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ECONOMIC NOTES:
- Global Business Confidence -25.9%
- Global business confidence remains very weak.
Survey responses regarding sales, hiring and
equipment investment are notably poor. Businesses
also report little pricing power. It is encouraging that
businesses are becoming steadily less negative
about the economy's prospects later this year.
Sentiment has also improved a bit outside the U.S
since mid-March.
- Treasury International Capital Flows +$22
B
- TIC flows in February turned positive, reflecting
renewed foreign appetite for U.S. financial assets. The
desire for a safe haven was an important motivator.
Foreign investors increased their holdings of U.S.
long-term securities; net foreign purchases rose to
$22 billion in February, in contrast to the prior month,
when foreign investors reduced their holdings and net
foreign purchases fell to -$36.8 billion.
- Treasury Budget +300%
- The unified budget deficit for March was $192
billion. Through the first six months of fiscal 2009 the
budget deficit was $957 billion, more than three times
greater than at the same point in fiscal 2008. The
recession, the stimulus package, and the response to
the financial crisis, including purchases of stock as
part of the TARP, have greatly added to the deficit this
fiscal year.
- Industrial Production -1.5%
- Industrial production fell 1.5% in March, matching
the intensity of the decline seen in the prior month.
Manufacturing output fell 1.7%, confirming a continued
severe slide, despite the recent firming in consumer
spending. The gap between the growth of production
and sales is evidence of an inventory adjustment that
is focused in the consumer sector, especially autos.
The early April regional manufacturing data hint at a
slower rate of contraction in industrial production
beginning this quarter as this inventory adjustment
winds down.
- Business Inventories (MTIS) - 1.3%
- Total business inventories decreased 1.3% in
February, in line with expectations. Retail inventories
were the only new data in this report, falling 1.2%.
Inventories have been falling recently as businesses
try to liquidate to bring supply in line with demand.
This is showing up in the I/S ratio, which declined to
1.43 from 1.45 previously.
- Producer Price Index -1.2%
- Producer prices for finished goods fell sharply in
March (-1.2%), primarily because of falling prices for
food and energy products. When food and energy
prices are excluded, core inflation remained flat, as
expected. Although core prices for finished goods
have not begun to fall, core prices among
intermediate products fell for the sixth month in a row.
- Jobless Claims -53k
- In a surprise move, initial jobless claims fell
53,000 to 610,000 for the week ending April 11.
Continuing claims, though, continued to rise, gaining
172,000 to 6.022 million for the week ending April 4,
setting another new high. The large drop in initial
claims may have been prompted by Good Friday.
Other signs point to continued weakening in the labor
market.
- NAHB Housing Market Index +55%
- Consistent with the recent increase in home
sales, the NAHB Housing Market Index went from 9 in
March to 14 this month, a 55% increase, though still
close to the market bottom. All three of the HMI's
components increased in April, as did all four regional
HMIs. Although one month of data is not enough to
announce a market rally, the index at least indicates
that deterioration in homebuilding and sales took a
breather in March and April.
- New Residential Construction (C20) -2%
- Housing starts came in well below expectations in
March, at 510,000 annualized units, 11% down from
February. Census also revised downward February's
reading by 2%. On the face of it, the weak report
splashes cold water on hopes that the housing
downturn is near its end; however, the decline in
starts is due to a drop in the volatile multifamily sector.
Single-family starts are flat from February.
- MBA Mortgage Applications Survey +4.7%
- In the week ending April 10, after five weeks of
consecutive growth, the MBA market index decreased
11% to 1,113.2. Both the purchase and refinance
indices fared similarly. The purchase index decreased
11.3% to finish at 264.1. Meanwhile, the refinance
index ended at 6,071.7, falling 10.9% over the
previous week. Contract rates decreased slightly and
remain near historic lows.
- Consumer Price Index -0.1%
- The top-line consumer price index decelerated in
March, declining by 0.1% from February after seasonal
adjustment. The top-line CPI is now down by 0.4%
from March 2008 after seasonal adjustment. The core
CPI increased by 0.2% from February and is up by
1.8% compared to one year ago. As expected, the
downward shift in top-line CPI inflation is due to falling
energy prices; in March the energy CPI fell by 3%
compared with February.
- Retail Sales (MARTS) -1.1%
- Retail sales unexpectedly plunged 1.1% in March.
Excluding autos, sales fell 0.9%. However, February
results were revised higher. Total sales rose 0.3%
(originally down 0.1%), and sales excluding autos
rose 1% (originally up 0.7%). Declines in March were
widespread, led by electronics and appliance stores,
gas stations, and apparel stores. Gains were limited
to grocery and drug stores. Core sales fell 0.8%.
- Chain Store Sales +0.8%
- Chain store sales rose 0.8% in the week ending
April 11, the third consecutive gain. However, the year-
ago decline increased marginally to 0.4%. Sales
remain poor, still below year-ago levels, but
significantly better than they were early in the year.
- Oil and Gas Inventories +5.6 mb
- Crude oil inventories surged by 5.6 million barrels
during the week ending April 10, according to the
Energy Information Administration, far exceeding
expectations. Gasoline inventories fell by 900,000
barrels, and distillate inventories fell by 1.2 million
barrels. Refinery operating capacity fell to 80.4% from
81.8%, falling well below consensus estimates. Total
domestic petroleum demand fell. This report should
send oil prices lower.
- Weekly Natural Gas Storage Report+21 B
cf
- Working gas in underground storage rose by 21
billion cubic feet during the week ending April 10. The
consensus estimate was for an increase of 20 bcf.
Dutch John Consulting Proposals being
accepted
- Notice of Invitation to submit a proposal for
Planning and Development service for the Dutch John
area.
Daggett County announces its intention to accept
proposals for consultant services for the planning and
development of the Dutch John area. Proposals are
due by 5:00 p.m. on Monday, June 8, 2009. An
informational meeting will be held at the Dutch John
Conference Hall on Friday, May 1, 2009 at 2:00 p.m.
- For more information contact the Daggett County
Commission Assistant at PO Box 219; Manila, UT
84046; (435) 784-3218 ext. 134 or by e-mail to
braymond@daggett.state.ut.us .
2009 Monday Report Survey
Thank you to the 222 who participated:
Final Results Summary:
- 85% Say they read the Monday Report Always or
Frequently
- 68.4% Say they want to receive the Monday Report
Weekly
- 73.8% Say they read all or most of the Monday
Report
- 66.6% Say they are very satisfied with the Monday
Report
- 22.5% Say they are somewhat satisfied with the
Monday Report
- 92.2% Say they find the Monday Report information
very or somewhat relevant
See
results: http://survey.constantcontact.com/survey/a0
7e2hfpqngfsc86z7x/results
Public Policy Initiatives
- NJ - Corzine Works to Stimulate the Economy.
New Jersey regulators are expected to approve
$1 billion in accelerated energy infrastructure projects.
The state Board of Public Utilities is taking action
earlier than normal at the request of Gov. Jon Corzine.
The governor sees the spending as a way to create
jobs and stimulate the economy.
http://www.nj.com/news/infrastructure_pr.html
- CO - Ritter Welcomes Opening of Solar
Manufacturing Plant. Colorado solar panel
manufacturer Abound Solar Inc. opened its first, full-
scale manufacturing plant. At capacity, the plant is
expected to produce enough panels to generate about
200 megawatts of power per year. Gov. Bill Ritter
offered his congratulations to the company, "As we
see local renewable energy companies expand
operations and create jobs, we know that the New
Energy Economy is leading Colorado forward, and will
help Colorado to have a quick and strong recovery."
http://www.bizjournals.com/denver/.html
- NM - Richardson Announces Recovery Funds
for Veterans Projects. Gov. Bill Richardson
announced that Veterans' Administration projects in
New Mexico will receive more than $5 million dollars
in federal recovery funding. A total of $5,076,251 will
go towards construction and repair projects at the
National Cemeteries in Ft. Bayard and Santa Fe, and
at the Raymond G. Murphy VA Medical Center in
Albuquerque. "Not only will this money help save
hundreds of jobs here in the state, it will also create
hundreds more as we build new projects or make
badly-needed repairs to important Veterans' facilities,"
said Governor Richardson. "These important projects
will go a long way towards improving access and
service for the 180,000 veterans living in New Mexico."
http://www.5-million-federal-recovery-funding-vete
- NJ - Corzine Works to Expand Health Care
Services for Children. Gov. Jon S. Corzine was
joined by Human Services Commissioner Jennifer
Velez to announce a new tax-time partnership to
identify uninsured children who may be eligible for NJ
FamilyCare. "Families across the nation continue to
grapple daily with the effects of skyrocketing
healthcare costs," Corzine said. "This new partnership
demonstrates New Jersey's strong commitment to
ensuring that our children have access to the
healthcare services they deserve. By using this
shorter, simpler application, New Jersey now has the
opportunity to identify and cover even more of the
uninsured. I am confident that we will emerge as a
national leader using the Express Lane eligibility
enrollment option."
http://www.politickernj.com/eapplication-opti
- NM - Richardson Praises Green Filmmaking.
Gov. Bill Richardson has commended Warner
Bros. Pictures for its green initiatives on the
film, "Observe and Report," shot in Albuquerque.
Richardson says "Observe and Report" marks the
company's first dedicated green filmmaking project.
Warner Bros. measured the carbon footprint
generated during production, which totaled 719 tons
of carbon dioxide equivalent and the company bought
renewable energy credits and verified emission
reduction credits to create a carbon neutral
production. http://www.kvia.com/Global/story.aspAbC0
- WI - Doyle Announces Recovery Funds for
Public Safety. Gov. Jim Doyle announced a $30
million investment of Recovery Act funds to protect
public safety, avoid cuts to police service and reduce
future corrections costs. Byrne Justice Assistance
Grant funds will be used to target youthful offenders,
fight drug abuse and trafficking, and reduce the
number of offenders entering the corrections system.
Doyle also announced that Waukesha County will use
$140,708 of Recovery Act funding to purchase
equipment critical to officer and community
safety. "Public safety is a top priority and an essential
element of economic recovery," said Governor
Doyle. "Through my budget and investments of
Recovery Act funds, Wisconsin will continue to be one
of the safest places to raise a family and do
business." http://www.investment-public-safety
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.
Bonneville Research makes the Salt Lake Tribune Front Page!
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Greetings!
- State Revenues
- Local
Government Revenues
- Employment
Losses
- Who is gaining jobs?
- Who is losing jobs?
- Regular Features
- Grants and
Stimulus Opportunities
- Public Policy Initiatives
- Economic Notes
Cool map showing Jan 08 - Jan 09 Retail
Sales!
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| SCORECARD |
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Utah Economic Snapshot - First Nine
Months FY2009 YTD
Utah State Government
- Sales and Use Taxes (Gen Gov't, Higher
Education)
-10.4% (-$860.48 M)
- Individual Income Taxes (Public Education)
-9.1% (-$150.31 M)
- Individual Income Tax Withholding (Public
Education)
-10.6% (-$174.71 M)
- Corporate Franchise Taxes (Gen Gov't)
-19.7% ($44.76 M)
- Motor Fuel Taxes (Transportation) -6.4% (-$11.93
M)
- Severance Taxes (Gen Gov't) +53.8% (+36.19 M)
- Education/USF Total-10.3% (-$194.31 M)
Source: Utah State Tax Commission, TC-23
4/14/09
Local Government
- Sales and Use Taxes (includes food) -7.1% (-
$25.43 M)
- Transient Room Tax -13.6% (-$2.93 M)
- Tourism, Recreation, Cultural, Convention -4.9%
(-$1.76 M)
- County Option Sales & Use Tax -6.0% (-$5.33 M)
- County Option Zoo, Arts & Parks Tax -13.4% (-
$3.25 M)
- Municipal Telecommunications License -6.6%
(-$2.27 M)
- Emergency Services Phone Charge -6.5% (-$1.36
M)
- Public Transit -9.7% (-$14.87 M)
Source: Utah State Tax Commission, TC-23
4/14/09
Utah Labor Market Indicators - March 2009
(February, January, December, November, October)
2008
Who are gaining jobs? February to March
2009 By County
- Grand + 625 (+16.1%)
- Kane + 159 (+5.8%)
- Wayne + 520 (+5.4%)
- Daggett + 15 (+4.2%)
- San Juan + 132 (+3.3%)
- Garfield + 62 (+3.3%)
- Beaver + 51 (+2.5%)
- Box Elder + 450 (+2.3%)
- Juab + 65 (+2.3%)
- Rich + 12 (+1.9%)
- Millard + 67 (+1.7%)
- Uintah + 127 (+0.8%)
- Tooele + 108 (+0.7%)
- Iron + 113 (+0.6%)
- Carbon + 60 (+0.6%)
- Sanpete + 41 (+0.5%)
- Emery + 19 (+0.5%)
- Weber + 444 (+0.5%)
- Davis + 422 (+0.4%)
- Sevier + 24 (+0.3%)
- Duchesne + 13 (+0.1%)
Source: Utah Dept of Workforce Services, 4/16/09
Who are losing jobs? February to March
2009 By County
- Summit -641 (-2.5%)
- Piute - 5 (-1.5%)
- Wasatch - 29 (-0.5%)
- Salt Lake - 2,850 (-0.5%)
- Utah - 703 (-0.4%)
- Morgan - 5 (-0.3%)
- Cache - 100 (-0.2%)
- Washington - 70 (-0.1%)
Source: Utah Dept of Workforce Services, 4/16/09
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| Interactive Map - City Retail Sales - Change Jan 2008 - Jan 2009 |
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Thanks to Matt Liapis, Mapping Director,
Commerce CRG for this Map.
Source: Utah Tax Commission, 4.09
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Click to see Interactive Map! |
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| GRANTS AND STIMULUS OPPORTUNITIES |
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Applications Now Being Accepted for
Assistance to Firefighters Grants
The Department of Homeland Security/ Federal
Emergency Management Agency (FEMA) is now
accepting applications for the Assistance to
Firefighters Grant Program. This is not the AFG money
included in the stimulus for fire station renovation and
construction, but the customary annual AFG
solicitation. The goal of the program is to enhance
response capabilities and to more effectively protect
the health and safety of the public from fire hazards.
This is the single biggest opportunity from the federal
government to support fire safety on an annual basis.
FEMA will start accepting applications on April 15th.
The application period closes at 5pm eastern
standard time on Wednesday, May 20, 2009.
Source: FEMA, April 2009
USDA Rural Development Recovery Act
Funding
Single Family Housing Guaranteed Loan
Program
- Alaska $43,339,500
- Arizona $98,454,000
- Colorado $81,451,500
- Idaho $81,233,306
- Montana $66,892,976
- Nevada $22,383,600
- New Mexico $80,981,340
- Utah $78,033,116
- Wyoming $23,710,380
Source: USDA, April 2009
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| THIS WEEKS LEADS: |
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- Save-A-Lot
- Save-A-Lot operates 1,180 locations
nationwide.
- The supermarkets, carrying a limited
assortment of grocery items, occupy spaces of 14,000
sq.ft. to 16,000 sq.ft. in strip and value centers in
addition to downtown/urban and freestanding
locations.
- Plans call for 60 openings throughout
the existing market during the coming 18
months.
- Typical leases run five years.
- A vanilla
shell and specific improvements are required.
Preferred cotenants include value
retailers.
- Preferred demographics include a
population of 50,000 within a three-mile radius
earning an average household income of
$40,000.
- Major competitors include Aldi.
- A land
area of two acres is required for freestanding
locations.
- The company is franchising.
- For more information, contact
- Fred
Rudolph,
- Save-A-Lot,
- 100 Corporate Office
Drive,
- Earth City, MO 63045
- Little Caesars Pizza
- Little Caesar Enterprises, Inc. trades as Little
Caesars Pizza at locations nationwide.
- The
pizzerias occupy spaces of 1,200 sq.ft. to 1,400 sq.ft.
in endcaps with a drive-thru, freestanding locations
and strip centers.
- Growth opportunities are sought
throughout the existing market during the coming 18
months.
- Typical leases run five years with
options.
- The company prefers to locate near
supermarkets, video stores and
pharmacies.
- Preferred demographics include a
population of 25,000 within three miles earning
$50,000 as the average household income.
- The
company is franchising.
- For more information, contact
- Mike
Atwell,
- Little Caesar Enterprises, Inc.,
- 2211
Woodward Avenue, Detroit, MI 48201-3400
- Priscilla of Boston
- David's Bridal, Inc. trades as Priscilla of Boston at
13 locations throughout CA, CO, GA, IL, MA, MN, NJ,
PA, TX and VA.
- The specialty boutiques, featuring
top designer brands for wedding dresses and formal
wear, occupy spaces of 5,500 sq.ft. in lifestyle and
specialty centers.
- Growth opportunities are
sought throughout major metro markets nationwide
during the coming 18 months.
- Typical leases run
10 years.
- Preferred demographics include a
population of 500,000 within 15 miles earning
$75,000 as the average household income.
- For more information, contact
- Michael
Mirsky,
- David's Bridal, Inc.,
- 1001 Washington
Street,
- Conshohocken, PA 19428
- David's Bridal
- David's Bridal, Inc. trades as David's Bridal at 300
locations nationwide.
- The stores, offering bridal
and bridesmaid gowns, formal wear, in addition to
invitations and gifts, occupy spaces of 5,500 sq.ft. and
8,000 sq.ft. to 12,000 sq.ft. in freestanding locations
and lifestyle, power, specialty and strip centers.
- Growth opportunities are sought throughout the
existing market during the coming 18 months.
- Typical leases run 10 years.
- A vanilla shell
and specific improvements are required.
- Preferred demographics include a population of
600,000 within 20 miles earning $45,000 as the
average household income.
- For more information, contact
- Michael
Mirsky,
- David's Bridal, Inc.,
- 1001 Washington
Street,
- Conshohocken, PA 19428
- Windsor
- Windsor operates 48 locations throughout AZ, CA,
CT, MI, NJ, NV, NY and TX.
- The stores, offering
junior apparel and accessories, occupy spaces of
4,000 sq.ft. to 5,000 sq.ft. in super regional centers.
- Growth opportunities are sought throughout major
metro markets nationwide during the coming 18
months, with representation by Zorehkey &
Associates.
- Typical leases run 12 years.
- A
vanilla shell and specific improvements are required.
Preferred cotenants include Macy's, Nordstrom and
junior and fashion apparel retailers.
- Preferred
demographics include a population of 200,000 within
a four-mile radius earning an average household
income of $60,000.
- Major competitors include
bebe and Ann Taylor Loft.
- For more information, contact
- Ed
Zorehkey,
- Zorehkey & Associates,
- 30021
Tomas Street, Suite 300,
- Rancho Santa Margarita,
CA 92688
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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,
tourism and economic development Since its
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:
- Financial Analysis
- Business License Studies
- Impact Fee analysis
- Urban Renewal & Redevelopment
Analysis and Budgets
- Strategy and Policy Analysis
- Economic and Fiscal Impact Analysis
- Statistical and Survey Research
- Public Sector Mission
Effectiveness
Each of our studies is tailored to address
the unique needs of our clients and their communities.
Successful client work requires a
superior team of
outstanding people working fluidly together.
Bonneville Research is the one firm with
the experience and expertise to help
businesses,
governments and nonprofit organizations
solve their
toughest problems.
We work to help clients achieve enduring
results
and improve the communities in which we
live.
If we can help you, please call or email us
at:
- Bob
- 801-364-5300
- BobSpring@BonnevilleResearch.com
- Jon
- 801-746-5706
-
JonSpring@BonnevilleResearch.com
Bonneville Research
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