Wednesday, June 14, 2017

Utah's Economic Diversity and Jobs in 2016

By Cory Stahle, Regional Economist

Analysis upon preliminary employment data from the U.S. Bureau of Labor Statistics shows Utah finished 2016 with the sixth most industrially-diverse economy in the nation. While there are several ways to measure an economy’s industrial diversity, this analysis applied a statistical measure called the Hachman Index upon the annual BLS employment data for each state. For more on the Hachman index visit the following.

In addition to balanced industry employment, Utah also ranked first for job growth in 2016 and tied for third in GDP growth. This means that in 2016, Utah landed in the top 10 for all three indicators. The only other state to do this was Georgia.

The visualization below shows the Hachman Index and year-over employment and GDP changes by state for the past 15 years. Some of the highlights include:

  • Utah’s diversity index has ranked in the top 10 every year between 2002 and 2016.
  • Utah ranked first for year-over job growth in 2016 for the second consecutive year.
  •  In addition to the top spot last year, Utah posted top 10 employment growth in 10 of the last 15 years, with nine of those years in the top 5.
  • GDP growth in Utah has measured in the top 10 for the last four years.

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