Utah continues to solidify its position as the home of the nation’s strongest and most diverse economy, as unemployment dropped to its lowest level since Nov. 2008.
The state unemployment rate is down to 3.6 percent, down from 3.8 percent last month, according to figures released by the Dept. of Workforce Services today.
“Our state’s economy continues to be the envy of the nation,” said Gov. Gary R. Herbert. “While we have the third lowest unemployment rate and the fourth highest job growth rate of any state, it’s even more important that our growth is distributed across a broad spectrum of industries. Utah is proof positive that conservative principles and a determination to stick to them produce results.”
Utah’s job growth also remained near its historical average at an estimated 2.9 percent, adding 37,500 jobs to the economy compared to May 2013. The economic numbers were released one week after the state was honored with the most Top 10 rankings in the U.S. Chamber of Commerce report, Enterprising States.
All of Utah’s private sector industries posted job increases this month with largest increases coming in Trade, Transportation and Utilities (9,800 jobs) followed by Construction (5,400 jobs).
“The goal is to have balanced, strong and consistent economic growth and that’s exactly what we have in Utah,” said Juliette Tennert, chief economist for the Governor’s Office of Management and Budget. “The governor has always been focused not just on creating jobs but doing it in a way that will help the economy be strong today and into the future. And that’s exactly what we’re doing.”