Utah’s job market is as diverse and enticing as its landscape, if a recent study is to be believed. After analyzing 380 metro areas, The Wall Street Journal and Moody’s Analytics recently ranked Utah’s capital city as the area with the hottest job market in the country.
“There’s a virtuous cycle where young, highly educated workers are moving into Salt Lake City and bringing in more money to that area,” said Adam Kamins, an economist at Moody’s Analytics, per The Wall Street Journal.
These are the top five ranking job markets:
- Salt Lake City, Utah.
- Jacksonville, Florida.
- Orlando, Florida.
- Tampa, Florida.
- Oklahoma City, Oklahoma.
Salt Lake City’s top ranking is partly due to its low average unemployment rate and workforce participation. According to the Department of Workforce Services, Utah’s current unemployment rate is 2.8%, compared to the national average of 3.9%, while its year-over-year job growth increased by 2% in January.
In addition, The Utah Legislature announced on Tuesday that Utah ranked first for the 17th year in a row as the state with the best economic outlook.
“It’s no mistake our economy has remained on top for the past 17 years. Utah is rich with opportunity. A Utah-first mindset enables businesses and individuals to continue to flock to our state to benefit from the financial freedom lower taxes provide and to enjoy the high quality of life our state policies have helped cultivate,” Senate President J. Stuart Adams, R-Layton, said in a press release.
Generally, states with higher economic outlook rankings have lower taxes, particularly on working and investing, and lower spending. By evaluating each state’s position across 15 policy factors, the index forecasts its economic prospects for the upcoming year.
“In Utah, we put our people first,” House Speaker Mike Schultz, R-Hooper, said, per the press release. “A strong economy, low taxes, and fiscal prudence will help keep life affordable and allow Utahns to thrive in all areas of life. Our economy is in this position because of thoughtful and intentional planning and budgeting and we are committed to continuing this course of economic prosperity.”