Economic Update and Layoff Services

Utah enters 2025 on solid economic footing. The state experienced a broad jobs expansion in 2024 with growth in almost all industries. Average wages grew by an estimated 3.9% during 2024, outpacing inflation. The state’s unemployment rate currently stands at a healthy 3.5%, up slightly from the very low levels of 2022 and 2023 and reflecting a return to more normal economic conditions after the labor shortages of recent years. The level of job openings in the state has also held steady in recent months after a long period of decline dating back to 2022, when the Federal Reserve started raising interest rates to fight inflation. With job growth, unemployment and job openings all looking strong, the “cooling” of the labor market throughout 2024 may be coming to an end, with conditions looking good heading into the new year.

This year’s Economic Report to the Governor forecasts continued job growth for 2025 in the range of 1.5% to 2.0%, and unemployment that remains low in the range of 3.1% to 3.4%.


Did You Know?

One of the best ways to prepare for any changes to your business starts with knowing your resources. The Department of Workforce Services can help you maintain and grow your business by providing the following: 



The Department of Workforce Services also has resources to help you when you need to downsize or close your business such as:

  • Rapid Response Services to provide early intervention for laid off workers.

  • On-site seminars at no cost that are customized to meet your company’s needs, including information about:

    • Unemployment insurance

    • Job search services

    • Labor market information

    • Temporary assistance including health benefits

  • To schedule a Rapid Response workshop or to submit a Worker Adjustment and Retraining Notification (WARN), contact Tony Granados at (801) 526-4312 or rapidresponse_warn@utah.gov.

  • For more information about Pre-Layoff Rapid Response services and WARN compliance, visit the Department of Labor’s website.

The Department of Workforce Services is here to help you through any economic scenario or impacts to your business.

Utah’s Employment Summary: December 2024



SALT LAKE CITY (Jan. 24, 2024) — Utah’s nonfarm payroll employment for December 2024 increased an estimated 2.6% across the past 12 months, with the state’s economy adding a cumulative 44,800 jobs since December 2023. Utah’s current job count stands at 1,790,300. 


December’s seasonally adjusted unemployment rate is estimated at 3.5%. Approximately 62,647 Utahns are unemployed. Utah’s November unemployment rate is unrevised at 3.5%. The December national unemployment rate was down one-tenth of a percentage point at 4.1%. More...





Retention Strategies and Employee-Friendly Resources

In today’s competitive job market, retaining talented employees can be as challenging for businesses as the recruitment process. In this dynamic landscape, a company’s culture and sincere interest in the well-being of their team members and their families are emerging as critical components, rivaling the significance of traditional strategies like competitive wages and benefits.

A meaningful sense of appreciation experienced by employees often holds more weight than a simple monetary incentive program. Recognizing and appreciating the individual circumstances of employees, coupled with a sincere commitment to their welfare, not only contributes to the development of a caring company culture but fosters a deeper sense of loyalty among employees.  

The 2024 Engagement and Retention Report from Achievers Workforce Institute shows that while many employees are concerned about money, there are other key ways to engage and retain. When employees are able to live comfortably, other motivators become more important in aiding in employee retention. These include culture alignment, frequent recognition, work relationships, consistent feedback and career progression. Each of these correlates positively with job satisfaction. 


Apprenticeship is a workforce strategy that results in high retention rates. Watch the video below to see how Workforce Services helped Sunroc set up its registered apprenticeship program for diesel mechanics. Contact your workforce development specialist to find out what it takes to set up an apprenticeship.



Did you know?
Being aware of programs and resources outside of your organization that are available to your employees to help them and their families may complement your retention strategies.

The Department of Workforce Services administers and informs about a variety of programs, resources and information to help eligible individuals and families. These include:

  • The Tax Help Utah Program - Free tax return preparation throughout Utah

    • Workforce Services Housing and Community Development Division-State Community Services Office (SCSO) administers the program through contracts with its community partners. Through the Earned Income Tax Credit program, SCSO partners provide free tax preparation services for low to moderate income households.

  • Adoption Tax Credit - Allows eligible Utahns to receive a maximum credit of $3,500 in the year they finalized their adoption

    • To obtain the credit, Utahns should check if they’re eligible and apply for certification through the Department of Workforce Services at jobs.utah.gov/adoptioncredit

    • Workforce Services will notify applicants if their applications are approved or denied and then share the certifications with the Utah State Tax Commission. 

  • The ABLE Program - A savings account and investment solution

    • This program allows people with disabilities to save and invest without losing benefits.

      • To learn more, click here.

  • The Home Energy Assistance Target Program - Year-round energy and water assistance

    • This program helps with electric, gas and water bills and provides protection from shut offs as well as tips about conservation.