August 18, 2014

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Economy Growing at Fastest Rate of 2014

Press Release

August 18, 2014

Salt Lake City – 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 last week. The state posted a 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.

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 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. Gov. Herbert and his administration are working. Utah truly is a model for the nation.”

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