4/5/2016. P OLICOM Economic Analysis. Juab. Sanpete. Millard. Emery. Sevier. Piute. Wayne
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1 Where the Money Is Presented by In the Six County Region William H. Fruth POLICOM Corporation 274 SW Martin Downs Blvd. #279 Palm City, FL Primary or contributory industries import money. Consumptive or dependent industries use and consume this money. Growth in size depends upon the amount of money flowing into the area. Growth in quality depends upon the wage level of the primary industries. 1
2 Creates Another 425 Economic Impact 25 Job Manufacturer Health Care 63 Wholesale & Transportation 38 Finance & Professional 43 Restaurant Hotel 1 Manufacturing More than 75 in Construction and other sectors Metropolitan Statistical Areas 381 Micropolitan Statistical Areas 536 Significant Economic Impact Community payrolls of more than $22 million. Money to support 525 households. Generates $2,2, in local government taxes. Creates more than $32,5, in taxable retail sales. Causes more than $7,5, in economic transactions within the community. P OLICOM CORPORATION Economic Analysis Everyone Understands Economic Strength The long term tendency for an area to consistently grow in both size and quality. Economic Strength 23 Factors Measured Consistency + Size & Quality 381 Metroplitan Areas 216 Ten Strongest Metropolitan Areas 1 Seattle Tacoma Bellevue, WA (MSA) 2 Austin Round Rock, TX (MSA) 3 Salt Lake City, UT (MSA) 4 Dallas Fort Worth Arlington, TX (MSA) 5 Fargo, ND MN (MSA) 6 Houston The Woodlands Sugar Land, TX (MSA) 7 Denver Aurora Lakewood, CO (MSA) 8 San Antonio New Braunfels, TX (MSA) 9 Washington Arlington Alexandria, DC (MSA) 1 Nashville Davidson, TN (MSA) 381 Metroplitan Areas 216 Ten Weakest Metropolitan Areas 372 Pine Bluff, AR (MSA) 373 Pocatello, ID (MSA) 374 Anniston Oxford Jacksonville, AL (MSA) 375 Grants Pass, OR (MSA) 376 Burlington, NC (MSA) 377 Flint, MI (MSA) 378 Danville, IL (MSA) 379 Sebring, FL (MSA) 38 Hickory Lenoir Morganton, NC (MSA) 381 Rocky Mount, NC (MSA) 2
3 Washington Box Elder Tooele Beaver Iron Cache Rich Weber Morgan Davis Summit Salt Lake Wasatch Utah Garfield Kane Duchesne Carbon Daggett Uintah San Juan Grand Washington Box Elder Tooele Beaver Iron Cache Rich Weber Morgan Davis Summit Salt Lake Wasatch Utah Garfield Kane Duchesne Carbon Daggett Uintah San Juan Grand 536 Micropolitan Areas 216 Ten Strongest Micropolitan Areas 1 Dickinson, ND (McrSA) 2 Williston, ND (McrSA) 3 Minot, ND (McrSA) 4 Concord, NH (McrSA) 5 Summit Park, UT (McrSA) 6 Elk City, OK (McrSA) 7 Durango, CO (McrSA) 8 Helena, MT (McrSA) 9 Enid, OK (McrSA) 1 Claremont Lebanon, NH VT (McrSA) 536 Micropolitan Areas 216 Ten Weakest Micropolitan Areas 527 Clewiston, FL (McrSA) 528 Union, SC (McrSA) 529 Decatur, IN (McrSA) 53 Bastrop, LA (McrSA) 531 Silver City, NM (McrSA) 532 Indianola, MS (McrSA) 533 Valley, AL (McrSA) 534 Dillon, SC (McrSA) 535 Fitzgerald, GA (McrSA) 536 Summerville, GA (McrSA) Utah Metropolitan Areas Utah Micropolitan Areas Metropolitan Areas 216 Salt Lake City, UT (MSA) 3 Provo Orem, UT (MSA) Ogden Clearfield, UT (MSA) 16 St. George, UT (MSA) 253 Logan, UT ID (MSA) 2 Ogden-Clearfield, UT Salt Lake City, UT Provo-Orem, UT St. George, UT Logan, UT-ID Micropolitan Areas 216 Summit Park, UT (McrSA) 5 Vernal, UT (McrSA) 166 Heber, UT (McrSA) 239 Price, UT (McrSA) 345 Cedar City, UT (McrSA) 362 Heber, UT Cedar City, UT Summit Park, UT Vernal, UT Price, UT Population AAI 1 Rank 214 Rank USA.9% 318,7,56 USA Metro Micro 1.% 272,667,2 USA Rural 2%.2% 46,1,4 4 Utah 2.1% 1 2,2, % 21 1, % 179, % 1 1, % 28 28, % 5 2, % 1 2,
4 County County Employment All Workers, UT Employment All Workers, UT , Manufacturing Local Gov Construction Mining Professional Real estate Finance Administrative 1, Local Gov Administrative Other Services Restaurant & Hotel Manufacturing Real estate Construction Transportation County County Receipts () Receipts () , 25, 25, 2, 2, 15, 15, 1, 1, 5, 5, Total Cash Receipts Livestock Crops Total Cash Receipts Livestock Crops County All Workers AAI 1 Rank 24 Employment Factored USA 1.% USA Metro Micro 1.1% USA Rural 3%.3% Utah 2.1% 3 1.9% 41 1.% % %.8% 7 1.3% 77 P OLICOM CORPORATION Economic Analysis Everyone Understands STR MIC WK MIC 4
5 Employment Factored County Inflation Adjusted Earnings STR MIC WK MIC County County 3 CPI Earnings Factored 39 CPI Earnings Factored , UT STR MIC WK MIC , UT STR MIC WK MIC Earnings All Workers AAI 1 Rank USA 3.3% USA Metro Micro 3.3% USA Rural 3.% Utah 4.9% 5 4.6% % 164.4% % % 5 2.6% 2 Primary Industries % of Contribution 5
6 County County Primary Industries - Percentage of Impact Primary Industries - Percentage of Impact % 7.% 25.% 6.% 5.% 2.% 4.% 15.% 3.% 1.% 2.% 5.% 1.%.% State Gov Military.% State Gov Manu Retire Welfare Retire Welfare Health Construct Trans Info Educatio nal County Percentage of National Wage % 1% 9% 8% 7% % of USA Wages 6% 5% 4% STR MIC WK MIC County % % of USA Wages All Workers Wages 214 Rank 1% 9% 8% 7% 6% 5% 4% STR MIC WK MIC USA 56,5 USA Metro Micro 59,74 USA Rural 42,726 Utah 48, , , , , ,8 4 26,
7 County Inflation Factored dw Wages CPI Factored Wages , UT STR MIC WK MIC County 16 CPI Factored Wages All Workers Wages AAI 1 Rank , UT STR MIC WK MIC USA 2.3% USA Metro Micro 2.2% USA Rural 27% 2.7% Utah 2.7% % % 2 2.2% % % 1 1.2% 5 How do we improve a local economy? Create more primary industry jobs which pay a wage higher than the area average wage. $75, $65, $55, $45, $35, $25, P OLICOM CORPORATION Wage Skill Ladder Economic Analysis Everyone Understands What all areas need to do. 1. Review, objectively, the geographic economic assets and liabilities. 2. Engage higher education resources in economic development activity. 3. Provide a trained or trainable workforce. 4. Provide for an abundant supply of industrial real estate. 5. Fund a professionally managed economic development program. 7
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