Montana’s annual Labor Day report shows a record number of jobs available statewide and a persistent lack of people to fill them.
The Montana department of labor reports that the state added more than 20,000 jobs in 2022, the highest increase recorded in state history. Montana also saw a record-low unemployment rate in the first quarter of the year.
However, the department reports that an aging population and increasing number of retirees continue to contribute to a workforce shortage. There were three job openings for every unemployed person in 2022.
The labor department hopes the state’s new residents will provide for more job applicants. According to the report, more than 40,000 people moved to Montana between 2020 and 2022 – putting the state at second in the country for population growth, right behind Idaho.
The average income in Montana rose to nearly $58,000 annually and is ranked at 29th in the country. The state is ranked 8th in fastest home price appreciation.
In terms of industry, the state’s mining and agriculture sectors saw double-digit losses in production between 2020 and 2022. The state’s recreation, tourism and business economies are growing at a fast pace, according to the report.