Utah’s economy far ahead of the nation

Utah's unemployment rate is 2.7%, compared to the national average of 5.9%. Photo: Jaxon Lott

PARK CITY, Utah — Utah’s economy has added 51,300 jobs since June 2019.

The unemployment rate is 2.7%, which stands in stark contrast to the national average of 5.9%.

Nonfarm employment in the state for June 2021 increased roughly 3.3% across the past 24 months. That figure is -3.4% for the U.S. as a whole.

There are an estimated 44,200 Utahns unemployed.

“The summer months have brought a firm awakening to the Utah economy,” said Utah Department of Workforce Services’ Chief Economist Mark Knold. “The two-year job growth measure increased from 2.3% in May 2021 to 3.3% in June 2021. A full percentage-point increase in essentially one month.”

The largest private-sector job gains in the state were in:

• Professional and Business Services (17,900 jobs)
• Trade, Transportation, and Utilities (16,400)
• Construction (13,100)
• Manufacturing (8,200)

60% of major industry groups are adding jobs in Utah. The labor force participation rate is 67.5%.

Initial unemployment insurance claims are down 54.6% as a percentage of the labor force from a year prior.

Pandemic-specific federal unemployment programs ended in Utah on June 26. The enhanced unemployment insurance is set to end in all states on September 4. “With 2.7% unemployment in the state, business restrictions ended and vaccines widely available, it is a natural step in getting back to normal,” reads a Utah government document backing up the decision to cut the benefits early.

Park City Chamber of Commerce data shows that tourists are flocking in numbers greater than pre-pandemic levels (summer 2019). Bookings are more than double in most cases when compared to this time last year.