Oct. 13th, 2016
The Cache Chamber of Commerce, Quarterly Business Update.
This update offers information on the many Chamber activities and insight into the community’s economic health.
Cache County economy from the Department of Workforce Services
Cache County’s Unemployment rate is the lowest in the state at 2.8%. Total taxable sales were up for the sixteenth consecutive quarter increasing 3.2% year-over and reaching nearly $390 million dollars. Retail sales were up more than 6% year-over, with food/beverage and general merchandise stores topping the list for growth. Arts/entertainment/recreation also saw impressive growth of nearly 30%, pulling in almost $4.5 million in taxable sales in Q1 2016. Growth in entertainment spending and strong retail sales across the board are both considered signs of a growing consumer confidence. Construction permits for single family homes have also increased 37% YTD.
Employment growth was strong and broad-based, despite the low unemployment rate. With a tightening labor market, conditions are putting upward pressure on wages. For Q1 2016, Cache County average wages rose 1.8 % year over year and improvements were across 10 of 11 major industry sectors.
In March 2016, Cache County accelerated to 3.2% YOY job growth adding 1,755 jobs.
Cache Chamber of Commerce
The Chamber welcomed 52 new companies to the membership during the 3rd quarter, bringing our total membership to 587 and growing. We held 9 ribbon cuttings and one ground breaking in the last 3 months.
Grant Money for Business Growth
Nine Cache Valley businesses have taken advantage of the Governor’s Office for Rural Development Fast Track Grants. A total of $483,000 has been granted so far to local valley businesses. These monies help businesses expand and add higher paying jobs in rural areas with up to $50,000 matching funds from the Governor’s Office of Rural Economic Development. If you are interested in applying, or to find out if you may qualify, contact theCache Chamber at 435 752-2161 or firstname.lastname@example.org.
The Cache Chamber has been very fortunate to be part of the Utah’s World Trade Center, the Utah State Chamber, to work with the Gov. Office for Rural Economic Development and the Economic Development Corp. of Utah. These wonderful organizations have tools that can help our local businesses grow and the chambermakes these tools available to our local businesses. If you have a business question regarding growth or expansion or relocation, I encourage you to call the chamber so that together we can find the right tools for your situation.
We have a few upcoming events for you. Please put these dates on your calendar or register at www.cachechamber.com :
- Cache Business Women’s Conference / Riverwood’s
Date: Thursday Oct. 27th Time: 8:30-2:45
- Leadership Lunch every third Tuesday / Logan Country Club
Date: Oct. 18th, Nov. 15th, Dec. 20th Time: 11:30 AM – 1:00 PM
Date: Nov. 1st, Dec. 6th Time: 7:30-8:30 AM
Date: Dec. 8th, 2016 Time: 8:30 AM – 9:30 AM
- Annual Chamber Awards Banquet/ Riverwood’s
Date: Wed. Jan. 25th, 2017 Time 6:00 – 8:00 PM
The Chamber hopes you will enjoy these brief quarterly updates.
As always, we are here to be your best business resource.
Thank you for your support.
President & CEO
Cache Chamber of Commerce