Aug 15 2014
SALT LAKE CITY (August 15, 2014) – Utah's economy is growing at its fastest rate so far in 2014, and the unemployment rate is holding steady, according to figures released by the Department of Workforce Services today. The state posted a strong job growth rate of 3.6 percent, adding 45,900 jobs over the past 12 months.
"Utah's economy continues to grow, creating more opportunities for the people of our state," said Gov. Gary R. Herbert. "Businesses and entrepreneurs have found a government that is eager to work with them, not against them, and the results have been very positive. When we say Utah is open for business, we mean it."
Utah's unemployment rate ticked up one-tenth of a percent to 3.6 percent in today's report, but paired with strong job creation numbers, this is an indication previously frustrated workers are re-entering the workforce, another positive indicator. Each of the economic sectors tracked in the report are growing, with the strongest growth coming in Construction (10.6 percent), Information (7.7 percent), and Natural Resources (4.9 percent).
The Beehive State continues to outpace the nation as a whole. The U.S. unemployment rate currently stands at 6.1 percent with job growth at 1.9 percent.
"In Utah, we have come to expect consistent job growth and a robust, expanding economy," said Juliette Tennert, chief economist for the Governor's Office of Management and Budget. "The fundamental principles adhered to by Gov. Herbert and his administration are working. Utah truly is a model for the nation."
For more information and additional analysis, visit jobs.utah.gov