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US State economic profile
Utah - Economic Profile
Statistics, economic information and rankings for the Beehive State
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 2,116,942 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%.
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State economic profile
Utah Economic Overview
$224.6b
Gross state product
3,462,003
Population
471,760
Businesses
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
Learn about current trends affecting the most significant industries for Utah's state economy, down to the county level. IBISWorld offers state industry research reports on over 30,000 industries across all 50 states in the US, including 635 industries in Utah.
What are Utah's Largest Industries by Revenue?
The largest industries by revenue in Utah are Commercial Banking, Hospitals and New Car Dealers, which generated $16.9b, $14.4b and $13.3b in 2024.
| Industry | 2024 revenue | |
|---|---|---|
| 1. | Commercial Banking | $16.9b |
| 2. | Hospitals | $14.4b |
| 3. | New Car Dealers | $13.3b |
| 4. | Warehouse Clubs & Supercenters | $13.1b |
| 5. | Software Publishing | $12.8b |
| 6. | Gasoline & Petroleum Bulk Stations | $10.2b |
| 7. | Drug, Cosmetic & Toiletry Wholesaling | $9.4b |
| 8. | Public Schools | $8.8b |
| 9. | Petroleum Refining | $8.4b |
| 10. | IT Consulting | $8.2b |
State economic profile
Top Companies in Utah
Learn about current trends affecting the top companies in Utah. IBISWorld offers benchmarking data and tools on over 5,000 companies in the US.
Top 10 Companies Headquartered in Utah by Employment
The largest companies by employment in Utah are University of Utah, Intermountain Healthcare and Walmart, which employed 44,801, 42,000 and 21,023 people in 2024.
| Company | 2024 employment | Share of employment | |
|---|---|---|---|
| 1. | University of Utah | 44,801 | 2.1% |
| 2. | Intermountain Healthcare | 42,000 | 2.0% |
| 3. | Walmart | 21,023 | 1.0% |
| 4. | Kroger | 8,929 | 0.4% |
| 5. | Northrop Grumman | 8,500 | 0.4% |
| 6. | Smiths | 7,500 | 0.4% |
| 7. | Amazon.Com | 7,500 | 0.4% |
| 8. | Home Depot | 5,085 | 0.2% |
| 9. | Delta Air Lines | 4,500 | 0.2% |
| 10. | United Parcel Service | 4,500 | 0.2% |
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 economy, in addition to how the state economy is evolving over time.
| Sector | GDP | Growth 2024 | Annualized growth 2019-24 |
|---|---|---|---|
| Real Estate and Rental and Leasing | 27,571,974,711 | 2.0% | 1.7% |
| Manufacturing | 23,981,089,560 | 2.5% | 2.9% |
| Professional, Scientific and Technical Services | 21,713,933,529 | 8.9% | 9.2% |
| Retail Trade | 17,353,690,419 | 5.4% | 4.1% |
| Finance and Insurance | 16,396,892,138 | -2.6% | -1.4% |
| Information | 16,312,415,662 | 9.5% | 10.7% |
| Construction | 14,803,563,803 | 0.6% | 2.8% |
| Healthcare and Social Assistance | 13,308,455,370 | 4.9% | 4.5% |
| Wholesale Trade | 8,500,765,229 | -2.8% | -1.4% |
| Transportation and Warehousing | 8,291,501,486 | 6.7% | 4.2% |
| Administration, Business Support and Waste Management Services | 6,114,773,849 | 1.1% | 1.7% |
| Accommodation and Food Services | 5,829,963,367 | 5.2% | 2.7% |
| Utilities | 5,498,864,935 | 12.3% | 14.9% |
| Other Services (except Public Administration) | 4,774,716,109 | -2.2% | -0.6% |
| Mining | 4,400,043,315 | 6.8% | 5.1% |
| Management of Companies and Enterprises | 3,358,275,352 | 4.7% | 5.9% |
| Educational Services | 2,994,781,948 | 0.7% | 1.3% |
| Arts, Entertainment and Recreation | 1,975,628,459 | 6.0% | 4.5% |
| Agriculture, Forestry, Fishing and Hunting | 1,155,556,420 | 7.3% | 3.5% |
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.
| Sector | Employment | Growth 2024 | Annualized growth 2019-24 |
|---|---|---|---|
| Administration, Business Support and Waste Management Services | 223,600 | 2.0% | 4.6% |
| Retail Trade | 205,684 | 1.7% | 2.6% |
| Professional, Scientific and Technical Services | 186,826 | 3.0% | 4.4% |
| Healthcare and Social Assistance | 180,808 | 1.9% | 2.6% |
| Educational Services | 169,692 | 4.0% | 2.4% |
| Construction | 148,223 | 2.3% | 2.2% |
| Accommodation and Food Services | 138,903 | 2.5% | 1.1% |
| Information | 128,356 | 7.0% | 7.1% |
| Manufacturing | 124,227 | 0.7% | 0.9% |
| Finance and Insurance | 99,515 | 1.4% | 4.7% |
| Transportation and Warehousing | 85,680 | 3.1% | 2.0% |
| Other Services (except Public Administration) | 75,616 | 0.9% | 2.2% |
| Real Estate and Rental and Leasing | 75,211 | 3.5% | 4.7% |
| Wholesale Trade | 59,554 | 1.0% | 1.0% |
| Arts, Entertainment and Recreation | 42,046 | 2.6% | 3.7% |
| Mining | 7,923 | -5.1% | -2.2% |
| Utilities | 6,476 | 1.3% | 1.4% |
| Agriculture, Forestry, Fishing and Hunting | 3,506 | 1.9% | 3.0% |
State economic profile
Utah Employment Trends
2.1m
Employment
3.4%
Unemployment
What Employment Trends are Impacting Utah?
The state of Utah employs 2,116,942 people in 2024, which ranks it 27th out of all 50 US states. Employment in Utah has grown at an annualized rate of 3.4% over the five years to 2024, overperforming the national average of 1.7%. 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 3.4% in 2024, which ranks it 6th out of all 50 US states. Utah's unemployment rate has trended upwards at a rate of 3.9% 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.
$359.9k
Per capita disposable income
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 $359.9k, compared to the US average of $156.5k, which places it 8th 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
$8,157.6tn
Nonresidential construction
$8.6tn
Residential construction
23,519
Building permits
What can construction trends tell you about a state’s economy?
In Utah, non-residential construction was $8,157.6tn in 2024, which ranks it 34th out of all 50 US states. Residential construction was $8.6tn in 2024, which places Utah 14th out of all 50 US states. The number of building permits issued in Utah in 2024 was 23,519, representing a -10.6% 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 1,187,796, 773,564 and 383,015 people in 2024.
| Region | 2024 population | Annual growth 2019-24 | Share of population |
|---|---|---|---|
| Salt Lake | 1.2m | N/A | 32.8% |
| Utah | 773.6k | 2.4% | 21.4% |
| Davis | 383.0k | 0.9% | 10.6% |
| Weber | 280.5k | 1.0% | 7.8% |
| Washington | 221.4k | 3.0% | 6.1% |
| Cache | 150.3k | 1.8% | 4.2% |
| Tooele | 90.3k | 3.2% | 2.5% |
| Iron | 70.5k | 3.1% | 1.9% |
| Box Elder | 67.1k | 2.3% | 1.9% |
| Summit | 42.6k | -0.1% | 1.2% |
| Uintah | 39.7k | 1.7% | 1.1% |
| Wasatch | 39.1k | 1.7% | 1.1% |
| Sanpete | 31.9k | 1.8% | 0.9% |
| Sevier | 23.1k | 1.1% | 0.6% |
| Duchesne | 21.3k | 1.4% | 0.6% |
| Carbon | 20.9k | 0.4% | 0.6% |
| Juab | 14.3k | 3.1% | 0.4% |
| San Juan | 14.2k | -0.4% | 0.4% |
| Millard | 13.8k | 0.9% | 0.4% |
| Morgan | 13.6k | 1.5% | 0.4% |
| Emery | 10.4k | 0.8% | 0.3% |
| Grand | 9.7k | N/A | 0.3% |
| Kane | 9.1k | 2.6% | 0.2% |
| Beaver | 7.3k | 0.2% | 0.2% |
| Garfield | 5.5k | 1.3% | 0.1% |
State economic profile
Utah Demographics
In Utah, 40.5% of the population has a Bachelors or higher. The largest ethnic group in Utah is White, accounting for 72.7% of the state's population.
Education level in Utah
| Education level | Share (%) |
|---|---|
| Bachelors or higher | 40.5 |
| Other | 59.5 |
Race in Utah
| Race | Share (%) |
|---|---|
| White | 72.7 |
| Hispanic | 18.0 |
| Other | 4.5 |
| Asian | 3.2 |
| Black | 1.4 |
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, with 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 635 Utah industry reports.
Other states to explore
Compare Utah’s economy with other states in the United States.
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