The Montana Department of Labor & Industry released its annual Labor Day economic report on September 7th, which highlights the historic gains made by Montana’s economy over the last year. The report, compiled by the Department’s Research and Analysis Bureau, showcases the significant increases in job creation, wages and economic growth that took place around the state.
The 2022 Labor Day Report highlights strengths of Montana’s growing economy, including:
- In 2021, Montana added 19,568 jobs – the most jobs added in one year ever measured.
- Since February 2020, Montana experienced the 5th fastest total employment growth (4.4%) and 3rd fastest payroll job growth (3.8%) among states.
- In 2022, unemployment rates fell 2.3%, with the number of unemployed Montanans also hitting a record low of 13,097.
- Annual real GDP growth in Montana was the fastest in the state since 1980.
- The 6.7% growth in 2021 was nearly four times faster than the pre-pandemic average.
- Montana’s average annual wages grew 5.9% in 2021, the 10th fastest in the nation.