Salt Lake Tribune business coverage for Salt Lake City and the surrounding area.
Utah’s economy today is a blend of new and old industries — and one of the most diversified in the nation.
That diversity offered some some resilience against the pandemic, the state said, and allowed for a faster economic recovery.Utah’s top industries, ranked by the value of their finished goods and services in 2021, were financial activity and trade, transportation and utilities, according to the most recent annualProfessional and business services tied with manufacturing as the third biggest economic drivers of Utah’s gross domestic product, or GDP.
So, even though manufacturing is one of the state’s biggest industries, it is estimated to provide roughly 153,000 jobs in 2023 — less than a percent of the state’s total workforce.Leisure and hospitality jobs account for less than a percent of Utah’s workforce, according to the Gardner Institute report, though the amount of jobs in that sector has steadily increased each year since 2020. The hospitality industry contributed to 3% of the state’s GDP in 2021.
Inflation and fears of a recession stymied visitation in 2022, the report says, though visitors to the state are spending are spending more on goods and services when they get here, and tourism-based tax revenue has steadily increased.Some of Utah’s most rapid growth over the past decade has been driven by its growing tech sector, incentivized, in part, by public financial support from the Governor’s Office of Economic Opportunity .
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