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Show growth and modernization of other industries, a demand for new home construction, continued net in- migration, moderate interest rates, solid job creation, low vacancy rates in apartments, and numerous projects that are on the drawing boards. Of particular significance is Kennecott Utah Copper's $ 880 million smelter and refinery expansion. Manufacturing is expected to trail government as a source of employment during the projection period while finance, insurance and real estate ( FIRE) are expected to provide additional jobs at a steady pace. Employment in transportation, communication and public utilities ( TCPU) will more than double during the projection period. Irrigated acres and total agricultural acres are declining dramatically in the Salt Lake Valley ( see Section 10). The projection for agricultural employment also decreases o ver the next 25 years. Table 4- 2 shows present and projected employment in the nine major sectors. Figure 4- 2 shows the expected growth and relationships between the six sectors that provide the most jobs 4.4 Economic Future In Salt Lake County and cities along the Wasatch Front, population growth is projected to slow down in the upcoming years before resuming at a strong rate after the year 2000. A small baby boom occurred during the late 1970s, and many of these children crowded the junior high and high schools. Despite strong job growth, the Wasatch Front is expected to experience net out- migration when these people enter the labor market. In- migration is expected to resume after the year 2000. Total state employment ( including self- employment and agriculture) is projected to increase from over 951,331 jobs in 1995 to 1,569,842 jobs by 2020. This increase of over 618,511 jobs represents an average annual growth rate of 2.31 percent. The overall pattern is a significant movement away from dependence on the state's traditional goods- producing economic base and toward service- producing industries as driving sectors in the Utah economy. • 4- 4 |