Show First Security Bank Gives Economic Outlook for State The economic outlook In Utah for the fourth quarter of 1972 Is 15 rated good to tc excellent especially when compared to tc last year ear when hen there were some hems lems in the metals Industry THIS IS the report of the quarterly First t Security Bank flank News Letter which Is U being distributed this week according to Bill Hill Gibson Gilson Vernal Manager l The Tho publication Is edited by Dr ElRo ElRoy Nelson First Security Corporation vice president and economist THE MAJOR boost in the economy isn laIn Is la In n the construction area and its Impact metals building materials trade and personal Income Production and employment employ ment should all be considerably higher high er than last l year Total employment in Utah in mid mid- September was reported at an Increase of or 54 percent above last year Agricultural employment has continued to decline but nonagricultural wage and salary employment at was 64 percent over one year ago Construction employment has has' accounted account account- ed cd for a numerical increase of almost or percent according to First Security The labor force was reported at an increase of 45 percent Because of increased employment employment employ employ- ment the unemployment at was down by percent from one year ago Most of the unemployed says First Security are arc new entrants into the la labar labor la la- bor bar market CONSTRUCTION FOR the first nine months of 1972 continued at an all all- time high peak For the first seven months total construction value was 2809 million an increase of nearly 18 percent over a very excellent corresponding corresponding corresponding corres corres- period last year Residential construction was valued at million a phenomenal increase of percent Nonresidential construction construction construction tion at 1659 million was slightly lower than the previous year All time records will be exceeded this year for both residential resi construction and nonresidential construction METAL PRODUCTION for the first seven months was considerably below levels of last year Copper production at tons was the same as last year Gold production was up slightly by 28 percent but silver production was waS down percent Steel output is above the 1971 levels which were seriously handicapped by decreased demand ex ex- in the last half of the year ear Since May steel operations in Utah have approached optimum levels Cash receipts from farm f rm marketing in inthe inthe inthe the state this year are expected ted t to total approximately the same as last year at al million For the first seven months receipts were vere were 67 million above on one year ago d due e principally to higher receipts re- re receipts receipts re re- from livestock Cattle and calve prices reached an all aU time peak in July but have since declined Prices should however continue above the 1971 levels Total crop production and income from sale of crops will be below last year according to First Security |