Carrie Mayne, chief economist with the Department of Workforce Services, reported a 4 percent job growth in the February 2013 Employment Situation Report.
Her detailed analysis of the job market in Utah provides insights that help job seekers understand why the job market is where it is and where it is heading.
Natural resources and mining continues a trend of growth deceleration that began nearly a year ago and came to a halt in February. It is likely the case that the industry has simply reached a short-term plateau. Future natural gas prices and coal-mining activity in 2013 will influence whether the industry is able to regain momentum.
The construction industry posted moderate gains, adding 4,200 jobs over the past 12 months. Permitting activity and rising home prices will help to continue the growth at a slow but steady pace throughout 2013. The current employment share for construction sits below the long-run average, signaling potential for the industry to grow at a faster pace. Momentum gains could occur in 2014.