The economy has a big impact on hiring and employment opportunities. In Utah, economists say the economy is firing on all cylinders. This is great news for those who are looking for work, as a strong economy means more demand for labor. Employers may need to be prepared to compete more for qualified workers, which means developing best practices for hiring!
Both employers and those looking for work should be aware of economic conditions in Utah. Economists are so positive about the local economy because:
Unemployment rates are very low.
The national unemployment rate is 4.4 percent, but is lower in many parts of Utah. In Cache County, unemployment is at just 2.8 percent. This is the lowest unemployment rate in the United States. There are also very low rates of unemployment in Box Elder County and in Rich County.
The construction industry is booming.
More than 3,100 construction jobs have been added statewide. This is a 3.5 percent rate of growth in the construction industry. In 2015, there were 20,000 building permits issued in Utah and numbers are expected to be similar in 2016.
Median home sales are approaching highs from before the recession.
The median price of a home that is sold in Utah has reached $260,000, while the all-time high was $270,000. With higher home values, more homeowners can afford home improvements which put people to work. Homeowners, with more equity in their homes, may also boost consumer spending.
IES Custom Staffing is ready to help companies and job seekers to achieve success within this booming economy. Our staffing professionals assist Utah businesses in finding top staff members who are ready to hit the ground running and take advantage of the opportunity for business growth during the economic boom time. We also help job seekers find great positions with companies who are expanding. Give us a call today to find out more about how we can assist you in taking advantage of Utah’s strong economy.