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 roughly the same number of available jobs as last year, but with 2.1% unemployment, it is the envy of the nation. That’s why moving to Utah can be a great way to give yourself a fresh start. In this diverse economy, some of the strongest industries include architecture and engineering, education and training, office and administrative support, computer science and mathematics, as well as hospitality management.
Of course, the strength of a job market is determined by more than just a single metric.
To help you make sense of the stats, here’s a little context about the current job market in Utah.
How High is the Unemployment Rate?
The unemployment rate, as you might have 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 among job seekers and greater competition among employers who want to hire.
Also, states with high unemployment rates tend to play host to a wide range of social ills, such as poverty, crime, and civil unrest. So there are lots of reasons to consider places where the economy and job market are strong and stable. Utah has a very low unemployment rate, especially when compared to the national average which is 3.5%. 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
Obviously, job growth is directly associated with economic expansion.
Utah has shown consistent job growth and currently holds a top 20 ranking for year-on-year growth. The state’s economic expansion is also top-ranked, which means there’s an abundance of job openings across a wide range of sectors. The tech sector is particularly robust and accounts for 12-15% of Utah’s workforce. Other fast-growing industries include manufacturing, healthcare, finance, and banking.
Average Starting Salaries in Utah
For those seeking an entry-level job, it’s good to know how much you can expect to earn. Utah’s average starting salary of $49,250, combined with the state’s reasonable cost of living, creates a very liveable standard of living even if you’re at the beginning of your career.
Diversity of Housing
Housing availability is another factor to consider when looking for your next job. Places that offer a variety of home types at different price points give you more ways to find a home that fits your new life.
In Utah, specifically in Salt Lake County, the award-winning master-planned community Daybreak is an example of such a place. The community is nationally recognized for its sustainability and walkability. 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 five-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. The entire community is tied together with a 50-plus-mile network of trails and bicycle highways. . And with its artful diversity of homes, Daybreak offers something to fit every stage in life.
Underemployment Rate
The underemployment rate measures the number of people who for one reason or another are sitting on the sidelines. Who, for example, want to work but have stopped applying or have been forced into part-time positions. A high underemployment rate shows that the market is unreliable and unstable, which can mean bad news for anyone hoping to build a career and a life in such a place.
Again, with its unemployment rate of 2.1%, 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 mentioned earlier.
The labor participation rate fills in the gaps in the unemployment rate. For instance, unemployment rates include people who gave up looking for work by choice, making it an unreliable indicator of current market conditions. Other factors that affect the labor participation rate include the aging of the workforce, persistent business cycles, and even public policy.
If you know how many people capable of working are actually at work in a particular market, you can get a closer measure of your odds of landing a job in that market. Utah’s labor participation rate sits at 68.1%, ranking seventh in the country overall.
Top 10 States For Jobs
| Rank | State | Job Growth | Labor Force Participation | Unemployment Rate |
| 1 | Utah | 22 | 68 | 2.1% |
| 2 | Massachusetts | 14 | 65.6 | 3.4% |
| 3 | Washington | 19 | 64.7 | 3.7% |
| 4 | Arizona | 21 | 61.1 | 3.7% |
| 5 | Colorado | 16 | 69.4 | 3.4% |
| 6 | Texas | 1 | 63.6 | 4.0% |
| 7 | Nevada | 11 | 60.6 | 4.4% |
| 8 | Florida | 3 | 59.5 | 2.5% |
| 9 | Maryland | 28 | 65.7 | 4.0% |
| 10 | Virginia | 23 | 55.1 | 2.6% |
Utah Takes the Crown
The job market in Utah has a growth rate of 3.5%, which is on par with the national average. The median household income is about $79,449, which is slightly higher than the estimated national average of $78,075. Tech, real estate, technical services, and insurance are the fastest-growing industries in the state. But the state also has a highly educated labor pool taking positions in aerospace, digital media, and IT.
Utah ranks 5th in fiscal stability, 2nd in growth, 2nd in employment, and 1st in the overall economy category. The business environment is solid, too, with Utah ranking 8th in that category.
When you look at all the metrics, Utah pretty much checks all the boxes.
While Utah housing is not the cheapest in the country, there are 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 is a solid choice for a place to put down roots. Want even more information about moving to Utah? Check out the resources below.
