Western Economic Developments

Executive Summary The District had the five fastest-growing states in the nation over the past twelve months. The Intermountain states of Nevada, Arizona, and Utah were the three fastest-growing states over this year-long period. In recent months, job growth in Nevada continued at a torrid 6 percent average annual pace, and Utah continued to post about a 4 percent gain. However, employment growth in Arizona slowed this summer. Washington now is the fourth-fastest growing state in the nation, owing largely to a pickup in aerospace industry employment. Oregons economy continued to expand rapidly, albeit slightly slower than in 1996. In the […]

Executive Summary District Update Nonagricultural Payroll Employment Chart District Employment by State Chart District Manufacturing and Construction Indicators Chart District Employment by Industry Chart California’s Economic Expansion Financial Conditions Alaska, Oregon, and Washington Nonagricultural Payroll Employment Chart Non-residential Construction Awards Chart Residential Construction Permits Chart Employment Table Arizona, California, and Hawaii Nonagricultural Payroll Employment Chart Non-residential Construction Awards Chart Residential Construction Permits Chart Employment Table Idaho, Nevada, and Utah Nonagricultural Payroll Employment Chart Non-residential Construction Awards Chart Residential Construction Permits Chart Employment Table Please note: Charts, figures and tables require Adobe Acrobat Reader Executive Summary The District’s economic expansion has been […]

Executive Summary Twelfth District economic activity has been vigorous thus far in 1997. Nonfarm payroll employment grew by 3 percent at an annual rate during the first four months of the year, slightly below last years pace but substantially above the corresponding national pace.  During the first five months of this year, Californias economy maintained the strong growth trend established in 1996. The state’s yearly rate of payroll job growth places it seventh in the national ranking, and five other states in the District are in the top seven. District construction payroll growth accelerated to a very rapid pace in early […]

Executive Summary The District economy continued to expand at a rapid pace in recent months. During the first quarter of 1997 payroll employment increased by 3.3 percent, well ahead of the national pace of 2.3 percent. As measured by growth in nonfarm payroll employment over the past 12 months, the District is expanding nearly 50 percent more rapidly than the nation as a whole. The District currently contains the four fastest growing states in the nation, including Nevada, Arizona, Utah, and Oregon. Nevada remains number one in this ranking. Brisk growth in California and Washington has placed them among the ten […]

Executive Summary Recently revised payroll employment figures indicate that District nonagricultural payroll employment expanded by 3.4 percent in 1996, well ahead of the national pace. The District currently contains five of the eight fastest growing states in the nation, including Nevada, Arizona, Utah, Idaho, and Oregon. The California and Washington economies are also growing at a brisk pace. Rapid expansion in the construction, manufacturing, trade, and services sectors accounted for much of the employment growth during 1996. Manufacturing activity in the District is well above the national pace, largely due to strong growth in high-tech manufacturing and the resurgence of Boeing. […]

Executive Summary District Update Nonresidential Real Estate and Construction Alaska, Oregon, and Washington Arizona, California, and Hawaii Idaho, Nevada, and Utah Executive Summary California’s economy continued to expand at a strong pace in late 1996, and the state’s labor market tightened further. Nevada, the fastest-growing state in the nation, continued to add jobs at more than a 6-1/2 percent average annual pace in recent months. Rapid growth also continued recently in Arizona and Oregon, and the underlying trend of job growth looks strong in Washington. In late 1996, Idaho and Utah did not sustain the earlier rapid pace of growth. Economic […]

Executive Summary California’s pace of job creation continues to exceed the national rate, and the state unemployment rate is trending downward. The Intermountain states of Arizona, Idaho, Nevada, and Utah are the top tier among U.S. states in terms of the pace of job creation in the twelve months ending in October. Employment growth in Washington state has accelerated to a 4 percent pace this year, equaling the rate of job growth in Oregon. The Pacific Northwest is the second-fastest growing region in the country, closely behind the Intermountain states. Residential real estate markets have been strong in the Intermountain and […]

Executive Summary The District economy has expanded more strongly thus far in 1996 than it did in 1995. In July, payroll employment was 3.2 percent above its year earlier level, although growth for that month was somewhat below the brisk pace recorded in the second quarter. Strong growth continued in California, with payroll employment expanding at a 2 percent annualized pace on average in June and July. The Washington economy, boosted by expansion at Boeing, accelerated noticeably in recent months. Signs of slightly moderated growth have appeared in the fast growth Intermountain states and Oregon. However, among all District states, only […]

Executive Summary Economic growth in California accelerated in the second quarter, and the state unemployment rate fell about 1/2 percentage point. The Washington state economy is beginning to show the effects of a pickup in business at Boeing Aircraft Co.. Relatively rapid growth continued in Oregon and in the Intermountain states, but a few major high-tech employers in these areas recently announced the scaling back of planned operations. Fast expansion of high-technology businesses has fueled rapid growth in parts of California, the Pacific Northwest, and the Intermountain states. An analysis of the diverse trends among high-tech firms suggests that parts of […]

Executive Summary A wide variety of indicators suggest that economic growth in California was strong in the first half of 1996. Statistics on the California labor market, personal income, consumer spending, firm formation, and housing markets all point to large gains in economic activity this year. Strength in business and real estate loan demand contributed to a large increase in lending by California banks in April and May. Job growth accelerated recently in the fast-growing Intermountain states of Nevada, Utah, and Idaho. Economic conditions in the Pacific Northwestern states of Oregon and Washington also continued to improve. However, the Alaskan and […]