Utah Economy Robust and Rolling

SALT LAKE CITY – Utah’s robust economy kept on rolling in March, adding nearly 8,900 individuals to the work force and further reducing Utah’s unemployment rate from 5.2 percent to 4.9 percent.

 “While the national economy slowed down, Utah’s economy continues to pick up steam,” said Governor Gary R. Herbert.  “By adhering to proven economic principles and fostering certainty in the business environment, Utah is solidly on the path to prosperity and is showing the nation how to get out of the economic mire.”

The Governor added, “As remarkable as Utah’s economic track record is, it is important to remember that growing the economy and creating jobs is a marathon, not a sprint. We still have much work to do, and we will continue to do everything we can to ensure there are employment opportunities for every Utah job seeker.”  

Juliette Tennert, chief economist at the Governor’s Office of Management and Budget, said Utah continues to make progress.  “The latest data show Utah’s economy continues to move in the right direction,” she said. “While our unemployment is higher than we like, it is still 1 percent lower than it was a year ago, and far below the national rate. We also have 49,000 more private sector jobs than we did last year.”

Utah’s new jobs added in March accounted for 7.7 percent of all the jobs (seasonally adjusted) created in the U.S. during that same time period, and the state’s 4 percent annual job growth is more than double the national rate. Utah’s unemployment rate is 2.7 percentage points less than the national rate.