Snapshots

Utah ties for lowest unemployment in nation

At 2.3 percent, Utah continues to boast the nation's lowest unemployment rate—80 basis points below the U.S. average (and tied with South Carolina and Vermont).

February 04, 2020
  • At the same time, our payroll growth remains the envy of all other states – illustrating that as quickly as jobs are created here, they are filled. Utah’s 12-month job growth ranked first in the nation at 3.2 percent - more than double the national average of 1.5 percent. This is good news. As more and more companies look to expand into our state, it shows we can meet a variety of labor demands. 
  • Amid the Beehive State’s healthy job environment, tenant demand remains strong. Sustained low vacancy rates are driving new construction to its highest level in years. Office vacancy sits below 10.0 percent. As demand increases from out-of-state companies, more construction projects are moving forward. Nearly 3.0 million square feet (m.s.f.)is under construction, including a new downtown high-rise. Industrial vacancy is even lower at 4.1 percent—in part driving an additional 5.3 m.s.f. under construction. A large portion of the industrial projects under way will deliver in late 2020 and early 2021, which, in turn, will provide an abundance of first-generation space. Expect absorption to increase market-wide in 2020. 

 

Source: JLL Research, U.S. Bureau of Labor Statistics