The job market in Utah has never been better, find out why in the article below.
When it comes to economic performance and job opportunities, Utah is the state to be in right now. Not only does it have the same amount of jobs as last year, but with 2.6% unemployment, it is the envy of the nation.
That’s why moving to Utah is one of the best decisions you can make if you’re looking for a fresh start. There are plenty of jobs to pick from in some of the best industries including architecture and engineering, education and training, office and administrative support, computer and mathematics, as well as the management industry.
Of course, the strength of a job market is determined by more than just a single statistic, and several metrics contribute to the strength or weakness of a market.
It also helps to know how good your employment prospects are so you can take full advantage of the information below.
To help you make sense of all the stats, here’s all you need to know about the current job market in Utah and we’ll also show you how it compares to other markets.
How High Is The Unemployment Rate?
The unemployment rate, as you might’ve guessed, refers to the number of workers that are currently without work but are looking to be employed. A low unemployment rate translates to less competition for job openings. If fewer people compete for a single job, your chances of getting hired are obviously greater, and that’s what every job hunter wants.
States with high unemployment rates tend to play host to a wide range of social ills. Conflict, poverty, and civil unrest reign supreme in such places. The purchasing power is also reduced, which means inflation will have a greater effect on your ability to purchase a house, for example. The general output of the economy is lowered when the unemployment rate skyrockets, so it’s a good indicator to consider when looking for employment opportunities anywhere.
Luckily, Utah has a very low unemployment rate, especially when compared to the national average which is 5.4%. It’s also important to note that just like other states, Utah is facing an unprecedented labor shortage which contributes to its low unemployment rate. Basically, anyone who really wants a job in Utah can find one right now.
Recent & Future Job Market Growth
Job growth has to do with the number of jobs that are created on a monthly basis. It is directly associated with economic expansion and the kind of industries that are on the rise, as a growing industry is likely to have a higher projected growth of people to be hired in a specific position.
Also, the more jobs that are being created in a state, the better. That’s because as your career progresses, you’ll start to think about occupying a better position with higher pay. Plus, your experience over the years will help justify your desire in this regard, so you need to make sure that the job market can accommodate your occupational aspirations.
Utah stands head and shoulders above the rest in this regard, as its ranked no.2 for overall job growth and private sector growth respectively. The state’s economic expansion is on track as well, which means there’s an abundance of job openings across a wide range of sectors.
The tech sector is particularly robust and accounts for 9.6% of Utah’s workforce. Other fast-growing industries include manufacturing, healthcare, finance, and banking.
Average Starting Salary For Job Market in Utah
For those looking forward to an entry-level job, it helps to know how much to expect as a starting salary. The average starting salary determines the base level for anyone starting out a career in a particular industry. States with a high average starting salary are a good bet for job seekers because the more reasonable the starting salary, the better your quality of life.
For instance, if you plan on taking on a mortgage, you need to be able to make those monthly payments without any hassle. A good average starting salary will enable you to take care of your housing needs and it’ll give you a comfortable life.
Your starting salary will have to be enough to allow for some savings as well because starting a new life in a new location isn’t easy, so you need to be prepared for any curveballs that may come your way.
The average starting salary in Utah is $55,841 which is enough to cover living expenses and maintain a decent standard of living in the state.
Diversification of Housing
Housing availability is another factor to consider when looking for a job in Utah or any other state for that matter. Housing diversification means that there are a variety of home types available at different price points.
Utah, specifically Salt Lake County, is home to an award-winning master-planned community, Daybreak. The community is known throughout the United States as a thought leader in placemaking and as a steward of sustainability. Being the first of its kind in Utah, Daybreak artfully mixes home types with community amenities. So regardless of your stage in life, there is a home suited for you.
In fact, studies have shown that most people are willing to leave the car in the garage if the place they want to go to is within a 5-minute walk. The plan for Daybreak is based on this simple rule, placing parks, restaurants, shopping, schools, offices, and light rail within easy walking or biking distance from your home. And tying the entire community together with trails, sidewalks, and bicycle highways.
Another factor to consider is the underemployment rate within a state. This offers great insight into the job market because of how many people it covers. Workers that want to work but have stopped applying, part-time workers forced into part-time work, and unemployed laborers looking for employment; that’s where we are. Through this metric, we’re able to identify the extent of labor market underutilization.
Profit and productivity depend on the utilization of potential. If there are people capable of doing some sort of work, and they aren’t doing it; that spells doom for the job market. What does it say about someone hoping to join such a join market? It shows that the market is unreliable and unstable, which can mean bad news for anyone setting their sights on settling down in such a place.
With an unemployment rate of 2.6%, Utah has one of the lowest underemployment rates in the country.
Labor Participation Rate
The labor participation rate deals with the number of people, both unemployed and employed, that are civilians of working age. To get this figure, one simply divides the number of active workers by the working-age population. It’s a great indication of how engaged people are in the economy, and it’s been recognized as being even more important than the job growth rate we mentioned earlier.
The labor participation rate fills the gaps in the unemployment rate. The unemployment rate changes with every increase or decrease in the labor force and it may give mixed signals. For instance, unemployment rates include people who gave up looking for work by choice, making it an unreliable indicator of current market conditions.
If you know how many people are capable of working that are actually at work, it can help determine how good your odds are at getting a job. Other factors that affect the labor participation rate include the aging of the workforce, persistent business cycles, and even public policy.
Utah’s labor participation rate sits at 67.9%, ranking sixth in the country overall.
Top 10 States For Jobs
|Rank||State||Job Growth||Labor Force Participation||Unemployment Rate|
Utah Takes the Crown
The job market in utah has a growth of 3.3% while the national average is 1.4 percent. The median household income is about $75 000, far higher than the national average of just over $65 000. Industries like mining and agriculture have been big in Utah for some time now. Be that as it may, the state has a highly educated labor pool taking positions in aerospace, digital media, and I.T.
Utah ranks 5th in fiscal stability, 3rd in growth, 2nd in employment, and 1st in the overall economy category. With a higher than average net migration rate, there are lots of jobs being left vacant by people moving out of state. The business environment isn’t that bad either, with Utah ranking 8th in that category.
While every state has felt the impacts of the COVID pandemic, Utah doesn’t rely on industries that are vulnerable to the effects of the virus. With 1.3 job seekers for every job opening, this is a paradise for anyone looking to join the state’s workforce. When you look at all the metrics, Utah pretty much checks all the boxes.
Now, Utah housing is not the cheapest in the country but there are many ways to offset the cost. You can get down payment assistance of up to 6% from the Utah Housing Corporation, and the Community Development Corporation of Utah is another option you can look into if you plan on moving to Utah. Whether you actually qualify for this assistance will depend on your monthly income as well as the cost of the home you’re looking to buy.
Overall, the Beehive State ranks supreme when it comes to deciding which job market to join and it’s the perfect place to put your roots in the ground. The industries are diverse, all signs point to a healthy job market in Utah, and the state is known for being friendly. Just make sure you like funeral potatoes and green Jell-O. Let’s get moving!
Want even more information about moving to Utah? Check out the resources below.