Utah’s December job report highlights that Utah’s economy remains impressively stable, even as it begins to experience some small, expected shifts. During the past year, the state’s job count grew by 1.8%, or 30,900 jobs and the unemployment rate remained at 3.5% in November.
Utah’s economy has remained steady throughout 2024, growing at a gradual pace that gives businesses and workers time to plan for changes. All the while, Utah continues to outperform national trends with solid job growth and low unemployment. This kind of economy stability gives families, businesses, and investors the confidence to continue to invest in the future of Utah and its people.
Utah’s November private sector employment recorded a year-over-year expansion of 1.3% or a 19,2000 job increase. Eight 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 (12,800 jobs), construction (6,900) jobs, and professional and business services (3,000 jobs). Leisure and hospitality (-3,600 jobs) and trade, transportation and utilities (-3,300 jobs) experienced year-over-year job losses.
Listen to Chief Economist Ben Crabb’s analysis of the November 2024 employment rate here: https://soundcloud.com/utahdws/utah-employment-report-november-2024