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.