With 2024 in full swing and tax season upon us, now is the perfect time to explore the benefits of the Work Opportunity Tax Credit (WOTC)—a valuable opportunity for employers statewide.
WOTC is a federal tax credit incentive program, provided to employers for hiring individuals from certain target groups. By participating in WOTC, you not only expand your talent pool but also benefit from tax incentives, making it a win-win situation for your business and the community.
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With Utah’s challenging hiring landscape, WOTC is a great incentive to consider as you build your workforce. By hiring untapped populations, you not only address your workforce needs but also contribute to breaking down barriers to employment. These populations, often overlooked, might just hold the talent your business needs.
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Through WOTC you can receive up to $9,600 in tax credit. The Department of Workforce Services is here to help guide you through the process. To learn more about the WOTC and access an online application, click here.
For additional information about the program including frequently asked questions, click here.
Employer workshops and hiring events may also target untapped, vulnerable populations and generate interest in the WOTC. To learn the benefits of accommodating, hiring and retaining individuals with disabilities, contact Ben Baldonado at (435) 414-5461 or Joshua Rodeback at (385) 266-0509.
SALT LAKE CITY (March 22, 2024) — Utah’s nonfarm payroll employment for February 2024 increased an estimated 1.9% across the past 12 months, with the state’s economy adding a cumulative 32,600 jobs since February 2023. Utah’s current job count stands at 1,735,300.
February’s seasonally adjusted unemployment rate is estimated at 2.8%. Approximately 51,100 Utahns are unemployed. Utah’s January unemployment rate is unrevised at 2.8%. The February national unemployment rate increased two-tenths of a percentage point to 3.9%.
“The Utah economy continues to grow at a slower pace than what we saw last year,” said Mark Knold, Chief Economist at the Department of Workforce Services. “The supply of labor provided by domestic labor migrating to Utah over the past several years allowed the state’s economy to grow faster than what the state’s low unemployment rate should otherwise have allowed. However, this domestic in-migration has now slowed and the state’s low unemployment rate is constraining faster growth. Therefore, Utah’s job growth pace has moderated toward the national average.”
Utah’s February private sector employment recorded a year-over-year expansion of 1.4%, or a 19,800-job increase. Seven of the ten major private-sector industry groups posted net year-over-year job gains. The overall gains are led by education and health services (9,600 jobs), construction (6,900 jobs), professional and business services (2,900 jobs), and leisure and hospitality (1,600 jobs). Three sectors with job losses are financial activities (-2,100), information (-800 jobs), and trade, transportation, utilities (-300 jobs).
Statistics generated by the U.S. Bureau of Labor Statistics, Washington, D.C., modeled from monthly employer (employment) and household (unemployment) surveys.
Largest private sector gains in the past year:Education and health services: 9,600 jobs
Construction: 6,900 jobs
Professional and business services: 2,900 jobs
Leisure and hospitality: 1,600 jobs
Largest private sector losses in the past year:
- Financial activities: -2,100
- Information: -800 jobs
- Trade, transportation, utilities: -300 jobs
SALT LAKE CITY (March 6, 2024) — Utah’s nonfarm payroll employment for January 2024 increased an estimated 1.9% across the past 12 months, with the state’s economy adding a cumulative 32,100 jobs since January 2023. Utah’s current job count stands at 1,720,900.
January’s seasonally adjusted unemployment rate is estimated at 2.8%. Approximately 50,300 Utahns are unemployed. Utah’s December unemployment rate is unrevised at 2.8%. The January national unemployment rate is unchanged at 3.7%. More...