Labor Day Report: Montana's Economy Strong & Poised for Growth
MONTANA- The Montana Department of Labor & Industry Commissioner Sarah Swanson today presented the 2023 Labor Day Report to Montanans.
“Montana enjoyed a historic year of record job growth, low unemployment and rising wages for middle-income families,” said Commissioner Swanson. “This Labor Day report shows that Montana enters the winter of 2023 with its economy strong – and poised for future growth and prosperity for Montana families.”
The Labor Day Report is compiled annually by the Montana Department of Labor & Industry and provides a detailed examination at the economic performance of the state as measured by key growth indicators such as employment growth, income growth, and workforce training and development.
The 2023 Labor Day Report highlights strengths of Montana’s growing economy, including:
- In 2022, Montana added 20,900 jobs – the most of any year in state history. Montana ranked 8th among states for employment growth in 2022, posting 3.9% growth.
- The unemployment rate fell to a record-low 2.3% the first quarter of 2023, with the number of unemployed Montanans also hitting a record low of nearly 13,000.
- Tight labor market conditions persisted in 2022, with nearly three job openings for every one unemployed person.
- Personal income grew by 3.1% in 2022 – ranking Montana 19th in the nation for fastest personal income growth.
- Record low unemployment rates have increased competition for workers and driven up wages. The average wage for Montana workers rose by over 6% in 2022, the 4th fastest among states.
Read the full 2023 Labor Day Report.
Contact Sam Loveridge: Public Information Officer, Department of Labor and Industry
