SALT LAKE CITY — Utah’s economy performed well last year, adding a cumulative 38,100 jobs since May 2023.
“Education and health services had the strongest annual employment gain of 10,600 jobs, with a growth rate of 4.6 percent. Construction added 6,500 jobs and saw a slightly stronger growth rate of 4.8 percent,” said Ben Crabb, chief economist for the Utah Department of Workforce Services.
The ministry’s May Employment Overview The state’s seasonally adjusted unemployment rate was estimated at 2.9 percent, revealing that about 51,900 Utahns are unemployed. This is 0.1 percentage point lower than the national unemployment rate in May, or 4 percent.
“Although the unemployment rate is up from the all-time lows recorded two years ago, it remains historically low, and Utah’s economy continues to prove resilient to the current high interest rate environment,” Crabb said.
Crabb added that some industries are recovering after periods of decline.
“Industries that have recently faced challenges, such as finance, information, leisure and hospitality, are seeing some improvement as May employment forecasts show the state’s economy is expanding at a healthy pace, reinforcing a positive outlook for steady growth for the remainder of the year,” he said.