News Bulletin
Daily News Portal

Utah’s economy strong over past year, report says

SALT LAKE CITY — Utah’s economy has been strong over the last year, adding a cumulative 38,100 jobs since May 2023.

“Education and health services experienced the largest job gains at 10,600 positions over the year for a 4.6% rate of growth, followed by the construction sector, which added 6,500 jobs for a slightly higher, 4.8% job growth rate,” said Ben Crabb, chief economist at the Utah Department of Workforce Services.

The department’s May employment summary revealed the state’s seasonally adjusted unemployment rate is estimated at 2.9%, with approximately 51,900 Utahns unemployed. That’s lower than May’s national unemployment rate, which increased one-tenth of a percentage point of 4%

“Unemployment rates remain historically low, despite ticking up from the all-time lows experienced two years ago,d as the Utah economy continues to prove resilient to the current high interest rate environment,” Crabb said.

Crabb added that some industries are rebounding after having down periods.

“Industries that have faced challenges recently — including financial activities, information and leisure and hospitality — are seeing some improvement as the May employment estimates show a state economy expanding at a healthy pace, reinforcing a positive outlook of steady growth for the remainder of the year,” he said.

Read Nore:Utah’s economy strong over past year, report says