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Show Page 10 The Ogden Valley news Volume XIV Issue XVI November 1, 2007 Weber County’s Small Business Sector Continues to Benefit from Strong Global Economic Performance Highlights • The Zions Bank Small Business Index for Utah was 106.7 in September 2007, down from a revised 107.5 in August 2007. • Utah's unemployment rate was estimated at 2.6% in the latest month, down slightly from the prior month's 2.7% rate. Total Utah employment is up an estimated 54,500 jobs during the past 12 months. • Weber County experienced job growth of 3,100 jobs (3.4%) from a year ago. Joblessness registered 3.2%, down from the 3.5% unemployment rate one year ago. • Utah's small business sector will continue to benefit in coming months from the strongest global economic performance in a generation. • The U.S. economy added 110,000 net new jobs in September, in line with expectations. The U.S. unemployment rate rose to a 13-month high of 4.7%. Global Strength Economic growth around the globe remains very impressive, even as U.S. economic growth has slowed. The overall global economy is likely to grow between 4.0% and 4.8% in real terms (after inflation) in 2007, the fifth consecutive year of at least 4.0% real growth, and the strongest sustained growth pace since the early 1970s. As before, Asia leads the way, with powerful growth in China and India. Economic growth in Europe has slowed somewhat, but remains near its strongest level in six years. High oil prices and strong oil output have led to strong Russian economic performance. Growth in South America remains solid in many nations, while Canadian growth remains positive, led by strength in the energy-rich Western Provinces. Strong global economic growth of recent years, combined with weakness in the U.S. dollar, has led American exports to record levels, rising more than 11% from a year ago. Such a combination is leading the U.S. trade imbalance with the world to decline for the first time in six years. Impressive global economic strength is good news for Utah small businesses that are involved in exports. More than 2,000 Utah companies exported $6.8 billion of goods last year to nearly 200 countries. The level of global economic strength is a component of the Utah Small Business Index. Utah Employment The Utah unemployment rate-the most heavily weighted component of the Zions Bank Small Business Index for Utah-was estimated at 2.6% in the latest month, down slightly from the prior month’s 2.7% rate. The 2.6% rate compares to a jobless rate of 2.9% during the same month one year ago. A jobless rate of 2.3% in February ranked with the lowest ever recorded in the state and was the lowest in the continental U.S. A lower Utah unemployment rate is a negative contributor to the Index as it implies decreased access to Utah labor. Utah’s unemployment rate averaged 2.9% in 2006, 4.3% in 2005, 5.1% in 2004, 5.7% in 2003 and in 2002, and 4.4% in 2001. These rates compare to an average Utah unemployment rate of 3.5% between 1995 and 1999. Total Utah employment rose by an estimated 54,500 jobs (up 4.6%) over the past 12 months. The 4.6% rise is one of the strongest annualized Utah gains in more than 10 years, and is the strongest job growth rate in the nation. This rise compares to a revised gain of 56,100 jobs in the prior year-over-year period. Utah added 55,200 jobs in 2006, 43,700 jobs in 2005, and 30,200 jobs in 2004. These totals compare to gains averaging 38,000 new jobs annually during the 1994-2000 period and a net loss of 1,300 jobs in 2001 through 2003. Weaker job gains, leading to lesser income creation and weaker retail spending, have a negative impact upon Utah’s small businesses . . . and, therefore, the Index. The Zions Bank Small Business Index for Utah was 106.7 during September 2007, down from a revised 107.5 during August 2007. The Index measures business conditions from the viewpoint of the Utah small business owner or manager. A lower Index number is associated with less favorable business “conditions” for Utah’s small businesses. The Index uses 100.0 for calendar year 1997 as its base year. The Index includes revisions to various historical and new forecast components as they become available. period. The area’s jobless rate was 2.3%, down from the 2.6% rate of one year ago. Davis County payrolls expanded by 4,100 jobs (4.0%) in the past year. The unemployment rate was 2.7% in the latest month, down from 3.1% one year ago. Salt Lake County employment rose by 25,700 jobs (4.4%) over the year. The county’s unemployment rate fell to 2.6% in the latest month, down from 3.0% last year. Utah County employment grew by 10,200 jobs (5.8%) over the last 12 months. The area’s jobless rate was 2.6%, down from the 3.1% rate of one year ago. Washington County payrolls expanded by 2,500 jobs (4.7%) in the past year. The unemployment rate was 2.7% in the latest month, down from 3.1% one year ago. National Employment The U.S. Department of Labor reported a net rise of 110,000 jobs in September 2007, in line with the consensus forecast. August’s initially reported loss of 4,000 jobs, the first reported decline in four years, was revised to a gain of 89,000 jobs. July’s gain was revised higher by 25,000 to 93,000 jobs. The U.S. unemployment rate was 4.7% in August, up slightly from July’s 4.6% rate and the highest level since August 2006. March’s 4.4% jobless rate matched that of October 2006 as the lowest in more than five years. The average hourly wage rose POWDER MTN cont. from page 1 11.Installation of “turn pockets” at intersection of SR 39 and 500 South (Chevron intersection) Questions asked regarding the Powder Mountain study: • Who would pay for these improvements? (Answer: This has not been determined.) • Could “round-a-bouts” be used instead of signal lights? (A: It would be difficult, since UDOT would have to obtain additional property/easements to accommodate the extra space needed to construct round-a-bouts.) • Was the construction of a “run-away” emergency pull-out lane considered for vehicles that lose their brakes coming down Powder Mountain Road? (A: Local Performance There is not enough shoulder width to Weber County experienced job growth accommodate the construction of runof 3,100 jobs (3.4%) from a year ago. away lanes.) Joblessness registered 3.2%, down from the • How would UDOT deal with traffic 3.5% unemployment rate one year ago. issues in Ogden Canyon created by Cache County employment grew by the enormous amount of traffic gener1,300 jobs (2.8%) in the latest 12-month ated by the proposed Powder Mountain 0.4% (seven cents) to $17.57 hourly, a rise of 4.1% over the past 12 months. Goods-producing employment continued to decline in August, with a net loss of 33,000 jobs. Construction employment fell by 14,000 positions, while manufacturing lost 18,000 jobs. Service-providing employment led the way in August with a rise of 143,000 net new jobs. The education & health services sector added 44,000 net new positions, while the government sector added 37,000 jobs. The leisure & hospitality sector added 35,000 net new jobs, while the professional & business services sector added 21,000 jobs. This latest data now suggests that the U.S. economy added an average of 97,000 net new jobs monthly during 2007’s third quarter, down 28% from the 134,000 average monthly gain in 2007’s first half, and down 49% from the 189,000 average monthly gain in 2006. The October 2007 Zions Bank Small Business Index for Utah will be released on November 6, 2007. Zions Bank is Utah’s oldest financial institution. Founded in 1873, Zions has been serving the communities of Utah for more than 130 years. For more information, contact Zions Bank’s Eden office at 745-0835 or log on to <www.zionsbank.com> development . . . in addition to allowed increased development on the Valley floor, and increases in the number of skiers and other recreators visiting Ogden Valley generated by additional amenities and marketing strategies? At peak hours on many days, Ogden Canyon would experience complete gridlock. (A: Currently, we do not have an answer addressing this issue.) At the same planning commission meeting, Final Approval was granted for the Bison Creek Ranch Cluster Subdivision (150 lots located at approximately 8150 E. Highway 39). The decision was unanimous, but for one opposing vote by Planning Commissioner Keith Rounkles of Ogden Canyon. Final Approval was also granted for the Trappers Crossing Cluster Subdivision (26 lots located at approximately 7500 E. 900 S. in the Huntsville area). Again, the decision was unanimous, but for an opposing vote by Commissioner Rounkles. d! ce Pri Log Cabin with great potential! Sits on 2.37 acres. 2511 sq. ft., open kitchen, GR w/vaulted ceiling. 1 BD, 1 BA, lg loft, unfin. base., lg gar.w/workshop. $415,000 Call Cindy 644-6607 Unobstructed views surround you in this 4 BD, 2 BA home with hardwood floors, fireplace in master full walkout basement and R.V. parking. $525,000 Joan @ 801-675-0444 Equestrian Estate-Seclusion and tranquility MOOSE HOLLOW condo upgraded by on 52 acres. Incredible views! 6 BD, builder and used as a model is available 5 BA, 6-car gar., pool, barn. Close to all for sale now! 2 BD 2 BA,fully furnished recreation in the area. $2,500,000 with special mountain touches. $295,000 Call Gage 621-0505 or Deborah 745-1538 Call Deborah 745-1538 Large Deluxe Model 3 BD, GR w/fireplace. All furnishings included-professionally decorated. End unit w/ magnificent views. REDUCED for quick sale. Make offer! $360,000 Call Deborah 745-1538 Private & surrounded by trees in Nordic Valley. No backyard neighbors. Awesome new deck with large log supports-wraps to back of home and has great views of the Valley. $375,000 Call Joan @ 801-675-0444 ce edu R EASY LIVING Spacious 4 BD home in Eden’s favorite neighborhood near golf course and ski areas. Great room has views of the lake and Snowbasin. $439,900 Call Deborah 745-1538 Beautiful 5.88 acre lot with N. & S. frontage. Lake and valley views. Price includes culinary well. Perc. is pending. $849,000 Call Joan @ 801-675-0444 Gage Froerer & Assoc. (801)745-4221 JoanWoodruff (801) 675-0444 Eden Office 2405 Highway 158 Joan4c21@aol.com Peg Turner (801)389-4514 Cindy Browne (801)644-6607 peg@classyutahhomes.com cindyb@c21utah.com BRANCH BROKER Deborah Hegg (801)745-1538 d.hegg@relia.net |