Utah’s economy far ahead of the nation
PARK CITY, Utah – The economy of Utah has created 51,300 jobs since June 2019.
The unemployment rate is 2.7%, which contrasts sharply with the national average of 5.9%.
Non-farm employment in the state for June 2021 increased by about 3.3% in the past 24 months. This figure is -3.4% for the United States as a whole.
Utah is estimated to be 44,200 unemployed.
“The summer months have brought a strong wake-up call to the Utah economy,” said Mark Knold, chief economist for the Utah Department of Workforce Services. “The two-year employment growth measure has increased from 2.3% in May 2021 to 3.3% in June 2021. A full increase of one percentage point in essentially one month.”
The largest job gains in the state’s private sector were recorded in:
- Professional and business services (17,900 jobs)
- Trade, transport and public services (16,400)
- Construction (13,100)
- Manufacturing (8,200)
60% of large industrial groups create jobs in Utah. The labor market participation rate is 67.5%.
Initial unemployment insurance claims are down 54.6% as a percentage of the labor force from the previous year.
Federal pandemic specific unemployment programs ended in Utah on June 26. Improved unemployment insurance is expected to end in all states on September 4. Reads a document from the Utah government that supports the decision to phase out benefits early.
Park City Chamber of Commerce data shows that tourists are flocking in greater numbers than pre-pandemic levels (summer 2019). Bookings are more than double in most cases compared to the same time last year.