By Michael Jeanfreau, Senior Economist

Advanced Manufacturing: In the intricate tapestry of modern economies, manufacturing stands as a fundamental thread that weaves together innovation, production and prosperity. At its core, manufacturing is more than just a process of crafting goods — it's a bedrock industry that underpins the creation of tangible products, propelling economies forward and fostering a symbiotic relationship with various sectors. By transforming raw materials into finished goods, manufacturing fuels consumption, supports other industries and plays an indispensable role in bolstering regional economic growth and job creation. In Utah, manufacturing provides more than 150,000 jobs and pays more than $10 billion in wages annually.

The economic implications of manufacturing extend far beyond the factory floor. A thriving manufacturing sector contributes not only to the abundance of consumer goods but also to the creation of well-paying jobs and the stimulation of related industries. As manufacturing plants hum with activity, the demand for skilled labor grows, providing employment opportunities for individuals with a diverse array of talents and expertise. This intricate interplay generates a positive feedback loop, as job creation boosts local spending, supports community development and ultimately leads to sustained economic expansion. More...

SALT LAKE CITY (Oct. 20, 2023) — Utah’s nonfarm payroll employment for September 2023 increased an estimated 2.1% across the past 12 months, with the state’s economy adding a cumulative 35,200 jobs since September 2022. Utah’s current job count stands at 1,730,100.

September’s seasonally adjusted unemployment rate is estimated at 2.6%, a one-tenth of one percentage-point increase over August. Approximately 47,500 Utahns are unemployed. Utah’s August unemployment rate is unrevised at 2.5%. The September national unemployment rate is unchanged at 3.8%. More...