Gardner Institute analyzes Utah's nation-leading GDP growth

Utah's real gross domestic product (GDP) growth led the nation in 2024, reaching 4.5 percent, according to data from the U.S. Bureau of Economic Analysis and an analysis recently released by the Kem C. Gardner Policy Institute at the University of Utah.

For the same period, the U.S. GDP grew by 2.8 percent, data revealed.

Utah's nominal GDP also surpassed $300 billion for the first time, averaging $301 billion for the year and ending the year at $308 billion. Statewide personal income grew 6.1 percent from 2023 to 2024, ranking Utah fourth-highest among the 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," he said. "Although not without economic challenges, these strong fundamentals help Utah navigate the ups and downs of the economic cycle."

The full Gardner Institute analysis of the Bureau of Economic Analysis gross domestic product report is available at the institute's website, https://gardner.utah.edu/.