July 23, 2012

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CEO of the Year

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Article

Governor Responds to New State Employment Numbers

Press Release

July 23, 2012

The Utah economy continues to expand according to new employment figures released today by the Department of Workforce Services.

Utah’s job count expanded by 2.6 percent in June 2012, up from May’s 2.4 percent growth rate.

“This is a small number with a big impact,” Gov. Gary R. Herbert said. “Utah’s economy is growing twice as fast as the national economy, proving yet again that when government gets out of the way and simply facilitates economic growth, the private sector thrives.”

Utah’s unemployment rate remains steady at 6 percent, below the national average of 8.2 percent.

Utah’s fastest growing sector is natural resources, with employment gains over-the-year of 8.5 percent. Most of that growth originates in the Uintah Basin in the form of oil and gas extraction.

The Bureau of Land Management recently approved 3,700 new well permits for Andarko, and 1,300 new well permits for Gasco.

These new wells will lead to significant jobs and economic growth in the Uintah basin. The Western Energy Alliance estimates 1,200 new jobs will be created from the Gasco project and 4,200 jobs from the Andarko project.

New businesses also continue to emerge in Utah. For example, BloXR is a brand new Utah start-up that produces innovative x-ray protection equipment for clinicians, providing protection from harmful x-rays without limiting movement.

“From large energy-producing companies to small innovators in the medical field, this is the kind of steady economic expansion and entrepreneurialism Utah is known for,” Herbert said.

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