OCR Text |
Show 1 conomie Outlook for Utah in 71 ; afed Fair by Bank Economist 'he economic outlook for ih in 1 97 1 is rated fair, ei. the rate of inflation '&: decline and real growth l,1'o;L become more appar-' appar-' l ;. BCMs is the report of the t'leirterly P"irst Security nk News Letter being -it tribute d this week accor. r ig to Robert Dalton. The vws Letter is edited by . Leroy Nelscn, First Se-j' Se-j' j! Ly economist. vccording' to First Se-'cha'ity, Se-'cha'ity, overall increases are i'ic'iCLVcd jn production, klre sti uction, employment, chi.. personal income. There Eethowever, possible labor urtliculties ahead in the fc.zd and copper industries dit;ich would affect the ov- t;ll outlook. 'business in Utah during '0 was somewhat better . n had been anticipated ln"ear ago, or even as late lc',1: September. Total pro- w lion and employment I a:e generally above 1969, n'ot: personal income for year totaled approximately approxi-mately $3.36 billion, an in.. II 4se of 7.4 per cent. a de, likewise, totaled ab-Lai ab-Lai $2.4 million for an in- ise of seven per cent. er correction for a five cent rate of inflation, ) personal income increa-by increa-by 2.4 per cent and le volume by two per he value of mineral pro- duction in Utah last year totaled $629.6 million as reported re-ported by the United States Bureau of Mines. This is an increase of 86.2 million or almost 16 per cent over the value reported in 1969 when an all-time record was established. Most of the increase occurred in nonfenous metals, although there were some increases in the petroleum and coal industries. Copper production in Utah last year was reported repor-ted at 305,830 tons and valued val-ued at $358.8 million, an increase of 9,030 tons and $76 m.llion over the previous pre-vious year. Domestic prices of copper increased from March to mid-summer to equal world prices but declined de-clined in the latter part of the year. Lead production was valued at $14.1 million, mil-lion, an increase of 8.3 per icenij, while silver output was listed at 6.1 million ounces, an increase of $11 million, or 2 per cent. Gold production was estimated at 420,003 ounces and valued val-ued at $15 million. Value added by manufacturing manufac-turing during 1970 was estimated es-timated at somewhat more than $1.2 billion, considerably consider-ably above last year's totals. to-tals. Smelting and refining refin-ing of nonferrous metals, steel production and oil refining re-fining accounted for most of the value added. Cash receipts from farm marketing mark-eting in Utah last year totaled to-taled about $217 million, or about four per cent t'bove the previous year. Total income from the sale of livestock products was up sax per cent, but income from the sale of crops wa,s down four per cent. Contract construction for the first 11 months of 11970 amounted t'o $306.8 million, an increase of $24 million over 1969. Residenta! Residen-ta! construction was up $81 million and non-build, ing construction up $10 . million. However, non -residential construction, including commercial building, buil-ding, was down $18 million. Employment by mid-December totaled 411,700, an increase of 7,000 or 1.7 per cent in the year. Wage and salary employment increased incre-ased by 2.7 per cerit and was somewhat 'below the average annual gain of 3.2 per cent. The outlook for 1970, according to First, Security is for modest gains in employment. Major Ma-jor increases are anticipated, anticipa-ted, in 'the construction field. |