Utah’s Economy: Year End 2014 Estimates and 2015 Forecast

utaheconThe 2015 forecast for the Utah economy was developed recently by the state’s Revenue Assumption Working Group. The forecast shows increases for every major economic indicator. The number of jobs is forecast to grow by 2.8 percent, or an increase of 37,200 jobs. The unemployment rate declined to 3.4 percent, suggesting labor shortages for some industries and occupations. Auto and truck sales are expected to hit an all-time high of 118,300 vehicles. New permit authorized non-residential construction will increase to $1.4 billion, but will still be slightly below the average historic value of $1.5 billion (excludes renovation and rehab). And the number of permits issued for residential construction will reach 18,000 units, the highest level in eight years. Residential permits peaked in 2005 at 28, 285 housing units, a level unlikely to be exceeded for some time.

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