By Steven Oberbeck
The Salt Lake Tribune
Article Launched: 11/09/2007 12:00:00 AM MST
Utah's economy is the best ever and the prosperity the state's residents are experiencing should continue through
the first half of next year.
Kelly K. Matthews, executive vice president and economist for Wells Fargo Bank, said Thursday he is anticipating
the state's unemployment rate will remain low at 3 percent during the first half of 2008.
Also, he is projecting there will be more than 48,000 jobs created in the first six months of next year, for a 3.9
percent increase over the number of new jobs that emerged during the first half of 2007.
Pointing to September's job growth figures, Matthews said Utah was the top state with a 4.4 percent increase.
"We were way above everyone in the country," he said, noting that Wyoming and Montana came in second and
third with 3.3 percent increases while Arizona was fourth with a 2.6 percent jump in the number of new jobs
created.
Even the prospect that the price of gasoline might remain above $3 a gallon in Utah and that the pace of home
construction will continue to slacken, doesn't significantly diminish Utah's economic outlook for next year, he said.
"If you look at total construction employment [commercial and residential] in September we were still nearly 12
percent ahead of a year ago," Matthews said. "Total construction employment [in Utah] should remain pretty solid.
So too will consumer spending although rising fuel costs and uncertainties in the housing market might dampen it
a bit from 2007.
Still, Matthews said, with 3.9 percent job growth and a 5.5 percent increase in hourly wages, the increase in
consumer spending during the first half of 2008 easily could top a respectable 7.5 percent.
Mark Knold, senior economist at the Utah Department of Workforce Services, said while there may be subtle
changes in Utah's economy during the first half of 2008, overall the state will experience strong growth, a tight
labor market and low unemployment.
"On the micro level we may see some subtle weakening - maybe slightly fewer construction jobs," he said. "But
any jobs that might be lost will be more than made up for in other areas. After all, we still have new buildings and
offices going up and those will have to be filled [with employees]."
The Salt Lake Tribune
Article Launched: 11/09/2007 12:00:00 AM MST
Utah's economy is the best ever and the prosperity the state's residents are experiencing should continue through
the first half of next year.
Kelly K. Matthews, executive vice president and economist for Wells Fargo Bank, said Thursday he is anticipating
the state's unemployment rate will remain low at 3 percent during the first half of 2008.
Also, he is projecting there will be more than 48,000 jobs created in the first six months of next year, for a 3.9
percent increase over the number of new jobs that emerged during the first half of 2007.
Pointing to September's job growth figures, Matthews said Utah was the top state with a 4.4 percent increase.
"We were way above everyone in the country," he said, noting that Wyoming and Montana came in second and
third with 3.3 percent increases while Arizona was fourth with a 2.6 percent jump in the number of new jobs
created.
Even the prospect that the price of gasoline might remain above $3 a gallon in Utah and that the pace of home
construction will continue to slacken, doesn't significantly diminish Utah's economic outlook for next year, he said.
"If you look at total construction employment [commercial and residential] in September we were still nearly 12
percent ahead of a year ago," Matthews said. "Total construction employment [in Utah] should remain pretty solid.
So too will consumer spending although rising fuel costs and uncertainties in the housing market might dampen it
a bit from 2007.
Still, Matthews said, with 3.9 percent job growth and a 5.5 percent increase in hourly wages, the increase in
consumer spending during the first half of 2008 easily could top a respectable 7.5 percent.
Mark Knold, senior economist at the Utah Department of Workforce Services, said while there may be subtle
changes in Utah's economy during the first half of 2008, overall the state will experience strong growth, a tight
labor market and low unemployment.
"On the micro level we may see some subtle weakening - maybe slightly fewer construction jobs," he said. "But
any jobs that might be lost will be more than made up for in other areas. After all, we still have new buildings and
offices going up and those will have to be filled [with employees]."
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| 48,000 new jobs projected in first six months of 2008 |
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