Zions Bank November economic snapshot for Utah

Utah’s economic recovery remains near the best in the nation. The Beehive State is the second closest state to recovering to its 2019 economic levels, with employment declining only 1% over the last year.

While the unemployment rate rose from 4.1% to 5% in September, the uptick is a side effect of the highest labor force participation rate in three years at 68.8%.

Utah lost 14,800 jobs over the past year, but some industries gained jobs, with the construction (+7,500); trade, transportation, and utilities (+6,900); and other services (+3,300) sectors gaining the most jobs.

Leisure and hospitality (-24,300); education and health services (-5,200); and professional and business services (-4,500) lost the most jobs year over year. Annual housing price growth continues to speed up, rising from 7.9% in August to 8.5% in September.