Orem’s job market kicked off 2024 with positive signs, mirroring broader trends in Utah and the Salt Lake City Metropolitan Statistical Area (MSA). While official data for Orem isn’t available, insights from the MSA and statewide reports paint a picture of continued growth, albeit at a slower pace than the previous year.
Highlights:
- Job growth: The Salt Lake City MSA added 4,600 jobs in January, representing a 0.6% increase over December 2023. This growth was slightly slower than January 2023’s 1.1% increase.
- Low unemployment: Utah’s unemployment rate remained steady at 2.4%, well below the national average of 3.4%.
- Service sector strength: Leisure and hospitality (restaurants, hotels, entertainment) led job gains, adding 1,600 positions. Professional and business services (engineering, computer systems design, management consulting) also saw significant growth.
What Industries and Occupations Grew:
- Leisure and hospitality: Chefs, waiters/waitresses, bartenders, customer service representatives.
- Professional and business services: Software developers, engineers, accountants, management analysts.
- Trade, transportation, and utilities: Truck drivers, warehouse workers, logistics coordinators.
What Industries and Occupations Shrank:
- Manufacturing: Primarily durable goods production, shedding 200 jobs.
- Financial activities: Minor decline, likely due to automation and consolidation in the banking sector.
Compare to Same Month Last Year:
- Job growth in the Salt Lake City MSA was slower in January 2024 compared to January 2023.
- Utah’s unemployment rate was slightly higher in January 2024 than January 2023 (2.2%).
Compare to Previous Month:
- Job growth in the Salt Lake City MSA was slightly slower than December 2023.
- Utah’s unemployment rate remained unchanged from December 2023.
Future Outlook:
The outlook for Orem’s job market remains positive, with continued growth expected in service sectors like leisure and hospitality, professional and business services, and trade, transportation, and utilities. However, headwinds like inflation and potential economic slowdown could impact job creation in the coming months.
10 Growing Occupations:
- Software Developers, Applications
- Wind Turbine Service Technicians
- Physician Assistants
- Home Health and Personal Care Aides
- Solar Photovoltaic Installers
- Medical and Clinical Laboratory Technicians
- Information Security Analysts
- Database Administrators
- Nurse Practitioners
- Cybersecurity Analysts
10 Companies Hiring Now:
- Nu Skin Enterprises
- Adobe (Lehi)
- Qualtrics (Provo)
- Vivint Smart Home (Provo)
- Intermountain Healthcare
- L3Harris Technologies
- US Department of Veterans Affairs
- The Church of Jesus Christ of Latter-day Saints
- University of Utah
- Salt Lake City School District
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