Utah County
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Economic & Community Development Profile
Federal Reserve Bank of San Francisco, Community Development
August 2014
Demographics
Income
Utah County is located in central Utah, south of Salt
Lake County, and is part of the Provo-Orem
Metropolitan Area. The county ranks 16th statewide in
terms of total land area (2,003 square miles) and is
the 4th most densely populated county in Utah with
241 people per square mile in 2010. The City of Provo
is the county seat and economic center of the region
with an estimated population of 115,919. In 2013, the
county population was 551,891, making Utah County
the 2nd largest county in Utah.
UTC
$58,425
$19,998
Median Household Income
Per Capita Income
UT
$57,049
$23,213
Race
White
92.2%
Black or African American
0.5%
Asian
1.3%
Hispanic or Latino (of any race)
11.0%
Native Born vs. Foreign Born
Native Born
93.3%
Foreign Born
6.7%
Educational Attainment
High School Graduate or Higher
92.8%
Bachelors’ Degree or Higher
36.3%
88.1%
1.1%
2.2%
13.3%
91.6%
8.4%
91.0%
30.7%
Source: U.S. Census Bureau, American Community Survey, 2012
Source: U.S. Census Bureau
Key Industries & Labor Market
12.0%
County Unemployment
10.0%
8.0%
US
6.0%
UT
Utah
Cty
4.0%
Industry Employment and Average Annual Income
Sector
% of Total
Annual Earnings
UTC
UT
UTC
UT
Private Ownership
Natural Resources & Mining
0.7%
1.4% $31,753 $63,109
Construction
7.9%
5.9% $37,331 $43,482
Manufacturing
9.3%
9.4% $48,638 $51,641
Trade, Transportation, & Utilities
17.4% 19.5% $35,300 $38,121
Information
5.0%
2.5% $75,056 $59,806
Financial Activities
3.7%
5.8% $46,842 $56,171
Professional and Business
13.9% 14.0% $45,641 $49,684
Education and Health Services
17.1% 12.4% $40,339 $39,202
Leisure and Hospitality
8.4%
9.8% $13,756 $16,679
Other Services
2.2%
2.5% $25,175 $30,880
Government Ownership
Federal Government
0.5%
2.8% $56,724 $62,814
State Government
3.6%
4.8% $35,831 $48,433
Local Government
10.2%
9.4% $33,706 $32,963
Source: U.S. Bureau of Labor Statistics, 2013
2.0%
0.0%
07
08
09
10
11
Source: BLS Annual Unemployment Rates
12
13
Top Private-Sector Employers in Provo Metro
Brigham Young University
10,000
Utah Valley Regional Medical Center
3,000
Novell
2,632
Nu Skin
2,300
Vivint
2,000
About Time Technologies
2,000
Sources: Economic Development Corporation of Utah, Oct. 2012, Utah Department of Workforce Services, 2013
Housing Market
170
FHFA (FORMERLY OFHEO) HOUSE PRICE INDEX
160
6%
4%
2%
0%
US
150
UT
140
Utah County
130
Provo-Orem Metro Apartment Vacancy Rates
2011
2012
2013
2014
Source: REIS, Inc. Performance Monitor
120
110
100
90
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
2000Q1=100 The housing price index (HPI) is a weighted, repeat-sales index,
measuring average price changes in repeat sales or refinancing on the same
properties. Source: Federal Reserve Bank of San Francisco calculations of the
Federal Housing Finance Agency Price Index
Foreclosure and Delinquency in Utah County
Percent of
Percent of
Estimated
Loans in
Loans 90+
Properties at
Foreclosure Days
Risk of Default
Delinquent
UTC
0.6%
1.6%
1,153
UT State
0.8%
2.0%
8,220
Source: FRBSF calculations of data from Lender Processing
Services Analytics Inc. May 2014
Financial Institutions
Bank:
Wells Fargo
Top Banks Operating in County
Deposits ($000):
Market Share:
Zions First National Bank
Bank of American Fork
Central Bank
$1,621,142
$1,143,043
$719,574
$545,453
30.91%
21.80%
13.72%
10.40%
JP Morgan Chase
Green Dot Bank
Rock Canyon Bank
AmericanWest Bank
Capital Community Bank
$411,263
$245,804
$144,342
$131,209
$121,348
7.84%
4.69%
2.75%
2.50%
2.31%
Source: Federal Deposit Insurance Corporation
Community & Economic Development
County Subdivisions
Median Household Income
Households with SNAP Benefits in
the Past 12 months
All People in Poverty
Utah
$58,164
8.3%
12.1%
Utah County
$59,864
7.6%
13.6%
American Fork-Pleasant Grove
$76,598
5.3%
7.4%
Goshen
$57,546
6.7%
7.9%
Lehi
$68,938
6.0%
5.9%
Provo-Orem
$45,985
9.8%
24.3%
Spanish Fork-Payson
$63,159
6.8%
7.4%
Springville-Mapleton
$63,051
7.4%
6.9%
Source: U.S. Census Bureau, 2007-2012 American Community Survey 5-Year Estimates
Provo/Mountainland Homeless Count
400
Small Business Development Centers
Orem SBDC – Utah Valley State College
Orem, UT
350
300
Salt Lake SBDC – Salt Lake Community College
Sandy, UT
250
Source: U.S. Small Business Administration
200
150
100
2007
2008
2009
2010
2011
2012
2013