STATE ECONOMIC PROFILE
Montana Economic Overview
$56.1b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
2.2%
15
1,146,085
POPULATION
Growth Rate 2019-24
State Growth Rank
1.4%
3
183,922
BUSINESSES
Growth Rate 2019-24
State Growth Rank
3.8%
7
Overview of the Montana Economy
In 2024, the state of Montana has a population of 1,146,085, having grown an annualized 1.4% over the five years to 2024, which ranks it 3rd out of all 50 US states by growth rate. Montana's gross state product (GSP) in 2024 reached $56.1b, with growth of 2.2% over the 5 years to 2024. Businesses in Montana employed a total of 520,040 people in 2024, with average annual employment growth over the past five years of 1.8%. The top three sectors by total employment are Real Estate and Rental and Leasing, Healthcare and Social Assistance, Professional, Scientific and Technical Services, while the unemployment rate across the state in 2024 was 3.3%.
What is Montana's Gross Domestic Product (GDP)?
In 2024, Montana's GDP reached $56.1b, representing an increase of 2.2% from 2023. Montana's GDP has grown at an annualized rate of 1.7% over the five years to 2024. Moreover, Montana's trailing five-year GDP growth ranks it 15th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Montana's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
Montana Industry Trends
What are Montana's Largest Industries by Revenue?
The largest industries by revenue in Montana are Petroleum Refining, Lotteries & Native American Casinos and Hospitals, which generated $7.7b, $7.1b and $5.2b in 2024.
STATE ECONOMIC PROFILE
Top Companies in Montana
Top 10 Companies Headquartered in Montana by Employment
The largest companies by employment in Montana are Albertsons Companies, Inc., Walmart Inc. and Logan Health, which employed 5,006, 4,954 and 4,800 people in 2024.
STATE ECONOMIC PROFILE
Montana Sector Statistics
In Montana, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Montana's GDP by Sector?
The Real Estate and Rental and Leasing, Healthcare and Social Assistance and Professional, Scientific and Technical Services sectors contributed the most to Montana's GDP in 2024, representing a combined 37.7% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is Montana's Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Accommodation and Food Services sectors contributed the most to employment in Montana in 2024, representing a combined 42.2% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
Montana Employment Trends
520.0k
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
2.1%
46
3.3%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
-0.9%
33
What Employment Trends are Impacting Montana?
The state of Montana employs 520,040 people in 2024, which ranks it 45th out of all 50 US states. Employment in Montana has grown at an annualized rate of 2.1% over the five years to 2024, overperforming the national average of 1.2%. Major sectors by employment in Montana include Healthcare and Social Assistance, Retail Trade and Accommodation and Food Services, which employed 86,627, 77,799 and 55,113 people in 2024, respectively. Montana's unemployment rate is 3.3% in 2024, which ranks it 19th out of 50 states. Montana's unemployment rate has trended downwards at a rate of -0.9% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Montana, and compare them to the US economy, using the chart below.
$97.2k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
8.1
11
What is Montana's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Montana's DPI in 2024 was $97.2k, compared to the US average of $129.8k, which places it 11th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Montana's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
Montana Construction & Building Trends
$1,367.8tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
11.0%
38
$1.2tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
9.9%
38
4,712
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
5.2%
39
What can construction trends tell you about a state’s economy?
In Montana, non-residential construction was $1,367.8tn in 2024, which ranks it 38th out of all US states. Residential construction was $1.2tn in 2024, which places Montana 38th in the United States. The number of building permits issued in Montana in 2024 was 4,712, representing a 5.2% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Montana, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
Montana Population Statistics
Which Counties in Montana have the Largest Populations?
The counties with the highest populations in Montana are Yellowstone County, Gallatin County and Missoula County, which had populations of 174,305, 130,020 and 123,544 people in 2024.
STATE ECONOMIC PROFILE
Montana Demographics
Education Level Montana
Race in Montana
Montana State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 624 Montana Industry Reports.
