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Economic Growth

2007 has been a very vibrant year for Salt Lake County's economy. The unemployment rate for the year has averaged around 2.5 percent, a rate considered by some to be "full employment." Employment gains in the county continue to be broadbased, occuring among all major industrial sectors, according to the Utah State Department of Workforce Services. The construction industry has seen the strongest growth in 2007 with over 20 percent. Other industries that have seen growth during the year include trade, professional and business services, healthcare and manufacturing.

Salt Lake County nonagricultural job growth realized a 3.4% increase in 2005, compared to a 2.8% increase in 2004. For the year 2005, annual average nonfarm employment is estimated to be about 552,500, surpassing the previous high of 545,153 recorded in 2000. Job growth in Salt Lake County is expected to continue into 2006 throughout most industries.

Construction, both residential and commercial,continues to propel Salt Lake County's economy forward in 2007.  There were more than 3,200 jobs created in the construction industry this year.  Favorable interest rates, the expanding population and the overall health of the state's economy are enabling this strong building activity.

Other major industries with substantial job gains in 2007 include: trade (wholesale and retail), professional and business services, healthcare, and manufacturing. The new regional Intermountain Medical Center has now opened its door.  Sitting on over 100 acres, the 1.5 million square foot medical center employs 850 doctors, 1,426 nurses, 69 pharmacists and other workers.

In 2005, Utah's average annual nonagricultural pay increased by an average of 3.6%. The highest paying industry was mining, followed closely by the information and financial sectors. 

Total personal income for Salt Lake County is $27.0 billion (2003). Total personal income for the state is $59.3 billion. Current per capita income for Salt Lake County is $28,700 (2003), which ranks 2nd highest among Utah counties. The statewide per capital average for 2003 was $24,898.

Sources: Utah Dept. of Workforce Services, Workforce News, March 2006; County Trends, December 2007; 2007 Economic Report to the Governor

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