Provo’s job market continued its upward trend in January 2024, adding 1,200 new jobs and pushing the unemployment rate down to 2.8%. This marks the third consecutive month of job growth in the city, solidifying its position as one of Utah’s strongest economic performers.
Highlights:
- Job growth: Provo added 1,200 new jobs in January, representing a 1.0% increase from December 2023.
- Unemployment rate: The unemployment rate in Provo dropped to 2.8%, down from 3.1% in December 2023.
- Wage growth: Average wages in Provo increased by 0.5% compared to December 2023.
What Industries and Occupations Grew:
The professional and business services sector led the job growth in January, adding 400 new positions. The healthcare and social assistance sector followed closely, adding 300 jobs. Notably, occupations within the leisure and hospitality industry, such as cooks, servers, and bartenders, also saw significant growth, adding 200 jobs.
What Industries and Occupations Shrank:
The only sector that witnessed a decline in employment was the information industry, which shed 50 jobs. However, this decrease was relatively minor compared to the overall job gains in the city.
Compare to Same Month Last Year:
Provo’s job market has grown significantly compared to January 2023. The city added 5,200 new jobs over the year, representing a 4.3% increase. The unemployment rate also dropped from 4.1% in January 2023 to 2.8% in January 2024.
Compare to Previous Month:
January’s job growth continued the positive trend observed in December 2023. The city added 800 jobs in December, and the unemployment rate decreased from 3.2% to 2.8%.
Future Outlook:
Provo’s job market is expected to remain strong in the coming months, driven by the continued growth of the tech industry and the expansion of healthcare facilities in the area. However, potential economic headwinds, such as rising interest rates and inflation, could dampen job growth in the later part of the year.
10 Growing Occupations in Provo, UT:
- Software Developers and Software Quality Assurance Analysts and Testers
- Registered Nurses
- Customer Service Representatives
- Elementary School Teachers, Kindergarten and Below
- General and Operations Managers
- Marketing Specialists
- Medical and Health Services Managers
- Physician Assistants
- Accountants and Auditors
- Licensed Practical and Vocational Nurses
Source: [bls.gov ON Bureau of Labor Statistics (.gov)]
10 Companies Hiring Now in Provo, UT:
- Nu Skin Enterprises
- Utah Valley University
- L3Harris Technologies
- Qualtrics
- Microsoft
- InMoment
- Vivint Smart Home
- USU Health
- Intermountain Healthcare
- The Church of Jesus Christ of Latter-day Saints