Economy of Salt Lake City
The
Companies
- Adobe
- Backcountry.com
- BloXR
- Bridge Investment Group
- Cisco
- DevMountain
- Guitar Center
- Intermountain Healthcare
- LexisNexis
- Lingotek
- Microsoft
- Nature's Sunshine
- NortonLifeLock
- Northrop Grumman
- Oracle
- Overstock.com
- Pluralsight
- Texas Instruments
- SanDisk
- SirsiDynix
- StubHub
- Sunrun
Overview
Salt Lake City is also the largest
World War II brought many military and industrial jobs to the Salt Lake Valley. Hill Air Force Base was activated on November 7, 1940.
Local, state, and federal governments have their largest presence in Salt Lake City, accounting for 21% of employment. Trade, transportation, and utilities account for another 18% of employment, with the major employers being the regional Delta Air Lines hub at Salt Lake City International Airport. Equally significant are the professional and business services, which account for another 18% of employment. Health services and health educational services comprise an additional 10% of employment. Other major employers include the University of Utah, Sinclair Oil Corporation, and the Church of Jesus Christ of Latter-day Saints.
The Census estimates that the city's daytime population increases to 313,000 – the second largest increase for cities with at least 100,000 residents. This reflects the fact that a relatively small proportion of metropolitan area residents (18%) live within the city limits.
Rate of Unemployment* | |
Year | % |
2003 | 6.7 |
2002 | 7.3 |
2001 | 5.0 |
2000 | 3.5 |
1999 | 4.0 |
*UDWS Info |
Economy sectors
GDP by industry
Salt Lake City Industries by GDP value added 2011
Industry | GDP value added $ billions 2011 | % of total GDP |
---|---|---|
Finance and Insurance | 10,419 | 14.58% |
Real Estate and Rental Leasing | 9,130 | 12.78% |
Government | 7,768 | 10.87% |
Durable Good Manufacturing | 6,056 | 8.48% |
Retail Trade | 4,599 | 6.44% |
Healthcare and social assistance | 3,567 | 4.99% |
Construction | 3,004 | 4.20% |
Non-durable good manufacturing | 2,884 | 4.04% |
Transportation and Warehousing | 2,600 | 3.64% |
Information | 2,399 | 3.36% |
Administrative and Waste Management | 2,240 | 3.13% |
Other services, except Government | 1,817 | 2.54% |
Accommodation and Food Services | 1,770 | 2.48% |
Mining | 1,062 | 1.49% |
Arts, Entertainment and Recreation | 625 | 0.87% |
Educational Services | 600 | 0.84% |
Total | 71,451 | 100% |
Call centers
It is rumored that call centers prefer the Salt Lake City and
Convention industry
A burgeoning convention industry has blossomed in recent years. A new convention center—the Salt Palace—as well as proximity to outdoor recreation has made Salt Lake City an ideal locale for conventions such as the annual Outdoor Retailers meeting. Recently the OIA, Outdoors Industry Association, presented Utah Governor, Gary Herbert, with an ultimatum: "Stop seeking to reverse the designation of Bears Ears National Monument in southeastern Utah" or [they] would take their trade show elsewhere. Herbert was unshaken by the OIA's threats and concluded the two would have to part ways. Said Herbert spokesman, "It shows how a political agenda, rather than reason or merit, seems to have captured the decision-making at the Outdoor Industry Association."[2]
LDS Church
The LDS Church also provides a large percentage of jobs. Besides its central offices, the Church owns and operates a for-profit wing,
Banking
Zions Bancorporation, a Fortune 1000 bank-holding company, has its headquarters in the city.[3]
Since Utah is one of seven states that allow the establishment of commercially owned industrial banks, several
Technology
High-tech firms with a large presence in the city's suburbs include eBay, Unisys, Siebel, Iomega and 3M.
Potato production
In 2006 the largest potato producer in
Economic factors
Major factors that have affected economic activity within the city in the early 21st century have been the
Economic indicators in 2005 found that the city, particularly the downtown area, was experiencing increased population growth. The number of residential units in the central business district have increased by 80% since 1995, and is forecast to nearly double in the next decade. Recent sales of high-rise condominiums have been brisk. One 12-story building, The Parc condos at Gateway, had its ground-breaking in 2002 and was sold-out in mid-2005; many new towers are planned within the next decade. One notably large development of over 1,000 units is being built by the LDS Church. This marks a turn in a half century's trend of stagnant population growth in the city contrasted with an average yearly growth rate of 6% in the surrounding suburban area.
Employment
Employment by industry in Salt Lake City [8]
Industry | Employment thousands March 2013[8] | Percent of total employment |
---|---|---|
Trade, transportation and utilities | 132.2 | 20.4% |
Professional and business services | 106.5 | 16.14% |
Government | 100.7 | 15.26% |
Education and health services | 71.8 | 10.88% |
Leisure and hospitality | 69.9 | 10.59% |
Manufacturing | 55.1 | 8.35% |
Financial activities | 50.6 | 7.67% |
Mining, logging, and construction | 37.2 | 5.64% |
Other services | 19.2 | 2.91% |
Information | 16.5 | 2.50% |
Total | 659.7 | 100% |
Fiscal Budget
Salt Lake City Proposed General Fund for the fiscal year 2012–2013 [9]
Revenue by Source | $ thousands | Percent of revenue |
---|---|---|
Property Taxes | 63,110 | 30.66% |
Sales & Use Taxes | 50,795 | 24.68% |
Other Revenue | 19,713 | 9.57% |
Licenses & Permits | 18,664 | 9.07% |
Fines & Forfeitures | 11,341 | 5.51% |
Intergovernmental Revenue | 5,614 | 2.73% |
Charges & Fees for Service | 4,937 | 2.40% |
Parking (Meter and bagging revenue) | 3,255 | 1.58% |
Total | 205,817 | 100% |
Expense | $ thousands 2011 fiscal year | Percent of expenses |
---|---|---|
Police | 55,249 | 26.8% |
Non-departmental | 40,028 | 19.44% |
Fire | 33,658 | 16.35% |
Public Services | 32,321 | 15.7% |
Community & Economic Development | 16,958 | 8.24% |
Attorney's Office | 5,612 | 2.72% |
Finance | 5,579 | 2.71% |
911 Communications Bureau | 5,306 | 2.58% |
Justice Courts | 4,100 | 1.99% |
Mayor's Office | 2,612 | 1.27% |
City Council | 2,341 | 1.14% |
Human Resources | 2,048 | 1.00% |
Total | 205,817 | 100% |
References
- ^ The FDIC's Supervision of Industrial Loan Companies: A Historical Perspective. FDIC.gov
- ^ Outdoor Retailer is leaving Utah over public lands issues, a move Herbert calls 'offensive' | The Salt Lake Tribune. Sltrib.com. Retrieved on July 4, 2017.
- ^ Staff (May 4, 2009). "Utah Companies". Fortune 500 2009. Retrieved September 30, 2019.
Zions Bancorporation: Fortune 1000 rank of 666; $3.16 billion in revenue.
- ^ Idaho Statesman[dead link]
- ^ Swinyard, Kersten. (July 26, 2006) Suburban boom may be fueling projects in Salt Lake. Deseret News. Retrieved on July 4, 2017.
- ^ Deseret News Office space hard to find. Vacancy rate for premium sites in downtown S.L. falls below 2%. Deseretnews.com (June 29, 2006). Retrieved on July 4, 2017.
- ^ "Marketbeat Office Snapshot Q1 2016, Salt Lake City" (PDF). Cushman & Wakefield Commerce. Archived from the original (PDF) on July 22, 2016. Retrieved May 23, 2016.
- ^ a b Salt Lake City, UT Economy at a Glance. Bls.gov (June 28, 2017). Retrieved on July 4, 2017.
- ^ Salt lake City Budget Summary. FISCAL YEAR 2012–2013. slcdocs.com