Montana’s Economic Performance Remains Strong According To A Recent Report
The Montana Department of Labor & Industry Commissioner, Sarah Swanson, recently unveiled the 2023 Labor Day Report, shedding light on the state's robust economic performance.
She emphasized that the report demonstrates Montana's economic resilience as it enters the winter of 2023, positioning itself for further growth and prosperity for its residents.
Annually compiled by the Montana Department of Labor & Industry, the Labor Day Report provides a comprehensive analysis of the state's economic health, focusing on key growth indicators such as employment, income, and workforce development.
Key highlights from the 2023 Labor Day Report include:
- Historic Job Growth: In 2022, Montana added a staggering 20,900 jobs, setting a new state record. Montana was ranked 8th among all states for employment growth in 2022, boasting a remarkable 3.9% increase.
- Low Unemployment: Montana achieved a record-low unemployment rate of 2.3% in the first quarter of 2023, with the number of unemployed Montanans reaching a historic low of nearly 13,000.
- Tight Labor Market: Montana continued to experience tight labor market conditions in 2022, with nearly three job openings available for every unemployed individual.
- Income Growth: Personal income in Montana surged by 3.1% in 2022, positioning the state as the 19th fastest-growing in the nation in terms of personal income.
- Wage Increases: The fiercely competitive labor market resulting from record-low unemployment rates drove up wages in Montana. On average, Montana workers witnessed an impressive wage increase of over 6% in 2022, ranking the state 4th among all states for wage growth.