News Release

Utah leads the nation in GDP growth, reflecting a strong overall 2024 economy

April 3, 2025 (Salt Lake City) – Utah’s real gross domestic product (GDP) growth led the nation in 2024, reaching 4.5%, compared to the nation’s 2.8% growth, according to data from the U.S. Bureau of Economic Analysis and analyzed by the Kem C. Gardner Policy Institute. Additionally, Utah’s nominal GDP surpassed $300 billion for the first time, averaging $301 billion for the year and ending at $308 billion. Statewide personal income grew 6.1% from 2023 to 2024, ranking Utah 4^th highest among states.

“Utah’s strong economic fundamentals continue to propel robust growth,” said Phil Dean, chief economist at the Gardner Institute. “Utah benefits from a young, well-educated population, competitive fiscal and regulatory policies, its geographic location as the Crossroads of the West, a highly diversified economy, and nation-leading social capital. Although not without economic challenges, these strong fundamentals help Utah navigate the ups and downs of the economic cycle.”

The summary fact sheet is now available online.

Real GDP Growth by State, Year-Over Percent Change, 2024