Economic growth and development relies on healthy population growth. Between July 2015 and July 2016, Utah was the fastest growing state in the nation at 2.03%, which is great news for the state for several reasons.
Utah has one of the lowest unemployment rates in the nation at 3.4%, which is an indicator of a strong economy. However, a low unemployment rate does bring its own economic development challenges. Many Utah companies struggle to find qualified labor because our unemployment rate is so low.
A pair of federal economic reports indicate that Utah leads the nation in personal income growth. At 1.4%, Utah is ahead of the nation’s personal income growth of 1.0%. This means more money in Utahns’ pockets.