Economy of Utah

Economy of Utah
Currency	USD
Fiscal year	Fiscal Year
Statistics
GDP	$217.5 billion (2020)
GDP per capita	$67,000 (2020)
GDP by sector	Agriculture, Mining, Manufacturing, Services, Tourism
Labour force	1.6 million (2020)
Unemployment	2.5% (2020)
Main industries	Technology, Aerospace, Defense, Financial Services, Health Care
	; All values, unless otherwise stated, are in US dollars.

Bingham_Canyon_April_2005

The economy of Utah is diverse and robust, characterized by a mix of industries including technology, aerospace, defense, financial services, and health care. Utah's economy has been recognized for its rapid growth and low unemployment rates.

Sectors[edit | edit source]

Agriculture[edit | edit source]

Agriculture plays a significant role in Utah's economy. The state produces a variety of crops including hay, corn, and wheat. Livestock farming, particularly cattle and sheep, is also prominent.

Mining[edit | edit source]

Utah is rich in natural resources, and mining is a key sector. The state is a leading producer of copper, gold, silver, and molybdenum. The Bingham Canyon Mine is one of the largest open-pit copper mines in the world.

Manufacturing[edit | edit source]

The manufacturing sector in Utah includes the production of electronics, transportation equipment, and food products. The state is home to several large manufacturing companies that contribute significantly to the economy.

Services[edit | edit source]

The services sector is the largest component of Utah's economy. It includes a wide range of activities such as retail, education, health care, and professional services. The Silicon Slopes area is a notable hub for technology companies.

Tourism[edit | edit source]

Tourism is a vital part of Utah's economy, driven by the state's natural beauty and outdoor recreational opportunities. Major attractions include Zion National Park, Bryce Canyon National Park, and Arches National Park. The state also hosts the annual Sundance Film Festival.

Major Industries[edit | edit source]

Technology[edit | edit source]

Utah's technology industry, often referred to as Silicon Slopes, is a rapidly growing sector. The area is home to numerous tech startups and established companies, contributing to the state's reputation as a tech hub.

Aerospace and Defense[edit | edit source]

The aerospace and defense industries are significant contributors to Utah's economy. The state hosts several major defense contractors and military installations, including Hill Air Force Base.

Financial Services[edit | edit source]

Financial services are a key industry in Utah, with a strong presence of banks, investment firms, and insurance companies. The state has a favorable regulatory environment that attracts financial institutions.

Health Care[edit | edit source]

The health care industry in Utah is robust, with numerous hospitals, clinics, and research institutions. The state is known for its high-quality health care services and medical research.

Employment[edit | edit source]

Utah has a labor force of approximately 1.6 million people. The state's unemployment rate is one of the lowest in the nation, reflecting a strong job market and economic stability.