Utah Department of Workforce Services predicts job growth through 2020
Occupations are categorized into 22 major groups. Within the major computer and mathematical occupations, the median annual wage for management occupations is $80,640. The median annual wage for architecture and engineering occupations with entry-level education is $67,870.
Conversely, the lowest wages paid for occupations are in food preparation and serving-related occupations, with a median wage of $18,700 annually.
Meanwhile, one irony of a vibrant economy such as Utah’s is the increase in job churning, explained report co-author and DWS supervising economist Mark Knold.
“Job churning” is defined as the amount of hiring and separations from jobs — or turnover.
Before the Great Recession unfolded in late 2008, the amount of hiring and separations from jobs in Utah was brisk, roughly 110,000 hires or job separations during each quarter, Knold said.
“The volume is rarely equal as the hires tend to outpace separations in an expanding economy and vice versa, but there was a high volume of both during this time period,” he said. “When the Great Recession hit, the volume of churning slowed noticeably, falling to roughly 75,000 — or by approximately one-third.”
New jobs were not being created, causing the workforce to stay in the jobs they were fortunate enough to have, he said.
The Utah job market’s growth rates increased in late 2012 and through most of 2013, so the current churning is expected to be even higher into 2014, Knold said.
“In an improving economy, fewer people feel compelled to stay in their current jobs because the increase in job opportunities offers the potential to find an improvement,” he said. “In an ironic way, more job churning points to a more vibrant economy.”
- 11 best—and worst—state tax systems
- Why starting a garden doesn't save you money
- Review: Larger iPhones eliminate reason to...
- Why babies are expensive, but could save you...
- Customers wait all night, get new iPhone 6
- 5 reasons why Utah is a great place to live
- How much America wants to be taxed
- Utah has some of the rudest drivers,...
- Utah has some of the rudest drivers,... 42
- US wealth gap putting the squeeze on... 27
- 5 reasons why Utah is a great place to... 22
- Yellen says US families need to boost... 10
- Financial interventions don't work 7
- How much America wants to be taxed 6
- Extended warranties a big sell. Are... 4
- Dave Ramsey says: Tips for stretching... 4