GDP growth: 3.1% 2014 GDP: $128.2 billion (19th smallest) 1-yr. population change: 1.4%(7th largest) 2014 unemployment: 3.8% (4th lowest)
Utah’s economy expanded by 3.1%, the seventh-highest growth rate in the country. The largest part of the state’s growth was generated by the professional and technical services sector, which contributed 0.52 percentage points to the state’s overall growth rate. The nondurable goods sector also had an impact, contributing 0.42 percentage points to growth, the eighth highest contribution from that sector nationwide. Utah’s unemployment rate was 3.8% in 2014, lower than the national unemployment rate of 6.2%. Utah’s strong economy has likely helped attract workers looking for job opportunities. The state’s population grew by 6.1% in the last five years. The housing market is another indication that Utah’s economy is doing well. From 2013 to 2014, new building permits grew 1.5% in the country, and housing prices rose by 4.6%, both among of the highest increases across the country.