Western Economic Developments

Executive Summary Total nonfarm payroll employment in the Twelfth District grew by 2.6 percent at an annual rate from June to November, a solid pace that was above the corresponding national growth rate of 2.0 percent. Due in part to an ongoing slowdown in manufacturing activity, employment growth in most of the District slowed somewhat as the year has progressed. Although the rate of employment growth fell in most major sectors in the District this year, it increased in the finance, insurance, and real estate sector and the state and local government sector. Residential construction activity and sales were robust this […]

Executive Summary The Twelfth District economy grew at a solid pace during the third quarter, although growth has slowed from earlier in the year. Payroll employment expanded by 2.3 percent at an annual rate during the three months ending in September, with a number of sectors posting solid growth. District growth continued to outpace national growth in recent months, although the gap between the District and the U.S. pace of expansion narrowed. The District’s current pace of growth represents a collection of divergent state experiences, with some state economies growing rapidly, while others are slowing or contracting. Despite slower employment growth, […]

Executive Summary The Twelfth District economy grew at a solid pace in recent months, although growth has slowed from earlier in the year. Payroll employment expanded by 2.3 percent at an annual rate during June through August, well below the 3.7 percent annual pace for 1997. Despite the recent slowdown, employment in the district is growing more rapidly than nationally. In addition, the District contains four of the eight fastest growing states in the nation. Slackening demand for exports and a downturn in high-tech manufacturing have combined to damp growth in manufacturing employment in many District states. However, rapid growth in […]

Executive Summary The Twelfth District economy grew at a strong pace during the first half of 1998, with virtually no slowing between the first and second quarters. However, employment growth so far this year has been slower than last year. Faster growth in California and Washington during the second quarter was offset by slowing in other states, particularly Oregon, Idaho, and Utah. Construction activity remains a key source of growth for the District economy, with substantial employment growth and high levels of activity continuing in both the residential and nonresidential sectors. Reduced exports to East Asia have exerted a moderating influence […]

Executive Summary The level of economic activity in the District remained very high through May, and labor markets remained very tight in most areas. Job growth in the District was strong in early 1998, but not as fast as the torrid 1997 pace. Employment growth has slowed this year in California, Oregon, and Utah and in recent months has edged down in Idaho, Alaska, and Hawaii. Rapid growth has continued in Arizona and Nevada, and Washington state employment growth has picked up since last year. Overall consumer price inflation in the West continued to slow through early 1998, but there has […]

Executive Summary District employment growth was strong in the first quarter, led by particularly fast growth in Arizona and Utah. Employment growth in California was solid in the first quarter, but slower than in 1997. Oregon also experienced slower job growth in the first part of this year. The negative effects of reduced foreign demand and increased import competition recently have become more evident for District manufacturers, but activity in other sectors such as real estate and construction continued to grow quickly. The adverse effects of foreign trade developments have led some District manufacturers of high-tech electronic goods to scale back […]

Executive Summary Led by the surging California economy, the 12th District economy expanded at a vigorous pace in 1997. District growth during the first two months of 1998 was solid but below the fourth quarter 1997 pace. Recently revised payroll employment data show that all areas of California picked up substantially between 1996 and 1997, as the rate of nonfarm job growth accelerated from 2.7 to 3.8 percent. The construction and manufacturing sectors have provided a key impetus to the District’s expansion. For the District as a whole, both sectors show little or no signs of slowing; however, real estate markets […]

Executive Summary The District contains four of the ten fastest growing states in the nation, with Nevada, Arizona, and Utah topping the list. The pace of employment growth in the District accelerated in recent months, climbing to 3.9 percent at an annual rate during the three months ending in November 1997. The District unemployment rate fell to 5.3 percent in November, as job growth continued to outpace growth in the labor force. Construction activity continued to be a main source of strength in the District economy late into 1997, adding jobs at an annual rate of 7 percent between December 1996 […]

Executive Summary The District contains six of the ten fastest growing states in the nation, with Nevada, Arizona, and Utah topping the list. The pace of economic growth in the District remained solid in recent months, although below the rapid trend of 1996. In much of the District, employment growth continues to outpace growth in the labor force, pushing state unemployment rates down and creating very tight labor markets. Growth is beginning to even out across District states. Slower growth in Oregon and the Intermountain states combined with solid expansions in California and Washington are narrowing the growth gap among the […]

Executive Summary The District states of Nevada, Utah, Washington, and Arizona have been the fastest growing states in the nation over the past twelve months. Relative to the first half of the year, employment growth slowed in the third quarter in each of the seven most populous District states. Elsewhere, job growth picked up slightly in Alaska and remained weak in Hawaii. Employment growth in 1996 and early 1997 has outpaced labor force growth in most areas of the District, leading to lower unemployment rates. In California, job growth was particularly strong over this period, and the pace of labor force […]