Show Job Growth ill Equals u l Population i ul Growth I m Utah H Has Both Marc Young Community Editor According to the Utah Economic and Business Review an University of Utah publication as of January job growth in Utah was projected to increase for 2004 Indeed Utah's May unemployment rate was down one percent from last year Yet there are many factors to consider with such growth Like population growth One of the greatest forces behind the upward trend is is construction and home buy buy- ing Both have played a key role maintaining Utah's Utah s through the thickest thick thick- thickest economy est parts of the recession The economy in Utah Utah isri is ri right ht on the expectations given the profile of our gIven Dr demographics said pro Kelly Matthews Executive Vice President and Chief Chiei Economist Wells Fargo BankIt BankIt Bank It is important to have a growing economy rapid on And are right And things track US unemployment averages averages aver aver- at atthe atthe ages out at 56 percent Utah was at the same time according according according accord accord- 46 percent in May from the ing to a release Department of Workforce services services Construction job growth was at 25 percent in 10 May by far not the largest out of all Education grew 35 percent and Business 38 percent Job growth hasn't happened happened happened hap hap- to the field of Finance however dropping 8 percent Utah tah is shy 2000 jobs from the peak employment of January 2001 Manufacturing had declined throughout hout the period Recent numbers show an increase here In 2001 manufacturing ing jobs had lost million million million mil mil- lion in wages thanks to an 8 percent drop in jobs this according to the US Business Review This drop was due to 19 the poor quality of the national and international economy As the national economy improving which it has been this too adds to a positive positive positive pos pos- outlook for Utah's economy Growth here has increased 4 percent Bob Burdette Salt Lake Community College B Business instructor said that the jobs likely to continue continue continue con con- to stay in in Utah are the high paying jobs fobs He cited outsourcing as the main factor of this trend Burdette cited quarterly t JC ferg S economic reports produced by the State Through the reports he gauged the fields of which people are getting i hired J When I get out into specific specific specific businesses and watch to see what's happening they're not hiring more janitors janitors janitors jan jan- they're not hiring more secretaries they're not hiring more production production tion said Burdette They are hiring more engineers in the sciences the highly trained people This doesn't mean Utah will become a wage high e estate state anytime soon The highly skilled will remain at a wage low-wage while those without the skills struggle to find employment At this is time there are more people than jobs said Burdette Education is an example of wage low-wage earnings There is an abundance of educators in the state of Utah consequences of this is is low wages for teachers Although construction has been in boom the last few years it is possible that this could change For one the increase can be attributed attributed attributed attrib attrib- to low interest rates on loans and mortgages The Federal Reserve is likely to See Economy continued on page 3 I Economy continued from front page increase as the economy improves However the rate of which house are sold in hi conjunction with the amount of empty lots waiting waiting wait wait- ing to be sold are indication indication indication indica indica- tion that it wont won't happen anytime soon We remain fairly optimistic optimistic optimistic that the economy can continue to prow grow grow in creating jobs said Matthews |