ERA Brokers Residential Real Estate Report for Washington County

• In April, there were 544 new listings in Washington County, a 48.6 percent increase compared with last year’s 366 new listings.

• Median home prices increased by 14.6 percent compared with April of 2012.

 • The average home price increased by 10.6 percent over the same period.

• The number of days on market continues to drop. In April, the average number of days on market equaled 69.

• Closed sales increased by 23.1 percent for a total of 346 closed sales in Washington County for the month of April.

• Residential building permits equaled 163 in April.

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St. George Budget includes capital improvements

Armed with anticipated increases in revenues over the next 12 months, the St. George City Council approved Thursday a $183 million budget for the 2013-2014 fiscal year that starts July 1. The overall budget was increased $3 million, accommodating late-requested projects such a drainage project in the Entrada area and funding to help repair some of the hillside scarring on the Black Hill next to the large “D” maintained by Dixie State University.

The budget also outlines a series of other major capital projects, including $1.5 million for the first phase of a regional drainage project in the Fields area, a $500,000 increase for street pavement management, $3.4 million for two separate road projects on 3000 East, $2.2 million for improvements on Indian Hills Drive, $1 million for a water storage tank above the St. George Industrial Park and $860,000 for road widening and other improvements on Little Valley Road. Another $11.5 million is being set aside to fund a new bridge going over the Virgin River at Mall Drive. The Spectrum

Richfield City rebuilding 100 East

Three blocks of 100 East in Richfield are closed to traffic for the next several weeks while the road is reconstructed. The project is being accomplished utilizing federal grant money through the small urban development program. The same type of funding was used for the reconstruction of the west portions of 300 North in 2010 and 500 North in 2004.

The city has to pay some $70,000 of the total $1.07 million cost of the project, with the federal grant program covering the balance. Staker Parson Companies DBA Hales Sand & Gravel is the general contractor for the project. The reconstruction of 100 East is set to continue with a second phase tentatively slated for 2015 or 2016. The second phase would take the project from Center Street to 300 South. Richfield Reaper

Cache Valley Bank acquires eight branches in central, southern Utah

Logan-based Cache Valley Bank will acquire eight AmericanWest Bank branches in central and southern Utah, with the transaction expected to be completed in the third fiscal quarter of this year.

The banks have entered into a definitive agreement, and the acquisition is subject to regulatory approval and all other customary conditions of closing. The branches included are Price, Fairview, Mt. Pleasant, Nephi, Loa, St. George and two in Ephraim.

The sale will also allow AmericanWest Bank to reshape its service area in Utah, focusing on serving the communities along the Interstate 15 corridor from North Salt Lake to Utah County, according to a joint news release. Herald Journal

S.R. 248 construction begins

Road widening and intersection improvements will begin on S.R. 248 starting Monday, June 17. The work is expected to be completed by Aug. 15 and construction hours will be Mondays through Fridays from 7 a.m. to 6 p.m. with some Saturday work anticipated.

The project will seek to improve the intersection of Richardson Flat Road and S.R. 248 by adding turn lanes and installing the infrastructure for a future stoplight, according to a City Hall release. Additionally, the project will widen S.R. 248 to five lanes from Richardson Flat Road to Round Valley Drive with bicycle lanes. Park Record

As housing market ramps up, so does pace of foreclosure filings

Lenders stepped up action last month against homeowners who had fallen behind on their mortgage payments, taking possession of more homes and initiating the foreclosure countdown clock on many others.

Bank repossessions jumped 11 percent nationally in May from the previous month, with monthly increases taking place in 33 states, including Utah, foreclosure listing firm RealtyTrac Inc. said Thursday.

The monthly pick up reflects a rise in homes entering the foreclosure process last year. Many of those homes wound their way through the often lengthy process and ended up becoming bank-owned properties. Overall foreclosure activity, however, was down 29 percent from May last year, reflecting the long-term downward trend. Salt Lake Tribune

Upscale campground proposed north of Moab

Imagine camping in a large canvas tent with wood floor, queen-sized bed, tables and chairs, catered meals and even a bottle of chilled champagne. That’s not a fantasy; it’s the type of resort a Montana-based company wants to establish seven miles north of Moab.

Moab Under Canvas Campground agent Jeff Pillus of Durango, Colo., spoke before the Grand County Planning and Zoning Commission on May 22 to explain the company’s vision for communing with the desert wilderness.

Pillus added that, for $300 per person per night, “you get everything.”

The upscale campground, which would feature teepees as well as tents, is proposed for 32 acres owned by Steven and Maurine Tanner. The Grand County Council has already granted a zone change from range and grazing to resort special. Now the company wants a conditional use permit for the site a mile north of the intersection of state Route 313 and U.S. 191.

Planning Commission members had lots of questions about the project. Read more: Moab Times-Independent

Report: STEM job impact larger than thought

Acquiring knowledge in the fields of science, technology, engineering and math are a much greater part of the economy than previously thought, according to a report released Monday by the Brooking Institute’s Metropolitan Policy Program. Almost half of these positions, commonly dubbed STEM jobs, are filled with workers by an associate’s degree or less education.

According to the report, 20.1 percent of Utah jobs are now considered STEM positions. This figure is in stark contrast to previous estimates of 4 to 5 percent by the National Science Foundation and others.

In Utah, 116,200 jobs now fit the qualifications to be considered STEM positions and command an average annual salary of $65,481, compared to non-STEM earnings of $37,658. Those with STEM jobs requiring a bachelor’s degree in the state earn an average of $80,269 while their counterparts with an associate’s degree or less earn an average of $48,588. One of the surprises revealed by the Brookings report is that 46.7 percent of the STEM job holders in Utah have an education of an associate’s degree or less.

In the report, “The Hidden STEM Economy,” much of the change in the statistical evaluation of STEM jobs is due to a redefinition of these workers by the Brookings study. Previous studies classified workers as STEM only if they worked in a small number of professional occupations, but the Brookings definition classifies occupations according to the level of knowledge in STEM fields that workers need to perform their jobs. As a result, many non-professional jobs in manufacturing, healthcare, construction, and mining industries are now considered STEM jobs. One large difference is in the number of jobs requiring a bachelor’s degree, as experience and on-the-job training help fill the demand for STEM skills.

As expected, in Utah the majority of STEM jobs are held by those in the computer-related occupations. Of the 19,280 workers in this sector, 87.8 percent hold bachelor’s degrees or higher. Other STEM jobs with large numbers of employees include health diagnosing and treating professionals (16,530), financial specialists (9,780), construction trades (9,600) and engineers (6,650). The Enterprise

Amid Data Controversy, NSA Builds Its Biggest Data Farm

As privacy advocates and security experts debate the validity of the National Security Agency's massive data gathering operations, the agency is putting the finishing touches on its biggest data farm yet.

The $1.2 billion complex at a National Guard base 26 miles south of Salt Lake City features 1.5 million square feet of top secret space. High-performance NSA computers alone will fill up 100,000 square feet.

The NSA's Utah Data Center will be able to handle and process five zettabytes of data, according to William Binney, a former NSA technical director. Binney's calculation is an estimate. An NSA spokeswoman says the actual data capacity of the center is classified.

The Utah center will employ about 100 technicians to keep the power and water flowing and the computers and other equipment humming. The NSA and the University of Utah have developed a certificate.

Despite its capacity, the Utah center does not satisfy NSA's data demands. Last month, the agency broke ground on its next data farm at its headquarters at Ft. Meade, Md. But that facility will be only two-thirds the size of the mega-complex in Utah. National Public Radio

Nu Skin Center to become new landmark in historic Provo district

There are buildings from the 19th, 20th and 21st centuries standing within just a few blocks of each other, telling the design history of Utah County’s largest city.

The newest addition to the area will be the world headquarters for Nu Skin Enterprises — the Nu Skin Innovation Center. The global multilevel marketing firm is currently expanding its Utah County campus by constructing a state-of-the-art facility that will house 900 employees and bring a new landmark to downtown Provo. Deseret News

In a shift, interest rates are on the rise

It has been a reliable fact of life for investors, corporations and ordinary borrowers — interest rates that, for the most part, keep heading lower.

But all of that may be about to change. For prospective homeowners, the cost of mortgages has been going up in recent weeks. Governments are also facing the prospect of higher borrowing costs down the road, and they are projecting increases to their debt burdens. Savers with money in bank accounts, on the other hand, have the prospect of finally earning more than a pittance on their deposits.

The interest rate charged by lenders, often cited as the single-most-important factor behind economic decisions, has been steadily going down for the most part since the early 1980s, and has fallen to historic lows since the financial crisis. Over the past few months, though, investors and banks have been demanding higher payments for their loans, pushing up interest rates and bond yields. Salt Lake Tribune

Key Research expanding Ephraim employment

Key Research Solutions, the telephone survey company that moved to Ephraim last fall, plans to bring 100-150 more jobs to Sanpete. The company’s owner, said last week the company is closing its Provo office and will make its headquarters in Ephraim, doubling their local employment by the end of September. Sanpete Messenger

Vail’s business is up as it joins Utah ski scene

Vail Resorts Inc. is entering the Utah ski market with enthusiasm after finishing its winter-ending fiscal quarter with a healthy bump in business.

The company, which last week signed a long-term lease to operate Canyons Resort for Talisker, said it earned $97.6 million, or $2.66 per share, in the quarter that ended April 30. That was up 22.7 percent over the same quarter a year earlier. The company also reported net revenues of $469.7 million, an 11.5 percent increase over the previous year.

Purchasers of Vail’s Epic Pass, he noted, would have access to Canyons along with Vail, Beaver Creek, Breckenridge, Keystone, Northstar, Heavenly and Kirkwood resorts. An Epic Pass for 2013-14 now costs $689 for adults. A 2012-13 adult season pass at Canyons cost $849. Salt Lake Tribune

Family Dollar Distribution Center getting ready to open

About 175 new employees are busy stocking the shelves and ramping up for day one of operations at the new Family Dollar distribution center in St. George. The company plans to begin shipping merchandise out of the $80 million facility July 8, and area leaders are touting the opening as a much-needed boost to the economy. The 817,000-square-foot building, tucked away at the far south end of the Fort Pierce Industrial Park, is expected to open with roughly 200 employees. Managers plan to open up a second shift at the start of next year, along with jobs for about 150 more. Eventually, the total number of jobs could exceed 450. The Spectrum

Urban flea market draws eclectic crowd

This weekend marked the launch of the third annual Urban Flea Market in downtown Salt Lake City. The event is an affordable marketplace where an array of eclectic, vintage used and new items are for sale, including clothing, original artwork, furniture, tools, oddball knickknacks and other things, said co-founder and executive director Kate Wheadon.

It is the biggest downtown flea market and a great place to find and sell antiques, secondhand and locally made treasures, said co-founder Michael Sanders.

The monthly events are held from 9 a.m. to 3 p.m. on the second Sunday of every month through October, with selected dates for the market on June 9, July 14, Aug. 11, Sept. 8 and Oct. 13. There are booth spaces available for up to 70 vendors with free parking for patrons, Wheadon said. Deseret News

SkyWest celebrates new market

Passengers aboard the inaugural flight from Denver to St. George were greeted by city officials and given gift bags by SkyWest employees at the St. George Municipal Airport to celebrate the airport’s newest flight option. Flights from Denver to St. George depart daily at 11:15 a.m., and daily flights to Denver depart at 1:30 p.m. The flights are offered through United Express. The Spectrum

Cedar City lands Syberjet project

After years of work and negotiations, SyberJet Aircraft announced the company has chosen Cedar City as the site for its headquarters and the SJ30 private jet assembly facility that could bring approximately 1,200 jobs to Iron County. Cedar City-based Metalcraft purchased the assets of the SJ30 light jet program from bankrupt Emivest Aerospace for $3.5 million, and called the endeavor SyberJet. SyberJet now acts as a sister company to Metalcraft, with the parent company called MSC Aerospace, LLC. The Spectrum

Kennecott worker buyout helps avoid additional layoffs

Workers at Rio Tinto’s Kennecott Utah Copper are breathing a sigh of relief after mine officials announced Tuesday, there would not be another big layoff. A recent landslide at the Bingham Canyon Mine has forced the company to drastically reduce production and layoff some administrative staff.

Kennecott officials said in a statement Tuesday that they were able to avoid layoffs in part because of the number of employees who opted for an early-retirement option. More than 130 hourly workers accepted the buyout by the June 1st deadline – about half of those who were eligible. Wayne Holland, a representative from the Steel Workers Union, says the announcement is a huge relief.

Kennecott officials said in a statement that cost-cutting measures, along with the previously announced layoff of about 100 salaried workers, has eliminated the need for any further cuts to its workforce at this time. They did say they would be eliminating some unspecified number of jobs, but that the company would offer alternative roles to those workers. Wayne Holland says 34 union workers are expected to be laid off from their work at the concentrator and smelter, but will have the opportunity to fill positions at the mine and tailings area – openings left by those who took early retirement. KUER