Utah’s economy has seen impressive growth in the past year, with an addition of 38,100 jobs since May 2023. The largest job gains were observed in the education and health services sector, which added 10,600 positions for a growth rate of 4.6%. The construction sector followed closely behind, with a growth rate of 4.8% and an addition of 6,500 jobs.
Despite a slight increase in unemployment rates compared to two years ago, when they were at all-time lows, the Utah economy remains resilient in the face of high interest rates. Some industries that have faced challenges in recent times, such as financial activities, information, and leisure and hospitality, are now showing signs of improvement.
According to Ben Crabb, chief economist at the Utah Department of Workforce Services, the state’s seasonally adjusted unemployment rate is at 2.9%, with around 51,900 Utahns currently unemployed. This rate is lower than the national unemployment rate for May, which increased to 4%.
As per Crabb’s analysis of the May employment estimates
