Fiscal Highlights - May 2015
Employment Drives Economic Growth -
Andrea Wilko ( PDF) Strong employment continues to be the largest factor in economic growth in Utah. Economists expect employment to continue to expand through 2015 and 2016 with growth rates of 3.1% and 2.8% respectively. Employment growth is widespread with eight of the ten primary sectors experiencing job growth. Mining is the one sector showing job losses. This is due to coal mine closures and a slowdown in copper production. Wages are also contributing to economic growth in the state with growth of 2.3% in FY 2015 expected to moderate to 1.9% in 2016. Combining the estimated wage growth with employment forecasts, economists expect total wages to grow by 5.5% in FY 2015 and 4.7% for 2015. Personal Income, which consists of factors beyond wages, is expected to grow at 4.7% in FY 2015 and 4.6% in FY 2016. The information is shown in the chart below.  Overall, we expect the economy to continue at a brisk pace for the remainder of the year and into 2016. Next month, we will present a comprehensive report to the Legislature detailing the overall condition of the economy, and we will present a range forecast for FY 2015 state revenue. Stay tuned. |
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Bond Refunding: Saving Money on Debt Service - Clare Tobin Lence Bonds are used to finance large State initiatives, usually in the form of major infrastructure proj...Budget Policy Changes Enacted in 2015 G.S. - Steven M. Allred During the 2015 General Session, the Legislature passed several bills that had an impact on budgeta...Classroom Teachers in Utah's Public Schools - Ben Leishman Do classroom teachers really only represent 50% of all full time equivalent (FTE) positions in the ...Department of Environmental Quality Significant Changes - Brian Wikle Executive DirectorAmanda Smith, Executive Director of the Department of Environmental Quality (DEQ)...Employment Drives Economic Growth - Andrea Wilko Strong employment continues to be the largest factor in economic growth in Utah. Economists...Justice Reinvestment Initiative Funding and Performance Goals - Gary R. Syphus House Bill 348, Criminal Justice Programs and Amendments, amended current criminal justice statute,...The April Tax Payments are In - How Do They Look? - Thomas E. Young Every year staff presents you with point estimates for year-end revenue collections to the General ...UCAT Program Approvals - Angela J. Oh Certificate programs provided by campuses of the Utah College of Applied Technology (UCAT) are deve...Utah System of Higher Education Increases Tuition by 3% for 2015-2016 - Spencer C. Pratt During its regular meeting on March 27, 2015, the State Board of Regents approved a first-tier tuit...What Are We Doing to Reduce Catastrophic Wildfires in Utah? - Ivan D. Djambov The Division of Forestry, Fire, and State Lands is tasked in S.B. 56, Wildland Fire Policy (2015 GS...Where Does the Department of Health's Fee Revenue Come From? - Russell T. Frandsen The Department of Health estimates total revenue of $13.1 million for FY 2016 from 1,200 fees. &nbs...Workforce Services Will Report on $29 Million of Additional One-time TANF Projects - Stephen C. Jardine The Legislature passed S.B. 47, Temporary Assistance for Needy Families, during its 2015 General Se... |
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Office of the Legislative
Fiscal Analyst
House Building, Suite W310
Salt Lake City, UT 84114
Phone (801) 538-1034 Fax (801) 538-1692