprisingly large amount, considering the recent poor sales figures for new vehicles.
    • Productivity and Costs
    • Nonfarm business productivity growth was surprisingly strong in the first quarter, coming in at 2.2% (SAAR), up from 1.8% in the fourth quarter. This was well above the consensus. Productivity growth was 3.2% from the first quarter of 2007 to the first quarter of 2008. Nonfarm unit labor costs rose an annualized 2.2% in the first quarter, slightly below the consensus. Unit labor costs were up just 0.2% on a year-ago basis. The numbers indicate that productivity continues to increase, despite the weak economy, and there is little in the way of inflationary pressures coming from the labor market.
    • Pending Home Sales
    • The pending home sales index fell 1% in March to 83 from February's downwardly revised number. The index is down 20% from a year ago. This report suggests that conditions in the housing market remain weak and have yet to show real signs of improving.
    • MBA Mortgage Applications Survey
    • The MBA market composite indices finished higher for the week ending May 2, 2008. The market index increased by 15.6% from the previous week, and, for once, refinance applications did not predominate. The purchase index was up by 12.1% and the refinance index increased by 19.3% from the previous week. One week of data is too little to tell whether the mortgage market has bottomed out, but this is still a good sign.
    • Jobless Claims
    • Initial claims for unemployment insurance decreased by 18,000 to 365,000, a larger drop than expected. Initial claims have leveled off in recent weeks, no longer having the clear upward momentum shown since the fourth quarter of 2007. They do, however, remain at an elevated pace.
    • Chain Store Sales
    • Chain store sales rose 3.6% in April, well ahead of expectations, but lifted to a large degree by calendar effects. Sales were up 1.6% on average over March and April, consistent with weak results seen since September. The early Easter added a selling day to April compared to last year. Improved weather and high gasoline prices also lifted sales. The underlying trend is weak, although perhaps not quite as weak as previously thought.
    • Oil and Gas Inventories
    • Crude oil inventories rose by 5.7 million barrels for the week ending May 2, according to the Energy Information Administration, compared with expectations of a 1.6 million barrel build. Gasoline inventories rose by 0.8 million barrels, exceeding expectations of a 0.1 million barrel decline. Distillate supplies fell slightly by 0.1 million barrels versus expectations of a 0.8 million barrel build. Refinery operating capacity fell to 85% from 85.4%. This report is bearish, although it remains uncertain how much this report will influence prices given the ebullient sentiment in the oil market.
    • Weekly Natural Gas Storage Report
    • Underground storage of natural gas rose by 65 billion cubic feet during the week ending May 2, slightly above consensus expectations of a 64 bcf build. Total underground storage was 1,436 bcf as of May 2, 284 bcf less than a year ago and 11 bcf below the five-year average for this time of year.

    Source: Economy.com 2008

    • Swim N' Sport
    • Swim N' Sport Shops, Inc. trades as Swim N' Sport at 37 locations throughout AZ, CO, FL, GA, LA, MD, NC, NJ, OH, SC, TN, TX and VA.
    • The stores, offering designer swimwear for women, occupy spaces of 1,500 sq.ft. to 2,500 sq.ft. in malls and outlet, specialty and value centers.
    • Growth opportunities are sought nationwide during the coming 18 months.
    • Typical leases run 10 years.
    • A vanilla shell and specific improvements are required.
    • Preferred cotenants include upscale apparel retailers.
    • Major competitors include department stores.
    • For more information, contact
      • Mark Sidle,
      • Swim N' Sport Shops, Inc.,
      • 2396 Northwest 96th Avenue,
      • Miami, FL 33172;
      • Web site: www.swim-n-sport.com.
    • Peace Frogs
    • Peace Frogs operates 41 locations throughout DE, FL, MA, MD, MI, MO, MS, NJ, SC, TX, VA and Washington, DC.
    • The stores, offering apparel and accessories, occupy spaces of 100 sq.ft. to 800 sq.ft. in tourist centers.
    • Growth opportunities are sought throughout CA and the Caribbean during the coming 18 months.
    • Typical leases run two to five years.
    • Preferred demographics include a population of 500,000 within the trade area.
    • For more information, contact
      • Catesby Jones,
      • Peace Frogs,
      • PO Box 137,
      • Whitemarsh, VA 23183;
      • Web site: www.peacefrogs.com.
    • Bernini.
    • Bernini, Inc. trades as Bernini.
    • The apparel stores, offering upscale men's and women's apparel and accessories, occupy spaces of 2,000 sq.ft. in freestanding locations, malls and downtown areas.
    • Growth opportunities are sought throughout CA and NV during the coming 18 months.
    • Preferred demographics include a trade-area population earning $50,000 as the average household income.
    • For more information, contact
      • Imtiaz Tar,
      • Bernini, Inc.,
      • 10401 Venice Boulevard,
      • Los Angeles, CA 90034;
      • Web site: www.bernini.com.
    • Susie's Deals
    • Susie's Deals operates 90 locations throughout AZ, CA, NV and UT.
    • The stores, offering apparel for the entire family, including junior, misses, plus sizes, men's and children's apparel, all priced at $5.99 or less, occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in power, neighborhood or community centers.
    • Growth opportunities are sought throughout the Inland Empire, Los Angeles and Orange counties in CA during the coming 18 months, with representation by Present Value Properties, Inc.
    • Preferred cotenants include Mervyn's, 99 Cents Only, Ross Dress for Less, Target, T.J. Maxx and Wal*Mart.
    • For more information regarding expansion for Susie's Deals throughout the Inland Empire and Orange County markets in CA, contact
    • Jared Davis or Ryan Pate.
    • Present Value Properties, Inc.,
    • 1590 North Batavia Street, Suite 2,
    • Orange, CA 92867.
    • For more information regarding expansion for Susie's Deals throughout Los Angeles County, CA, contact
      • Jaye Young.
      • The primary contact for Susie's Deals is Bernie Labowitz.

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