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ECONOMIC NOTES:
2009 Monday Report Survey
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- 84.9% Say they read the Monday Report Always or
Frequently
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Weekly
- 73.4% Say they read all or most of the Monday
Report
- 89.0% Say they are very or somewhat satisfied
with the Monday Report
- 83.2% Say they find the Monday Report information
very or somewhat relevant
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Stimulus Update: Energy Efficiency and
Conservation Block Grant Funding Available
The American Recovery and Reinvestment Act of
2009 provided $3.2 billion for the EECBG program. A
total of $2.8 billion is reserved for direct block grants to
larger cities and counties, as well as competitive
funding available to smaller cities and counties.
- All cities over 35,000 in population and all
counties over 200,000 in population will receive direct
funding from DOE.
- In states with smaller
populations, the top 10 cities and the 10 counties
qualify for direct funding.
- Smaller cities and
counties can compete for funding through their state
energy offices, which must pass 60% of the funding
they receive along to local governments.
- The
remaining $400 million will soon be available for
competitive funding to all cities and counties through
DOE.
Source: DOE, April 2009
Utah Community Development Block Grant
Stimulus Allocations
| Grantee | Allocation
Amounts |
|---|
| SALT LAKE
CITY | $1,098,281 |
| SALT LAKE
COUNTY | $657,866 |
| PROVO | $457,954 |
| OGDEN | $310,838 |
| WEST
VALLEY | $250,336 |
| OREM | $164,094 |
| LOGAN | $158,804 |
| WEST
JORDAN | $132,778 |
| ST
GEORGE | $128,777 |
| SANDY
CITY | $106,502 |
| TAYLORSVILLE | $99,705 |
| LAYTON | $91,212 |
| CLEARFIELD | $62,148 |
| UT
NONENTITLEMENT | $1,776,702 |
Source: American Recovery and Reinvestment Act
of 2009: CDBG Formula Allocations,
3/24/09
Utah is a "Small Business" State
Small businesses represent 97% of all Utah
employers and create 87% of the states net new jobs.
A "small" business generally means a privately
held enterprise with up to 19 employees, or a sole
proprietorship. Utah entrepreneurs are the
creators, risk takers, inventors, and leaders of our
economy. These individuals and businesses
demonstrate why Utah really is a great place to start
and grow a successful business.
Source: SBA
National Economic Notes:
- Global Business Confidence -29.0%
- Business pessimism remains deep and
widespread across all industries and regions of the
globe. Survey responses regarding hiring and
equipment and software investment fell to record lows
last week. Sales remain extraordinarily soft and
pricing power continues to weaken. It is encouraging
that businesses are becoming steadily less negative
about the economy's prospects later this year.
- The Conference Board Consumer
Confidence +0.7
- The Conference Board's index of consumer
confidence held its ground in March, following
February's large decline to a record low. The index
edged 0.7 of a point higher, to 26 for March, from
February's upwardly revised 25.3 (originally 25). After
plummeting in February, the expectations
component's uptick buoyed the index in March, rising
to 28.9 from 27.3 (previously 27.5). The present-
situation component slid further, dropping to 21.5 from
22.3 (previously 21.2). Assessments of current labor
market and business conditions slipped in March.
- Personal Income -0.2%
- Personal income fell 0.2% in February, after rising
a downwardly revised 0.2% in January. Wage income
fell for the fourth consecutive month, driven by large
job losses. Spending rose 0.2%, following an
upwardly revised gain of 1% in January. Real
spending fell 0.2% but was upwardly revised for
January, making a gain in real spending in the quarter
likely. The core PCE deflator rose 0.2%, the same as
January. The top-line deflator rose 0.3%, also
matching January. The saving rate fell to 4.2%.
- Agricultural Prices
- The All Farm Products Index of Prices Received by
Farmers was unchanged from last month. The 0.7%
increase in the crop index was offset by a 0.9%
decrease in the livestock and products index. There
was some movement with individual commodities.
Farmers saw prices rise for corn, lettuce, snap beans
and tomatoes. Broilers, soybeans, strawberries and
celery fetched lower prices. In the past year, the overall
index has fallen 14%, with food items declining 16%.
The food items index declined in the last month.
Prices paid by farmers for the means of production
were also stable in the past month and is unchanged
in the past year. Nitrogen fertilizer, diesel fuel, feeder
cattle and feed concentrates were less expensive.
Potash & phosphate, machinery, herbicides and
insecticides are costlier.
- Business Inventories (MTIS) -1.1%
- Total business inventories decreased 1.1% in
January, in line with expectations. Retail inventories
were the only new data in this report, falling 1.7%.
Inventories have been steadily falling for the last
several months, finally putting a halt to gains in the I/S
ratio, which remained at 1.43.
- Wholesale Trade (MWTR) -0.7%
- Wholesale inventories declined by 0.7% in
January, following a downwardly revised 1.5% in
December. The consensus was looking for a 1%
decline. Sales fell by 2.9% in January after falling by a
downwardly revised 3.7% in December. The inventory-
to-sales ratio rose by three-hundredths of a point from
an unrevised 1.27 to 1.3 in January.
- Major Job Cuts -36K
- The number of announced job cuts fell to 150,411
in March, down from 186,350 in February. Although the
figure was also the lowest since October, the level of
cuts remains consistent with a contracting labor
market. First quarter cuts totaled 585,188, the highest
for one quarter since 2001. Government/non-profit led
all other segments in job cuts, indicative of the
pressures on government/non-profit agencies from
lower tax revenues, equity losses, and
contributions.
- Pending Home Sales +2.1%
- The pending home sales index rose 2.1% in
February to 82.1, matching consensus expectations
for a modest rise from January. The index value for
January remained unchanged at 80.4. Pending home
sales were 1.4% below the level recorded during
February. The slight gain in pending home sales over
the month suggests existing-home sales could rise
gradually over the next several months.
- Construction Spending -0.9%
- Construction spending for February fell by 0.9%
from the revised January total and is now 10% below
February 2008 levels. Private residential construction
spending fell again by 4.3% below January levels, but
nonresidential construction was 0.3% above January
levels. Public construction came in at 0.8% above
January levels. The housing market is still declining
as indicated by the construction data, but
nonresidential construction has seen a slight
improvement at least for this month.
- S&P/Case-Shiller® Home Price Indexes -
19%
- The drop in existing-house prices accelerated in
January. The S&P/Case-Shiller 20-city house price
index declined 19% from a year ago, a greater rate of
decrease than the consensus expectation, which
looked for an 18.6% drop. The 10-city index fell 19.4%
over the year. Both indices again posted record rates
of decline in January, and these declines were
reflected broadly among metro areas. Thirteen of the
20 metro areas also reported record annual rates of
decline.
- MBA Mortgage Applications Survey +3.0%
- In the week ending March 20, the MBA market
index increased 3% to 1,194.4. After weeks of double
percentage-point increases, the indices were pretty
stable. The purchase index, increasing just 0.1%,
finished at 267.8. The refinance index ended at
6,363.2, up 3.7% from last week. Interest rates remain
unchanged from last week.
- Vehicle Sales - AutoData +.7 M
- Vehicle sales rebounded slightly in March thanks
to copious incentives during the last week of the
month. Light vehicle sales on a seasonally adjusted
annualized basis increased to 9.8 million vehicles, up
from 9.1 million in February. Both car and light truck
sales improved in March. Despite the improvement,
the sales pace remains extremely weak.
- Chain Store Sales +1.1%
- Chain store sales increased 1.1% in the week
ending March 28, its first gain in three weeks. This
shrank the year-ago decline to only 0.2%, its strongest
performance since early December. Nevertheless,
sales remain poor, though not as bad as earlier in the
year nor as bad as they could have been considering
the later than normal Easter.
- Oil and Gas Inventories +2.8 mb
- Crude oil inventories rose by 2.8 million barrels
during the week ending March 27, according to the
Energy Information Administration, in line with
expectations. Gasoline inventories rose by 2.2 million
barrels, more than expected. Distillate inventories
rose by a modest 300,000 barrels. Refinery operating
capacity fell to 81.7% from 82%. Total domestic
petroleum demand fell substantially. This report will
help maintain today's decline in oil prices.
- Weekly Natural Gas Storage Report +/-00
B
cf
- Working gas in underground storage for the week
ending March 27 was unchanged from the previous
week. The consensus estimate was for an increase of
2 billion cubic feet.
2009 Monday Report Survey Results
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Greetings!
- January Retail Sales Gains/Losses - City
Rankings
- Who is gaining?
- Who is losing?
- What sectors are up?
- What sectors are down?
Regular Features
Stimulus Update: Energy Efficiency and
Conservation Block Grant Funding Available
Transitional Housing Grants
Public Policy Initiatives
Economic Notes
This Weeks Leads
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| SCORECARD |
| |
Who Is Up?
Taxable Retail Sales January 2009 by
City
| City | Jan 2008
| Jan 2009 | % Change
| $ Change |
|---|
| Blanding |
$1,955,954 | $2,825,021 |
44.43% | $869,067 |
| South Jordan | $43,191,357 |
$59,405,903 | 37.54% |
$16,214,546 |
| Riverton |
$14,416,753 | $18,796,798 |
30.38% | $4,380,045 |
| Draper |
$41,620,747 |
$53,813,597 | 29.30% |
$12,192,850 |
| West
Bountiful | $13,625,196 |
$16,683,714 | 22.45% |
$3,058,518 |
| Roosevelt |
$13,009,684 | $15,856,637 |
21.88% |
$2,846,953 |
| Tremonton |
$5,372,239 | $6,473,590 |
20.50% | $1,101,351 |
| Beaver City | $2,307,349 |
$2,711,663 | 17.52% |
$404,314 |
| Brigham |
$14,128,724 |
$16,364,979 | 15.83% |
$2,236,255 |
| Cottonwood
Heights | $26,101,407 |
$29,178,719 | 11.79% |
$3,077,312 |
| Pleasant
Grove | $14,120,741 |
$15,207,341 | 7.70% |
$1,086,600 |
| Farmington |
$5,391,432 | $5,751,138 |
6.67% | $359,706 |
| South Ogden | $18,614,378 |
$19,439,229 | 4.43% |
$824,851 |
| Springdale |
$641,959 | $667,442 |
3.97% | $25,483 |
| Payson |
$13,358,174 |
$13,800,915 | 3.31% |
$442,741 |
| Roy | $16,060,216 |
$16,334,091 |
1.71% |
$273,875
| | Kaysville |
$13,801,603 |
$14,029,500 | 1.65% |
$227,897 |
| Centerville |
$24,038,809 |
$24,218,818 | 0.75% |
$180,009 |
| American
Fork | $47,098,773 |
$47,442,268 | 0.73% |
$343,495 |
Source: Utah State Tax Commission
3/31/09
Who Is Down?
Taxable Retail Sales January 2009 by
City
| City | Jan 2008
| Jan 2009 | % Change
| $ Change |
|---|
| Hurricane |
$12,820,661 |
$8,731,617 | -31.89% |
-$4,089,044
| | Park City | $99,996,814 |
$76,711,043 |
-23.29% | -$23,285,771
| | Midvale |
$44,153,371 |
$34,336,267 |
-22.23% | -$9,817,104
| | St George | $129,116,653 |
$103,208,190 | -20.07% | -
$25,908,463
| | Lindon |
$27,266,225 |
$21,946,361 | -19.51% | -
$5,319,864
| | Kanab |
$3,698,965 |
$3,029,713 | -18.09% | -
$669,252
| | South Salt
Lake | $111,676,879 |
$91,546,829 | -18.03% | -
$20,130,050
| | Heber |
$11,653,873 |
$9,707,202 | -16.70% | -
$1,946,671
| | Woods
Cross | $15,310,176 |
$12,783,965 | -16.50% | -
$2,526,211
| | Provo |
$94,526,444 |
$79,601,859 | -15.79% | -
$14,924,585
| | West Valley
City | $151,981,725 |
$131,996,762 | -13.15% | -
$19,984,963
| | Delta |
$3,312,831 |
$2,878,195 | -13.12% | -
$434,636
| | North Salt
Lake | $16,781,820 |
$14,678,424 | -12.53% | -
$2,103,396
| | Murray |
$120,005,370 |
$105,137,885 | -12.39% | -
$14,867,485
| | Layton |
$83,615,947 |
$73,478,682 | -12.12% | -
$10,137,265
| | Ogden |
$88,738,311 |
$78,612,723 | -11.41% | -
$10,125,588
| | Price |
$23,330,661 |
$20,883,754 | -10.49% | -
$2,446,907
| | Sandy |
$139,411,159 |
$125,455,605 | -10.01% | -
$13,955,554
| | Vernal |
$59,265,507 |
$53,365,794 | -9.95% | -
$5,899,713
| | Richfield |
$16,210,778 |
$14,656,555 | -9.59% | -
$1,554,223
| | Salt Lake County (Uninc)
| $288,722,049 |
$262,627,401 | -9.04% | -
$26,094,648
| | Morgan City | $1,979,303 |
$1,819,347 | -8.08% | -
$159,956
| | Taylorsville |
$43,411,847 |
$39,932,524 | -8.01% | -
$3,479,323
| | Salt Lake
City | $415,527,334 |
$383,954,645 | -7.60% | -
$31,572,689
| | Cedar City | $35,778,915 |
$33,092,109 | -7.51% | -
$2,686,806
| | Holladay |
$13,907,949 |
$12,905,728 | -7.21% | -
$1,002,221
| | West Jordan | $91,928,084 |
$85,350,118 | -7.16% | -
$6,577,966
| | Riverdale |
$49,899,803 |
$46,677,635 | -6.46% | -
$3,222,168
| | Monticello |
$967,400 | $906,151 |
-6.33% | -$61,249
| | Orem |
$140,678,665 |
$132,511,195 | -5.81% | -
$8,167,470
| | Tooele City | $26,564,855 |
$25,100,271 | -5.51% | -
$1,464,584
| | Logan |
$55,899,166 |
$52,990,892 | -5.20% | -
$2,908,274
| | Nephi |
$3,481,593 |
$3,313,410 | -4.83% | -
$168,183
| | Moab |
$7,462,783 |
$7,213,151 | -3.35% | -
$249,632
| | Bountiful |
$30,855,575 |
$29,925,219 | -3.02% | -
$930,356
| | Springville |
$21,369,499 |
$20,768,326 | -2.81% | -
$601,173
| | Lehi |
$29,762,633 |
$29,113,309 | -2.18% | -
$649,324
| | Spanish Fork | $19,885,219 |
$19,521,712 | -1.83% | -
$363,507
| | Clearfield |
$13,518,841 |
$13,391,915 | -0.94% | -
$126,926
| | TOTAL |
$3,362,324,325 |
$3,137,493,714 | -6.69% |
-$224,830,611 |
|
Source: Utah State Tax Commission
3/31/09
What Is Up?
Taxable Retail Sales January 2009 by
Major Sector
| Sector | Jan 2008
| Jan 2009 | % Change
| $ Change |
|---|
| NONDISCLOSABLE \
NONCLASSIFIABLE |
$1,017,365 | $3,715,894 |
265.25% | $2,698,529 |
| MINING (1011-1499)
| $46,266,838 |
$60,148,226 | 30.00% |
$13,881,388
| | PUBLIC ADMINISTRATION(9111-9721)
| $18,603,479 |
$22,195,838 | 19.31% |
$3,592,359 |
| RETAIL-MISCELLANEOUS (5912-5999)
| $194,453,934 |
$218,969,598 | 12.61% |
$24,515,664 |
| ELECTRIC & GAS (4911-4971)
| $225,076,660 |
$252,098,002 | 12.01% |
$27,021,342 |
| RETAIL-GEN.MERCHNDISE(5311-5399)
| $373,564,913 |
$386,775,906 | 3.54% |
$13,210,993 |
| SERVICES-PERSONAL (7211-7299) |
$13,543,973 |
$14,013,158 | 3.46% |
$469,185 |
| RETAIL-FOOD STORES (5411-5499)
| $289,222,319 |
$297,840,874 | 2.98% |
$8,618,555 |
| TRANSPORTATION (4011-4789)
| $10,008,107 |
$10,225,831 | 2.18% |
$217,724 |
| SERVICES-AMUSEMNT&REC(7812-7999)
| $78,838,153 |
$80,205,473 | 1.73% |
$1,367,320 |
Source: Utah State Tax Commission
3/31/09
What Is Down?
Taxable Retail Sales January 2009 by
Major Sector
| Sector | Jan 2008
| Jan 2009 | % Change
| $ Change |
|---|
| OCCASIONAL RETAIL
SALES | $3,763,223 |
$1,424,866 | -62.14% |
-$2,338,357 |
| SERVICES-EDUCATION (8111-8999)
| $33,173,119 |
$17,487,412 | -47.28% |
-$15,685,707 |
| RETAIL-BLDNG & GARDEN(5211-5271)
| $152,598,596 |
$105,874,354 | -30.62% |
-$46,724,242 |
| PRIVATE MOTOR VEHICLE
SALES | $64,194,830 |
$46,295,284 | -27.88% |
-$17,899,546 |
| FIN.,INS.& REALESTATE(6011-6799)
| $45,826,336 |
$33,558,179 | -26.77% |
-$12,268,157 |
| COMMUNICATIONS (4812-4899)
| $139,930,928 |
$111,305,813 | -20.46% |
-$28,625,115 |
| RETAIL-MOTOR VEHICLES(5511-5599)
| $355,132,369 |
$285,208,284 | -19.69% |
-$69,924,085 |
| WHOLESALE-DURABLE GDS(5012-5099)
| $295,381,633 |
$251,512,284 | -14.85% |
-$43,869,349 |
| SERVICES-HOTEL&LODGNG(7011-7041)
| $97,243,620 |
$82,887,308 | -14.76% |
-$14,356,312 |
| SERVICES-BUSINESS (7311-7389)
| $125,038,924 |
$110,220,408 | -11.85% |
-$14,818,516 |
| AGRIC.,FORESTRY&FISHING(111-973)
| $1,647,738 |
$1,494,449 | -9.30% |
-$153,289 |
| RETAIL-FURNITURE (5712-5736)
| $129,881,266 |
$118,197,906 | -9.00% |
-$11,683,360 |
| WHOLESALE-NONDURABLES(5111-5199)
| $70,319,035 |
$64,115,867 | -8.82% |
-$6,203,168 |
| MANUFACTURING (2011-3999)
| $142,326,816 |
$131,451,657 | -7.64% |
-$10,875,159 |
| RETAIL-APPAREL&ACCSRY(5611-5699)
| $87,390,312 |
$80,957,440 | -7.36% |
-$6,432,872 |
| SERVICES-AUTO&REPAIR (7513-7699)
| $114,316,717 |
$106,624,477 | -6.73% |
-$7,692,240 |
| CONSTRUCTION (1521-1799)
| $34,323,410 | $32,460,255 |
-5.43% |
-$1,863,155 |
| SERVICES-HEALTH (8011-8099)
| $6,109,282 |
$5,930,934 |
-2.92% | -$178,348
| | RETAIL-EATING&DRINKNG(5812-5826)
| $214,147,795 |
$208,013,631 |
-2.86% | -$6,134,164 |
| TOTAL |
$3,362,324,325 |
$3,137,493,714 | -6.69% |
-$224,830,611 |
|
Source: Utah State Tax Commission
3/31/09
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| Current Bonneville Research Projects: |
| |
Bonneville Research is currently completing
a "Blighting Analysis Survey" with Ogden City as part of
a comprehensive redevelopment strategy for the
future of their important 276 acre East Central Study
Area.
- Redevelopment is one of the most effective ways
to breathe new life into deteriorated areas whose
conditions act as a barrier to new investment by
private enterprise.
- Redevelopment enables communities to grow
inward, not just outward.
- Redevelopment enhances and expands local
businesses, renovates declining housing stock and
improves public infrastructure systems and
facilities.
- Redevelopment helps encourage new
housing and businesses to locate within already
developed areas.
- Redevelopment tools: Urban Renewal/Economic
Development/Community Development
- Ability to assemble land for development
- Ability to utilize tax increment and issue bonds
- Ability to invest in infrastructure to "lure" private
enterprise
- Ability to create affordable housing opportunities
- Establish a wide variety of partnerships to
ensure "buy-in" and plan implementation.
- Ogden anticipates using tax increment and
developer incentive tools to enhance and redevelop
key retail/economic centers in the East Central Study
Area.
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| SOLVING PROBLEMS - CREATING OPPORTUNITIES |
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BONNEVILLE RESEARCH
Bonneville Research is a regional consulting firm
focused on professional services to state and local
governments and private companies seeking winning
strategies and achieving impressive results.
Services include economic analysis for
real
estate development, public-policy analysis,
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founding in 1976, Bonneville Research has
completed assignments throughout the Intermountain
West yielding unmatched experience in high quality
public policy analysis and economic analysis.
Helping Clients Succeed
Our services include:
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Analysis and Budgets
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Each of our studies is tailored to address
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Bonneville Research is the one firm with
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We work to help clients achieve enduring
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and improve the communities in which we
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If we can help you, please call or email us at:
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- 801-746-5706
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JonSpring@BonnevilleResearch.com
Bonneville Research
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