In 2023, the GDP of Utah totaled around 225.46 billion U.S. dollars. The finance, insurance, real estate, rental, and leasing industry added the most real value to the gross domestic (GDP) product of the state, amounting to around 47.4 billion U.S. dollars. Comparatively, the construction industry contributed around 14.83 billion U.S. dollars of value to the state's GDP.

Utah is a truly unique manufacturing state. Home to some top manufacturers making everything from electronics to medical devices and rocket propulsion systems to essential oils, Utah is renowned for its low business costs and educated workforce. Let's take a look at the latest trends in Utah's eclectic industrial sector and explore the state's ten largest companies.

Graph and download economic data for Real Gross Domestic Product: All Industries in Salt Lake County, UT (REALGDPALL49035) from 2001 to 2023 about Salt Lake County, UT; Salt Lake City; UT; real; industry; GDP; and USA.

Utah Quarterly Compensation Of Employees By Major SIC Industry 1958 2001

Important Dataset Update 6/24/2020:Summit and Wasatch Counties updated.Important Dataset Update 6/12/2020:MAG area updated.Important Dataset Update 7/15/2019: This dataset now includes projections for all populated statewide traffic analysis zones (TAZs). Projections within the Wasatch Front urban area ( SUBAREAID = 1) were produced with using the Real Estate Market Model as described below. Socioeconomic forecasts produced for Cache MPO (Cache County, SUBAREAID = 2), Dixie MPO (Washington County, SUBAREAID = 3), Summit County (SUBAREAID = 4), and UDOT (other areas of the state, SUBAREAID = 0) all adhere to the University of Utah Gardner Policy Institute's county-level projection controls, but other modeling methods are used to arrive at the TAZ-level forecasts for these areas.As with any dataset that presents projections into the future, it is important to have a full understanding of the data before using it. Before using this data, you are strongly encouraged to read the metadata description below and direct any questions or feedback about this data to analytics@wfrc.org. Every four years, the Wasatch Front’s two metropolitan planning organizations (MPOs), Wasatch Front Regional Council (WFRC) and Mountainland Association of Governments (MAG), collaborate to update a set of annual small area -- traffic analysis zone and ‘city area’, see descriptions below) -- population and employment projections for the Salt Lake City-West Valley City (WFRC), Ogden-Layton (WFRC), and Provo-Orem (MAG) urbanized areas. These projections are primarily developed for the purpose of informing long-range transportation infrastructure and services planning done as part of the 4 year Regional Transportation Plan update cycle, as well as Utah’s Unified Transportation Plan, 2019-2050. Accordingly, the foundation for these projections is largely data describing existing conditions for a 2015 base year, the first year of the latest RTP process. The projections are included in the official travel models, which are publicly released at the conclusion of the RTP process. As these projections may be a valuable input to other analyses, this dataset is made available at http://data.wfrc.org/search?q=projections as a public service for informational purposes only. It is solely the responsibility of the end user to determine the appropriate use of this dataset for other purposes. Wasatch Front Real Estate Market Model (REMM) ProjectionsWFRC and MAG have developed a spatial statistical model using the UrbanSim modeling platform to assist in producing these annual projections. This model is called the Real Estate Market Model, or REMM for short. REMM is used for the urban portion of Weber, Davis, Salt Lake, and Utah counties. REMM relies on extensive inputs to simulate future development activity across the greater urbanized region. Key inputs to REMM include:Demographic data from the decennial census;County-level population and employment projections -- used as REMM control totals -- are produced by the University of Utah’s Kem C. Gardner Policy Institute (GPI) funded by the Utah State Legislature;Current employment locational patterns derived from the Utah Department of Workforce Services; Land use visioning exercises and feedback, especially in regard to planned urban and local center development, with city and county elected officials and staff;Current land use and valuation GIS-based parcel data stewarded by County Assessors;Traffic patterns and transit service from the regional Travel Demand Model that together form the landscape of regional accessibility to workplaces and other destinations; andCalibration of model variables to balance the fit of current conditions and dynamics at the county and regional level.‘Traffic Analysis Zone’ ProjectionsThe annual projections are forecasted for each of the Wasatch Front’s 2,800+ Traffic Analysis Zone (TAZ) geographic units. TAZ boundaries are set along roads, streams, and other physical features and average about 600 acres (0.94 square miles). TAZ sizes vary, with some TAZs in the densest areas representing only a single city block (25 acres). ‘City Area’ ProjectionsThe TAZ-level output from the model is also available for ‘city areas’ that sum the projections for the TAZ geographies that roughly align with each city’s current boundary. As TAZs do not align perfectly with current city boundaries, the ‘city area’ summaries are not projections specific to a current or future city boundary, but the ‘city area’ summaries may be suitable surrogates or starting points upon which to base city-specific projections.Summary Variables in the DatasetsAnnual projection counts are available for the following variables (please read Key Exclusions note below):DemographicsHousehold Population Count (excludes persons living in group quarters)Household Count (excludes group quarters)EmploymentTypical Job Count (includes job types that exhibit typical commuting and other travel/vehicle use patterns)Retail Job Count (retail, food service, hotels, etc)Office Job Count (office, health care, government, education, etc)Industrial Job Count (manufacturing, wholesale, transport, etc)Non-Typical Job Count* (includes agriculture, construction, mining, and home-based jobs) This can be calculated by subtracting Typical Job Count from All Employment Count.All Employment Count* (all jobs, this sums jobs from typical and non-typical sectors).* These variable includes REMM’s attempt to estimate construction jobs in areas that experience new and re-development activity. Areas may see short-term fluctuations in Non-Typical and All Employment counts due to the temporary location of construction jobs.Population and employment projections for the Wasatch Front area can be combined with those developed by Dixie MPO (St. George area), Cache MPO (Logan area), and the Utah Department of Transportation (for the remainder of the state) into one database for use in the Utah Statewide Travel Model (USTM). While projections for the areas outside of the Wasatch Front use different forecasting methods, they contain the same summary-level population and employment projections making similar TAZ and ‘City Area’ data available statewide. WFRC plans, in the near future, to add additional areas to these projections datasets by including the projections from the USTM model.Key Exclusions from TAZ and ‘City Area’ ProjectionsAs the primary purpose for the development of these population and employment projections is to model future travel in the region, REMM-based projections do not include population or households that reside in group quarters (prisons, senior centers, dormitories, etc), as residents of these facilities typically have a very low impact on regional travel. USTM-based projections also excludes group quarter populations. Group quarters population estimates are available at the county-level from GPI and at various sub-county geographies from the Census Bureau.

Every four years, the Wasatch Front’s two metropolitan planning organizations (MPOs), Wasatch Front Regional Council (WFRC) and Mountainland Association of Governments (MAG), collaborate to update a set of annual small area -- traffic analysis zone and ‘city area’, see descriptions below) -- population and employment projections for the Salt Lake City-West Valley City (WFRC), Ogden-Layton (WFRC), and Provo-Orem (MAG) urbanized areas.

These projections are primarily developed for the purpose of informing long-range transportation infrastructure and services planning done as part of the 4 year Regional Transportation Plan update cycle, as well as Utah’s Unified Transportation Plan, 2023-2050. Accordingly, the foundation for these projections is largely data describing existing conditions for a 2019 base year, the first year of the latest RTP process. The projections are included in the official travel models, which are publicly released at the conclusion of the RTP process.

Projections within the Wasatch Front urban area ( SUBAREAID = 1) were produced with using the Real Estate Market Model as described below. Socioeconomic forecasts produced for Cache MPO (Cache County, SUBAREAID = 2), Dixie MPO (Washington County, SUBAREAID = 3), Summit County (SUBAREAID = 4), and UDOT (other areas of the state, SUBAREAID = 0) all adhere to the University of Utah Gardner Policy Institute's county-level projection controls, but other modeling methods are used to arrive at the TAZ-level forecasts for these areas.

As these projections may be a valuable input to other analyses, this dataset is made available here as a public service for informational purposes only. It is solely the responsibility of the end user to determine the appropriate use of this dataset for other purposes.

Wasatch Front Real Estate Market Model (REMM) Projections

WFRC and MAG have developed a spatial statistical model using the UrbanSim modeling platform to assist in producing these annual projections. This model is called the Real Estate Market Model, or REMM for short. REMM is used for the urban portion of Weber, Davis, Salt Lake, and Utah counties. REMM relies on extensive inputs to simulate future development activity across the greater urbanized region. Key inputs to REMM include:

Demographic data from the decennial census
County-level population and employment projections -- used as REMM control totals -- are produced by the University of Utah’s Kem C. Gardner Policy Institute (GPI) funded by the Utah State Legislature
Current employment locational patterns derived from the Utah Department of Workforce Services
Land use visioning exercises and feedback, especially in regard to planned urban and local center development, with city and county elected officials and staff
Current land use and valuation GIS-based parcel data stewarded by County Assessors
Traffic patterns and transit service from the regional Travel Demand Model that together form the landscape of regional accessibility to workplaces and other destinations
Calibration of model variables to balance the fit of current conditions and dynamics at the county and regional level

‘Traffic Analysis Zone’ Projections

The annual projections are forecasted for each of the Wasatch Front’s 3,546 Traffic Analysis Zone (TAZ) geographic units. TAZ boundaries are set along roads, streams, and other physical features and average about 600 acres (0.94 square miles). TAZ sizes vary, with some TAZs in the densest areas representing only a single city block (25 acres).

‘City Area’ Projections

The TAZ-level output from the model is also available for ‘city areas’ that sum the projections for the TAZ geographies that roughly align with each city’s current boundary. As TAZs do not align perfectly with current city boundaries, the ‘city area’ summaries are not projections specific to a current or future city boundary, but the ‘city area’ summaries may be suitable surrogates or starting points upon which to base city-specific projections.

Summary Variables in the Datasets

Annual projection counts are available for the following variables (please read Key Exclusions note below):

Demographics

Household Population Count (excludes persons living in group quarters) 
Household Count (excludes group quarters) 

Employment

Typical Job Count (includes job types that exhibit typical commuting and other travel/vehicle use patterns)
Retail Job Count (retail, food service, hotels, etc)
Office Job Count (office, health care, government, education, etc)
Industrial Job Count (manufacturing, wholesale, transport, etc)
Non-Typical Job Count* (includes agriculture, construction, mining, and home-based jobs) This can be calculated by subtracting Typical Job Count from All Employment Count 
All Employment Count* (all jobs, this sums jobs from typical and non-typical sectors).

• These variables includes REMM’s attempt to estimate construction jobs in areas that experience new and re-development activity. Areas may see short-term fluctuations in Non-Typical and All Employment counts due to the temporary location of construction jobs.

Key Exclusions from TAZ and ‘City Area’ Projections

As the primary purpose for the development of these population and employment projections is to model future travel in the region, REMM-based projections do not include population or households that reside in group quarters (prisons, senior centers, dormitories, etc), as residents of these facilities typically have a very low impact on regional travel. USTM-based projections also excludes group quarter populations. Group quarters population estimates are available at the county-level from GPI and at various sub-county geographies from the Census Bureau.

Statewide Projections

Population and employment projections for the Wasatch Front area can be combined with those developed by Dixie MPO (St. George area), Cache MPO (Logan area), and the Utah Department of Transportation (for the remainder of the state) into one database for use in the Utah Statewide Travel Model (USTM). While projections for the areas outside of the Wasatch Front use different forecasting methods, they contain the same summary-level population and employment projections making similar TAZ and ‘City Area’ data available statewide. WFRC plans, in the near future, to add additional areas to these projections datasets by including the projections from the USTM model.

Out of all 50 states, New York had the highest per-capita real gross domestic product (GDP) in 2023, at 90,730 U.S. dollars, followed closely by Massachusetts. Mississippi had the lowest per-capita real GDP, at 39,102 U.S. dollars. While not a state, the District of Columbia had a per capita GDP of more than 214,000 U.S. dollars. What is real GDP? A country’s real GDP is a measure that shows the value of the goods and services produced by an economy and is adjusted for inflation. The real GDP of a country helps economists to see the health of a country’s economy and its standard of living. Downturns in GDP growth can indicate financial difficulties, such as the financial crisis of 2008 and 2009, when the U.S. GDP decreased by 2.5 percent. The COVID-19 pandemic had a significant impact on U.S. GDP, shrinking the economy 2.8 percent. The U.S. economy rebounded in 2021, however, growing by nearly six percent. Why real GDP per capita matters Real GDP per capita takes the GDP of a country, state, or metropolitan area and divides it by the number of people in that area. Some argue that per-capita GDP is more important than the GDP of a country, as it is a good indicator of whether or not the country’s population is getting wealthier, thus increasing the standard of living in that area. The best measure of standard of living when comparing across countries is thought to be GDP per capita at purchasing power parity (PPP) which uses the prices of specific goods to compare the absolute purchasing power of a countries currency.