SALT LAKE CITY – Utah’s real gross domestic product (GDP) growth led the nation in 2024, reaching 4.5%, compared to the nation’s 2.8% growth, according to data from the U.S. Bureau of Economic Analysis and analyzed by the Kem C. Gardner Policy Institute. Additionally, Utah’s nominal GDP surpassed $300 billion for the first time, averaging $301 billion for the year and ending at $308 billion. Statewide personal income grew 6.1% from 2023 to 2024, ranking Utah 4th highest among states.
“Utah’s strong economic fundamentals continue to propel robust growth,” said Phil Dean, chief economist at the Gardner Institute. “Utah benefits from a young, well-educated population, competitive fiscal and regulatory policies, its geographic location as the Crossroads of the West, a highly diversified economy, and nation-leading social capital. Although not without economic challenges, these strong fundamentals help Utah navigate the ups and downs of the economic cycle.”
The summary fact sheet is now available online.
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The Eccles School is synonymous with ‘doing.’ The Eccles experience provides a world-class business education with a unique, entrepreneurial focus on real-world scenarios where students put what they learn into practice long before graduation. Founded in 1917 and educating over 6,000 students annually, the University of Utah David Eccles School of Business offers nine undergraduate majors, four MBAs, nine other graduate programs, a Ph.D. in seven areas, and executive education curricula. The School is also home to more than 20 institutes, centers, and initiatives, which deliver academic research and support an ecosystem of entrepreneurship and innovation. For more information, visit Eccles.Utah.edu or call 801-581-7676.