South Jordan’s job market exhibited cautious optimism in January 2024, adding jobs at a slower pace than the previous year but defying national trends of decline. While the national unemployment rate rose, South Jordan maintained a steady 2.7%, indicating a resilient local economy.
Highlights:
- Job growth: 1.2% increase in jobs compared to December 2023, adding approximately 336 positions.
- Unemployment rate: Remained stable at 2.7%, significantly lower than the national average of 3.4%.
- Wage growth: Average hourly wages increased by 2.5% year-over-year, reaching $29.15.
What Industries and Occupations Grew:
- Professional and Business Services: Led the growth with a 3.4% increase, driven by demand for accountants, marketing specialists, and financial analysts.
- Trade, Transportation, and Utilities: Added 2.2% new jobs, primarily in transportation and warehousing sectors.
- Leisure and Hospitality: Continued its recovery with a 1.8% job gain, particularly in restaurants and hotels.
What Industries and Occupations Shrank:
- Construction: Experienced a slight decline of 0.5%, potentially due to seasonal fluctuations.
- Manufacturing: Remained flat, with no significant job gains or losses.
Compare to Same Month Last Year:
- Job growth in January 2024 was slower than January 2023’s 2.1% increase.
- Unemployment rate remained lower than January 2023’s 3.1%.
- Average wages saw a slightly higher increase compared to the previous year’s 2.3%.
Compare to Previous Month:
- Job growth accelerated from December 2023‘s 0.8% increase.
- Unemployment rate remained unchanged.
- Wage growth maintained its pace from the previous month.
Future Outlook:
South Jordan’s job market is expected to experience moderate growth in 2024, with an anticipated addition of 2-3% in new jobs. Key sectors like professional services, healthcare, and technology are projected to lead the expansion. However, national economic uncertainties and rising interest rates could pose challenges to sustained growth.
10 Growing Occupations:
- Software Developers and Applications Developers
- Registered Nurses
- Marketing Specialists
- Physician Assistants
- Financial Analysts
- Truck Drivers
- Customer Service Representatives
- Accountants and Auditors
- Sales Representatives
- Physical Therapists
10 Companies Hiring Now:
- Intermountain Healthcare
- L-3 Communications
- The Home Depot
- Macey’s
- US Department of Veterans Affairs
- Salt Lake Community College
- Smith’s Food and Drug
- South Jordan City
- Adobe
- Wells Fargo
Sources:
- Bureau of Labor Statistics, Local Area Unemployment Statistics
- Indeed.com, South Jordan, UT Job Listings