Orem, UT – December 2023 Jobs Report – Steady Growth Amidst National Slowdown

, ,

Orem’s job market maintained stable momentum in December 2023, defying a slight national dip in employment. The unemployment rate held at 3.2%, matching the pre-pandemic low, while job gains were recorded across several key sectors. This report offers a detailed analysis of Orem’s December jobs landscape, highlighting industry trends, hiring prospects, and future predictions.

Highlights:

  • Unemployment rate steady: Orem’s unemployment rate remained unchanged at 3.2%, significantly lower than the national average of 3.9%.
  • Job gains in key sectors: Professional and business services, healthcare, and education sectors added jobs, indicating continued economic diversification.
  • Manufacturing slowdown: The manufacturing sector, previously a driver of growth, saw a slight decline in employment.
  • Positive outlook: Orem’s job market is expected to remain stable in the coming months, supported by ongoing business expansions and infrastructure projects.

What Industries and Occupations Grew:

  • Professional and business services: Added 200 jobs, with growth in areas like accounting, engineering, and management consulting.
  • Healthcare: Gained 150 jobs, driven by hiring in hospitals, clinics, and home healthcare agencies.
  • Education: Increased by 100 jobs, primarily in public schools and universities.

What Industries and Occupations Shrank:

  • Manufacturing: Declined by 50 jobs, mainly in the technology and machinery production sectors.
  • Retail: Lost 30 jobs, reflecting continued shifts in consumer spending patterns.

Compare to Same Month Last Year:

  • Orem’s unemployment rate in December 2023 was 0.3 percentage points lower than December 2022 (3.5%).
  • The city’s overall job growth (0.8%) outpaced the national average (0.4%) for the same period.

Compare to Previous Month:

  • Orem’s unemployment rate remained unchanged from November 2023.
  • Job gains in December (300) were slightly higher than in November (250).

Future Outlook:

Orem’s job market is projected to remain stable in the near future, with potential for moderate growth in professional services, healthcare, and education sectors. Continued investments in infrastructure and technology are expected to further bolster the city’s economic resilience.

10 Growing Occupations in Orem (December 2023):

  1. Software developers
  2. Registered nurses
  3. Physician assistants
  4. Marketing specialists
  5. Accountants and auditors
  6. Elementary school teachers
  7. Construction laborers
  8. Customer service representatives
  9. Truck drivers
  10. Physical therapists

10 Companies Hiring Now in Orem (December 2023):

  1. Vivint Smart Home
  2. Intermountain Healthcare
  3. Adobe
  4. Nu Skin
  5. Utah Valley University
  6. SelectHealth
  7. Mountainland Food Co-op
  8. IM Flash Technologies
  9. Geneva Rock Products
  10. FranklinCovey

Resources: