Utah’s job market is hotter than ever

With a $185.2 billion Gross State Product, a population of 3,399,940, and an estimated 1,664,300 total jobs Utah’s hearty economy is but one of the state’s seemingly bountiful advantages. 

 

Ranking fifth in fiscal stability, third in growth, second in unemployment, and first in “overall economy,” Utah is the place to be when it comes to economic performance and job opportunities. However, the state’s prosperous economy is not attributable to a new phenomenon, in fact, it dates back decades and its unemployment rate has remained below the national average since 1976.

 

Ranked second in the United States for its overall job and private sector growth, Utah’s year-over-year, private-sector employment has recorded a consistent expansion of 3.9 percent. Utah has a “growth” economy which is perhaps most evident with its population, job growth, and personal income wealth all on the rise. In 2019, the state caught headlines as it led the nation in job growth and has remained consistently better than the national average.

 

What is Utah’s GDP by Sector? 

The Manufacturing, Real Estate, and Rental and Leasing and Professional, Scientific, and Technical Services sectors contributed the most to Utah’s GDP in 2022, representing a combined 38.1% of the state GDP.

 

GDP by the Numbers

Manufacturing = 27,487,927,734

Real estate and rental licensing = 22,567,445,312

Professional scientific and technical services = 15,636,774,414

Information – 14,731,511,718

Finance and insurance = 14,672,781,250

Retail trade = 13,187,482,421

Construction = 11,829,305,664

Healthcare and social assistance = 9,828,801,757

Wholesale trade = 9,500,492,187

Administration business support and waste management services = 5,949,278,808

 

What is Utah’s Employment by Sector?

Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole. The Administration, Business Support and Waste Management Services, Retail Trade, and Educational Services sectors contributed the most to employment in Utah in 2022, representing a combined 35.4% of state employment. 

 

Employment by the Numbers

Administration, business support, and waste management services = 226,015

Retail trade = 216,750

Educational services = 200,610

Information = 197,867

Healthcare and social assistance = 177,700

Professional scientific and technical services = 164,592

Construction = 132,853

Accommodation and food services = 129,737

 

With such a diverse economy, it is not all that surprising to learn about the job and fiscal prosperity of Utah. Coupled with a dozen of the state’s other perks it is not surprising that many people find it an alluring place to call home.