Utah Market Facts

UTAH'S POPULATION IS GROWING

• In 2007, Utah had population growth of nearly 84,500 people, the highest single year increase in the state's history.
• Utah's population increased 3.2 percent from 2006 to 2007, the highest growth rate Utah has experienced since the early 1990s.
  25,000 to 30,000 new households were formed in 2007.
• Utah is expected to add another 84,000 people in 2008.
• In 2007, the state added more persons due to natural increase than in any previous year in its history, the result of nearly 54,000 births.

UTAH'S GROWTH OUTPACES THE NATION

• Utah population growth from 2006-07 was 3.2 percent while U.S. population growth was only 0.9 percent during the same time period.
• Utah population growth from 2007-08 is expected to be 3.1 percent. U.S. population growth is only expected to be 0.9 percent for the same period.
• According to the U.S. Census Bureau, Utah ranked third among states with a population growth rate of 2.6 percent from 2006 to 2007. The U.S. rate of growth was 1 percent.

NET MIGRATION IS AT RECORD LEVELS

• Utah had about 44,000 people move to the state in 2007.
• The state is expected to have about 41,000 new residents in 2008.

NEW JOBS ARE ATTRACTING NEW RESIDENTS

• From December 2006 to December 2007, about 44,800 new jobs were created in Utah.
• Utah job growth in December was up 3.6 percent compared to U.S. job growth of 0.9 percent.
• Utah's job growth rate in 2007 was estimated at 4.5 percent, compared to 1.3 percent nationally, and no other state in the nation experienced a growth rate that was higher than 4 percent.
• Employment is expected to grow 3.2 percent in 2008.

UTAHNS' INCOMES ARE RISING

• Utah wages and incomes have been increasing between 5 and 10 percent over the past few years.
• Utah wages are expected to increase nearly 5 percent in 2008.
• Utahns' personal incomes are expected to rise almost 8 percent in 2008.
• In 2007, Utah's average annual pay growth increased 5.5 percent from 2006, exceeding inflation for the fourth year in a row.
• Personal income growth was 9 percent in 2007.

UNEMPLOYMENT IS LOW

• The Utah unemployment rate has averaged about 2.7 percent over the past year, down from 2.9 percent in 2006.
• The U.S. unemployment rate has averaged about 4.6 percent over the past year.
• Utah unemployment in 2008 is expected to remain low at 2.9 percent.

Sources: Utah Population Estimates Committee, Economic data chart from the state of Utah, 2008 Economic Report to the Governor , Utah Population Estimates Committee, Utah Department of Workforce Services