That’s according to a new report published Tuesday by the University of Utah’s Kem C. Gardner Policy Institute. The report is the state’s latest long-term economic and demographic projections, meant to help guide policy decisions for years to come.

“Utah’s demographic and economic future will be marked by significant growth and change,” the report says, attributing “record levels of net in-migration, declining natural change (births minus deaths), an aging population, and continuing urbanization” to the growth.

By the end of 2065, “Utah’s population will be larger, older, and more urban,” the report says, predicting a “service-oriented economy that remains well-diversified.” Researchers wrote that health care, professional services, finance and construction will play a vital role and lead growth through the next 40 years.

Here are some key takeaways listed in the report:

• Population: Utah’s population is expected to continue to grow, projected to hit 5.6 million in 2065.
• Employment: An estimated 1.2 million jobs will be added in that time frame, with the largest increases expected in health care, social assistance, professional, scientific and technical services, along with finance and insurance.
• Migration: Net migration will continue to drive population growth across the state — except for eight years in the 2030s. “Economic growth, combined with declining fertility and an aging population, drive this trend,” the report says.
• Household growth: Across the state, projected population growth coincides with substantial household growth, from 1.2 million in 2025 to 2.3 million in 2065.
• Smaller household sizes: Household sizes are projected to continue to decrease, driven by an aging population. A typical Utah household is expected to decrease from three people in 2025 to 2.3 in 2065.
• Aging: Utah’s median age is projected to increase from 32.8 in 2025 to 45.3 in 2065, as a result of declining fertility rates and an aging population. Those ages 65 and older will increase from 1 in 8 residents to nearly 1 in 4 Utahns by 2065.
• Most populated counties: The state’s most populated county is expected to continue to be Salt Lake County with 1.6 million in 2065, but Utah County (at 1.5 million) is expected to trail close behind.
• Job growth in urban counties: Even though employment growth is projected to be the largest in Salt Lake County (with 600,000 new jobs), Utah County is expected to see the fastest growth (60%) followed closely by Summit and Iron counties with 58.6%.

Utah News Dispatch is part of States Newsroom, the nation’s largest state-focused nonprofit news organization.