Business Briefs for July 6-9
July 5, 2011
AdvancedMD has new owners
According to a press release, AdvancedMD was purchased by Automatic Data Processing in March and plans to add 100 new jobs, mostly in the Salt Lake Valley. The "software-as-a-service" company provides medical billing data storage through "cloud" solutions and opened a second office in The Gateway Building on Heber Avenue last year to accommodate employees who live in Summit County.
Purchasers say June was down, but growth continues
According to a report from The Goss Institute, Utah’s Business Conditions Index, a leading economic indicator, once again remained above growth-neutral (50.0). Based on the monthly survey of the membership of the National Association of Purchasing Management (NAPM-Utah), the overall index slipped to 55.0 in June from 55.4 in May. Components of the Business Conditions Index for June were new orders at 55.9, production or sales at 57.8, delivery lead time at 53.4, inventories at 57.0, and employment at 53.4. Report author Ernie Goss said, "Since bottoming out in February 2010, the Utah economy has added more than 28,000 jobs for a 2.4 percent gain. Based on our surveys, I expect the state to continue to add jobs but at a somewhat faster pace with an employment increase of more than 22,000, or 1.8 percent, for the rest of 2011."
Zions Bank predicts future growth
According to a summary of the Zions Bank publication "Insight Economic News of Utah and the Nation" released last week, Utah’s economic growth pace continues to be the strongest in the western continental U.S. However, current growth still pales when compared to stronger economic growth during 2004-2007. Report author Jeff Thredgold said, "Utah’s job creation pace is likely to maintain course over the balance of 2011. It is then likely to pick up speed in 2012 and especially in 2013 as new single-family home construction activity is expected to rebound sharply."