• Employment growth at 3.8% – Statewide employment growth is forecast for 3.8%, an increase of 58,000 jobs, which would be the largest single-year increase in jobs in Utah’s history. However, the 3.8% rate of growth has been exceeded in many years, but it would still be the highest growth rate since 2006.

• Salt Lake County Demographic Growth Rate Remains Unchanged – 2021 net in-migration holding steady at about 4,000 and a population increase of nearly 15,000.

• Salt Lake County Employment Recovers – County employment will increase by 25,000 jobs, nearly returning to the pre-pandemic level of 736,000.

• Tight Labor Market Returns – In April, the unemployment rate in Salt Lake County hit 11.2%, but by November it had ped to 4.2%. With the statewide job recovery, the unemployment rate in the county will below 3.5%.

• Increase in Average Pay Remains Modest – The average wage in Salt Lake County is forecast to increase by 2.5% in 2021 to $60,500.

• Residential Construction Stable – Lower levels of apartment construction will offset gains by the single family and condominium sectors as total number of new units remains stable at about 9,000.