Salt Lake City's job market is currently navigating a challenging national economic environment while maintaining stronger performance than much of the country. Mark Zandi, chief economist of Moody's Analytics, recently visited Utah and described the national economy as struggling, with recession risk remaining uncomfortably high. However, he noted that Utah's economy continues to demonstrate resilience compared to other states.

The employment landscape in Salt Lake City reflects both national headwinds and regional strengths. According to the FDIC's Second Quarter 2025 report, Utah's total nonfarm employment grew by 2.1 percent year over year, with the unemployment rate holding steady at 3.2 percent on a seasonally adjusted basis. This represents one of the strongest unemployment rates among comparable mid-sized cities. The Salt Lake City-Murray metropolitan area specifically shows robust activity with 52 financial institutions holding over one billion dollars in deposits.

Phil Dean, chief economist at the Kem C. Gardner Policy Institute, confirmed that Utah is experiencing stronger than national economic growth, though it continues to moderate. The state's employment growth is concentrated primarily in the healthcare sector, which is expanding at an unprecedented rate. Outside of healthcare, job growth remains limited due to what Zandi characterized as a hiring freeze across multiple industries.

Major trends affecting the market include uncertainty from federal immigration and tariff policies, which are creating hesitation among business owners. Manufacturing employment grew 1.9 percent, while private service-providing sectors increased 1.5 percent. Government employment rose 3.4 percent. The region's diverse economic portfolio, including technology, finance, and healthcare sectors, provides stability during national economic turbulence.

Housing costs present a significant challenge, with Utah moving from near the national average to substantially more expensive, while incomes have not kept pace. Single-family home permits declined 1.1 percent in the second quarter while multifamily permits dropped 20.3 percent. The home price index increased 3.3 percent year over year.

Zandi emphasized that the next year could prove uncomfortable as artificial intelligence investment battles against policy-driven headwinds. The lack of government economic data due to recent shutdowns adds uncertainty to economic planning. Despite these challenges, Utah's social cohesion and fiscal management position Salt Lake City favorably for continued resilience.

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