The U.S. economy is on the brink of a massive demographic shift. This year, a record 4 million Americans are turning 65 — more than at any time in U.S. history. With members of the baby boomer generation aging and birth rates falling, the force that powered the U.S. economy in the 20th century — that is, an abundance of prime-aged workers — makes up a shrinking share of the population.
In a series called “The Age of Work,” “Marketplace” and ADP Research are exploring what that means for the U.S. and global economy. (ADP is a payroll and human resources tech company that processes payroll for more than 40 million workers globally. ADP research funded this reporting.)
Last year, to better understand the economic future we’re all headed for, “Marketplace” host Kai Ryssdal and ADP chief economist Nela Richardson visited a county with one of the oldest labor forces in the U.S.: Cumberland County, Tennessee.
Now, we’re looking at the other end of that demographic spectrum. According to ADP Research, Utah County has one of the youngest labor forces in the nation, especially for a county of its population size. It also has low unemployment — a full percentage point lower than the national average — and high rates of entrepreneurship. “This is a unicorn in the United States,” said Richardson.
The median age of the population in Utah County is 25.5, compared to almost 39 nationally.
There are some cultural reasons for that — the majority of its residents identify as members of the Church of Jesus Christ of Latter Day Saints. Mormons, as its members are commonly known, tend to have big families. According to the World Population Review, Utah has the largest average family size of any state in the nation.
But that’s not the only reason that Utah County has such a young, dynamic labor force. For the third straight year in a row, Utah was named “Best State in America” in U.S. News and World Report’s annual state rankings based on various metrics, including fiscal stability, economic opportunity, and infrastructure.
“Not every county can replicate every facet of Utah County,” said Richardson. “But what we're going to try to see is what aspects of the county that we can replicate.”
To kick off their reporting in Utah County, Ryssdal and Richardson spoke with Tyler Jackson, a 29-year-old real estate investor and quintessential Utah County entrepreneur.
“A lot of my demographic is all about delaying gratification and just like, keeping costs as low as possible and investing and saving,” said Jackson, who’s amassed a $6.5 million real estate portfolio over the past seven years. “I'd much rather make $1 a day for the rest of my life, than $100 today.”
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