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:

Economic data to support informed decisions about your workforce that includes:
- Wage data comparisons
- Projected growth by industry
- Quarterly economic performance
- The number of job seekers in your area
Access to tools designed to meet your data needs
Workforce development specialists and economists ready to help you access a menu of employer services through local employment centers
Training, education and career service programs as well as access for job seekers to job search tools
- Post your jobs with us and you’ll get automatic matches to qualified candidates
Programs and incentives such as Bonding, the Work Opportunity Tax Credit and reimbursements for providing opportunities such as On-the-Job Training, Employment Internships and Apprenticeships to eligible employees

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.