COVID-19 and Other Economic News Roundup for the Week of Oct. 12
ICYMI - To help our investors keep track, we’ve compiled some of the top COVID-19 and other relevant economic news of the past week.
While Utah’s nonfarm payroll employment for September 2020 has contracted by an estimated 0.9% across the past 12 months, there was some good news in last week’s DWS report. The labor force participation rate increased from 67.4% to 68.8%. This is a positive because it typically means more people are now actively seeking work because of a greater confidence in the job market.
Utah Business magazine asks why some Bay Area companies are moving operations to Utah, and there are some interesting answers. More here.
News from an EDCUtah investor: Thomas Wright of Summit Sotheby talks affordable housing in a DNews op-ed. The business of corporate recruitment, which EDCUtah does, is tied to workforce availability, which is tied to housing, so we think this is worth a read.
On Oct. 23, we’re holding a virtual “graduation” ceremony for eight cities and counties that have completed the Development Ready Communities (DRC) certification process. We were pleased to get some feedback from Elaine Gizler, economic development director for Grand County. “As a new Economic Development Director, I find EDCUtah to be a lifeline. I have learned so much in the DRC sessions and have met so many individuals who have a tremendous amount of experience. I value all that I have learned and will apply that education to improving the future for Grand County. Having EDCUtah at the forefront looking at Utah opportunities around the world provides a network that a local Economic Development professional can take advantage of. Small rural communities working with EDCUtah have a much better chance of securing a business than trying to reach out independently. The continued support of EDCUtah to raise the bar for economic development in our rural communities is valuable.”
News from an EDCUtah investor: Fidelity Investments is seeking approximately 4,000 new client-facing positions across its U.S. locations over the next six months, including financial advisors, licensed representatives, and customer service representatives. Half of these positions are expected to be filled by year-end. Some of these positions will be based in Utah. More here. In a related story, KSL covers Fidelity and other Utah companies ramping up hiring.
The SBA recently updated their PPP policy. Scroll to the last page of this document to see question #52, which was added to the policy. It touches on the point that the payment deferral period was extended from six months to ten months. Businesses that took PPP should contact their lender to ensure everybody is on the same page re: the revised