Economic Research & Analysis Forms for Salt Lake
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FAQ
Utah had the smallest decline in GDP during the pandemic, Forbes reported, but its annual real GDP fell a fraction of a percent only 0.1% from 2019 to 2020. That's compared to the tourist destination of Hawaii, which suffered a year-over-year decline of 8% in real GDP from 2019 to 2020.
The services sector is Salt Lake City's largest employment division, with approximately 1,100 new jobs added in the last year. Health care and computer technology are two dominant subsections. Construction remains important to the local economy, despite declining employment since the 2002 Olympic Winter Games.
The economy grew 5.7% in 2021, the strongest since 1984, as the government provided nearly $6 trillion in pandemic relief. It contracted 3.4% in 2020, the biggest drop in 74 years. President Joe Biden quickly took credit for the stunning performance, which he said was "no accident."
The state's economy is highly diversified. The agricultural and mining sectors have been supplemented by light and heavy manufacturing, finance, transportation, and tourism. Salt Lake City is a regional centre of finance and trade, and many large enterprises have offices there.
The economy of Utah is a diversified economy covering industries such as tourism, mining, agriculture, manufacturing, information technology, finance, and petroleum production.
In 2020, the real Gross Domestic Product (GDP) of Utah was 168.62 billion U.S. dollars. This is a slight decrease from the previous year, when the state's real GDP stood at 168.79 billion U.S. dollars.