STATE ECONOMIC PROFILE
Utah Economic Overview
$224.6b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
3.1%
5
3,462,003
POPULATION
Growth Rate 2019-24
State Growth Rank
1.6%
2
471,760
BUSINESSES
Growth Rate 2019-24
State Growth Rank
5.2%
1
Overview of the Utah Economy
In 2024, the state of Utah has a population of 3,462,003, having grown an annualized 1.6% over the five years to 2024, which ranks it 2nd out of all 50 US states by growth rate. Utah's gross state product (GSP) in 2024 reached $224.6b, with growth of 3.1% over the 5 years to 2024. Businesses in Utah employed a total of 1,961,846 people in 2024, with average annual employment growth over the past five years of 2.4%. The top three sectors by total employment are Real Estate and Rental and Leasing, Manufacturing, Professional, Scientific and Technical Services, while the unemployment rate across the state in 2024 was 3.2%.
What is Utah's Gross Domestic Product (GDP)?
In 2024, Utah's GDP reached $224.6b, representing an increase of 3.1% from 2023. Utah's GDP has grown at an annualized rate of 2.5% over the five years to 2024. Moreover, Utah's trailing five-year GDP growth ranks it 5th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Utah's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
Utah Industry Trends
What are Utah's Largest Industries by Revenue?
The largest industries by revenue in Utah are New Car Dealers, Software Publishing and Hospitals, which generated $13.0b, $12.3b and $11.0b in 2024.
STATE ECONOMIC PROFILE
Top Companies in Utah
Top 10 Companies Headquartered in Utah by Employment
The largest companies by employment in Utah are Intermountain Healthcare, University of Utah and Walmart, which employed 59,000, 35,227 and 20,810 people in 2024.
STATE ECONOMIC PROFILE
Utah Sector Statistics
In Utah, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Utah's GDP by Sector?
The Real Estate and Rental and Leasing, Manufacturing and Professional, Scientific and Technical Services sectors contributed the most to Utah's GDP in 2024, representing a combined 35.9% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is Utah's Employment by Sector?
The Administration, Business Support and Waste Management Services, Retail Trade and Professional, Scientific and Technical Services sectors contributed the most to employment in Utah in 2024, representing a combined 31.4% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
Utah Employment Trends
2.0m
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
3.0%
49
3.2%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
4.7%
41
What Employment Trends are Impacting Utah?
The state of Utah employs 1,961,846 people in 2024, which ranks it 28th out of all 50 US states. Employment in Utah has grown at an annualized rate of 3.0% over the five years to 2024, overperforming the national average of 1.2%. Major sectors by employment in Utah include Administration, Business Support and Waste Management Services, Retail Trade and Professional, Scientific and Technical Services, which employed 223,600, 205,684 and 186,826 people in 2024, respectively. Utah's unemployment rate is 3.2% in 2024, which ranks it 16th out of 50 states. Utah's unemployment rate has trended upwards at a rate of 4.7% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Utah, and compare them to the US economy, using the chart below.
$288.8k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
12.5
7
What is Utah's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Utah's DPI in 2024 was $288.8k, compared to the US average of $129.8k, which places it 7th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Utah's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
Utah Construction & Building Trends
$4,498.9tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
13.3%
42
$7.4tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
4.0%
15
23,912
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
-2.8%
9
What can construction trends tell you about a state’s economy?
In Utah, non-residential construction was $4,498.9tn in 2024, which ranks it 42nd out of all US states. Residential construction was $7.4tn in 2024, which places Utah 15th in the United States. The number of building permits issued in Utah in 2024 was 23,912, representing a -2.8% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Utah, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
Utah Population Statistics
Which Counties in Utah have the Largest Populations?
The counties with the highest populations in Utah are Salt Lake County, Utah County and Davis County, which had populations of 1,191,071, 740,067 and 376,616 people in 2024.
STATE ECONOMIC PROFILE
Utah Demographics
Education Level Utah
Race in Utah
Utah State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 645 Utah Industry Reports.
