Utah: A Tale of Two Economies

By: Mark Knold, Supervising Economist

The Utah economy consistently performs well. At times, recessions do arise; but, once they are done, Utah’s upward economic trajectory resumes. The nation’s last recession was 10 years ago. It was rather dramatic given its “Great Recession” label. But that was 10 years ago; Utah has fared well since.

Every state experienced employment loss in the 2008–2010 period. That means every state had an employment count higher in 2007 than in 2009. Those 2007 levels are each state’s pre-recession employment high point (with a few exceptions). To eventually return to that level thereafter means a state has matched its employment count achieved before the recession began. But that level is just economic recovery. What about going over-and-above? To go above is to add prosperity. More...

Utah's Employment Summary: May 2018

Utah’s nonfarm payroll employment for May 2018 grew by an estimated 3.5 percent, adding 51,900 jobs to the economy since May 2017. Utah’s current employment level registers 1,516,000. No revision was made to April’s year-over job growth rate.

May’s seasonally adjusted unemployment rate dropped one-tenth of a percentage point from the prior month to 3.0 percent. Approximately 48,100 Utahns were unemployed during the month and actively seeking work. The national unemployment rate decreased one tenth of a percentage point to 3.8 percent. More...

New study of Utah’s “core IT” sector

A new study of Utah’s information technology industry shows a fast-growing and high-paying sector for those with STEM-focused bachelor’s degrees and higher, as well as those with vocational training. The in-depth labor market study focused on coding workers, or “core IT” — those who design and build an IT company’s product.

Key findings of the study, A Labor Study of Software Publishing and Computer Systems Design, conducted by the Utah Workforce Research and Analysis Division, highlight the core IT industry’s strength and room for growth. With more than 90 percent of core IT new hires coming from other industries within Utah, researchers believe the vast majority are Utah-educated. More...