BUSINESS + ECONOMY

Fewer people moving to Utah means slower economic growth

Mar 22, 2024, 8:00 PM

Utah's economic growth has slowed year over year, with the Department of Workforce Services reveali...

Utah's economic growth has slowed year over year, with the Department of Workforce Services revealing fewer people are migrating to Utah than years prior. (Canva)

(Canva)

SALT LAKE CITY — Utah’s economic growth has slowed year over year, with the Department of Workforce Services revealing fewer people are migrating to Utah than years prior.

As a side effect, Utah’s economy has slowed down over the past year. Mark Knold, chief economist with the DWS points to the rise of mortgage rates affecting people choosing to move to the Beehive State.

“Domestic in-migration, or people moving into Utah from another state, was a powerful Utah economic-growth component from 2021 through the first half of 2023,” Knold said. 

However, since then, data shows in-migration has slowed considerably. According to Knold, 2023 had the lowest amount of domestic in-migration within the past decade.

Knold points to rising mortgage rates deterring others from migrating to Utah and not giving up their locked-in lower rates for higher ones to make the move. While economic growth is slowing in Utah, national average growth holds steady.

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Fewer people moving to Utah means slower economic growth