Research Weekly - Rising Incomes in Utah
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.
The Greater Salt Lake Area also tied with the Greater Denver Area for the lowest unemployment rate of the largest 51 metro areas, according to the U.S. Bureau of Labor Statistics. This is likely one of the major causes of Utah’s rising incomes. Both metrics are a sign of a strong and healthy economy.
Unemployment rates for other smaller metro areas in Utah are also low, indicating a good economic standing for the entire state, not just the Greater Salt Lake Area. Unemployment rates in other major metro areas in Utah include: Provo-Orem, 3.1%; Ogden-Clearfield, 3.4%; Logan, 3.0%; and St. George, 3.5%.
While both metrics—personal wage growth and unemployment—can pose some small obstacles in the economic development industry, they are both great problems to have. A low unemployment rate may signal to expanding companies that Utah will not have the available labor they need if they move to the state. Rising wages may signal that Utah labor is becoming more expensive. Despite potential concerns, these reports highlight that Utah continues to be a national economic powerhouse with sustained growth, and a great place for businesses looking to relocate or expand.