DASHBOARD
The Road to Prosperity Dashboard tracks Utah’s economic outlook.
The Dashboard, which is updated monthly, provides essential insights, tracks timely and leading measures, and shares salient indicators.
ESSENTIAL INSIGHTS:
1
Inflation slows in April after March’s uptick.
April’s inflation fell to 3.4%, remaining higher than the Federal Reserve’s 2% target rate. This reading is welcome news after a 3.5% year-over inflation rate in March. The Federal Reserve’s interest rate decisions will largely hinge on inflation data in the coming months.
Unemployment Rate April 2024
Source: U.S. Bureau of Labor Statistics
Utah’s employment growth ranked 10th highest nationally in April, yet employment growth has slowed relative to recent years. The postpandemic recovery largely impacted strong gains in the past several years; longer-term trends will determine if this moderation will continue. 2
National and Utah employment growth continue moderating.
Utah’s median home sales price stays relatively flat.
Higher mortgage rates still contribute to limited supply and overall activity in the housing market. Utah’s median home sales price remains relatively flat in response, although the median sales price experienced marginal increases for three consecutive months through March. 3
Year-Over Job Change April 2024
Source: U.S. Bureau of Labor Statistics
2.0% 5.3% US Utah Unemployment Rate -0.4% 3.8% Job Growth MA CT RI NJ MD DC DE NH VT 0.6% 1.1% 2.2% 1.9% 0.2% 0.3% 1.5% 1.4% 1.4% USA 1.8% MA CT RI NJ MD DC DE NH VT 2.9% 4.4% 4.1% 4.7% 2.6% 5.2% 3.9% 2.6% 2.1% USA 3.9% -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 2.1% 1.8% 2012 2014 2016 2018 2020 2022 2024 Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities -0.9% -0.9% -0.2% 1.4% 5.4% 2.9% 4.7% 5.1% 2.1% 1.9% 0.6% 0.8% 2.9% 4.3% 4.8% 2.8% 2.0% 3.2% 3.4% 4.2% 3.5% 4.0% 2.0% 4.2% 5.1% 2.5% 3.1% 3.4% 2.8% 3.9% 4.3% 4.6% 2.8% 3.6% 4.8% 3.3% 3.1% 3.1% 3.3% 3.4% 3.6% 4.6% 3.1% 5.3% 3.7% 2.8% 3.1% 2.7% 3.8% 3.5% 3.1% 4.0% 2.8% 2.8% 1.5% 1.8% 1.6% 3.4% 1.2% 0.0% 1.8% 0.5% 1.5% 1.7% 3.8% 1.8% 1.9% 1.1% 0.8% 0.6% 1.6% 1.4% 0.7% 2.3% 0.2% 1.5% 2.2% 1.8% 2.0% 3.6% 2.3% 1.7% 0.8% 1.4% 2.1% 2.2% 0.5% 1.3% 1.0% 2.5% 1.5% 1.4% 1.1% 1.4% 1.6% 1.2% April 2024 SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION
THREE
2.0% 5.3% US Utah Unemployment Rate -0.4% 3.8% Job Growth MA CT RI NJ MD DC DE NH VT 0.6% 1.1% 2.2% 1.9% 0.2% 0.3% 1.5% 1.4% 1.4% USA 1.8% MA CT RI NJ MD DC DE NH VT 2.9% 4.4% 4.1% 4.7% 2.6% 5.2% 3.9% 2.6% 2.1% USA 3.9% -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 2.1% 1.8% 2012 2014 2016 2018 2020 2022 2024 Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities -0.9% -0.9% -0.2% 1.4% 5.4% 2.9% 4.7% 5.1% 2.1% 1.9% 0.6% 0.8% 2.9% 4.3% 4.8% 2.8% 2.0% 3.2% 3.4% 4.2% 3.5% 4.0% 2.0% 4.2% 5.1% 2.5% 3.1% 3.4% 2.8% 3.9% 4.3% 4.6% 2.8% 3.6% 4.8% 3.3% 3.1% 3.1% 3.3% 3.4% 3.6% 4.6% 3.1% 5.3% 3.7% 2.8% 3.1% 2.7% 3.8% 3.5% 3.1% 4.0% 2.8% 2.8% 1.5% 1.8% 1.6% 3.4% 1.2% 0.0% 1.8% 0.5% 1.5% 1.7% 3.8% 1.8% 1.9% 1.1% 0.8% 0.6% 1.6% 1.4% 0.7% 2.3% 0.2% 1.5% 2.2% 1.8% 2.0% 3.6% 2.3% 1.7% 0.8% 1.4% 2.1% 2.2% 0.5% 1.3% 1.0% 2.5% 1.5% 1.4% 1.1% 1.4% 1.6% 1.2%
Utah Year-Over Job Change by Industry
April 2024
Year-Over Job Change
Note: From March to December 2021, a 2-year change is used due to the drastic changes in employment beginning March 2020.
Source: U.S. Bureau of Labor Statistics
Utah Unemployment Rate April 2024
Note: Large year-over job change in April 2021 is inflated due to the high job losses in April 2020.
Source: U.S. Bureau of Labor Statistics
2.2% 6.0% Unemployment Rate 2.4% Summit 2.8% Salt Lake 4.3% Wayne 2.8% Washington 2.5% Wasatch 2.8% Utah 3.3% Uintah 3.1% Tooele 3.2% Sevier 3.0% Sanpete 3.9% San Juan 5.6% Piute 2.4% Millard 2.8% Kane 2.4% Juab 2.6% Iron 3.7% Grand 6.0% Gar eld 3.1% Emery 3.2% Duchesne 3.7% Carbon 2.6% Box Elder 2.6% Beaver 2.3% Cache 2.4% Rich 2.9% Weber 2.6% Davis 2.2% Morgan 3.6% Dagget
SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION Source: Utah Department of Workforce Services $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M 2020 M 2020 A M J J A S O N D J 2021 F M A M J A O S D N J 2022 F F J 2023 J 2024 $0 $500 $1,000 $1,500 $ Millions A M J A S O N D J 2021 F M A M J A O S D N J 2022 F M Residential Non-residential Other 800 900 M A M J J A S O N D M M A J J A S O N A M J J A S O N D A S O N D J 2023 F M A M J $495,000 68% 69% 70% 68.3% D F M 68.9% Source: Utah Association of Realtors $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M 2020 $0 $500 $1,000 $1,500 $ Millions A M J J A S O N D J 2021 F M A M J A O S D N J 2022 F M Residential Non-residential Other $4 $5 Billions) $6 2.0 2.5 0 200 400 600 800 900 A M A S O N D J A S O N D J 2023 F M A M J M F J 2020 A M J A S O N D J 2021 F F F M A M J J O N D M A M J J A O S A S F M M A M J O N D A A S D N J 2022 J 2023 J 2024 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 68.3% 60.2% 67.4% 63.4% 62.7% 68.9%
Value
March
Utah Median Home Sales Price January 2020 – March 2024 2.0% 5.3% US Utah Unemployment Rate Job Growth MA CT RI NJ MD DC DE NH VT 2.9% 4.4% 4.1% 4.7% 2.6% 5.2% 3.9% 2.6% 2.1% USA 3.9% -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 2.1% 1.8% 2012 2014 2016 2018 2020 2022 2024 Leisure/Hospitality Professional/Business Trade/Transportation/Utilities 2.9% 4.3% 4.8% 2.8% 2.0% 3.2% 3.4% 4.2% 3.5% 4.0% 2.0% 4.2% 5.1% 2.5% 3.1% 3.4% 2.8% 3.9% 4.3% 4.6% 2.8% 3.6% 4.8% 3.3% 3.1% 3.1% 3.3% 3.4% 3.6% 4.6% 3.1% 5.3% 3.7% 2.8% 3.1% 2.7% 3.8% 3.5% 3.1% 4.0% 2.8% 2.8% 0.0% 1.2%
Source: Ivory-Boyer Construction Database
of Construction in Utah
2020 – December 2023
5.3% -0.4% 3.8% Job Growth MA CT RI NJ MD DC DE NH VT 0.6% 1.1% 2.2% 1.9% 0.2% 0.3% 1.5% 1.4% 1.4% USA 1.8% 2.9% 4.4% 4.1% 4.7% 2.6% 5.2% 3.9% 2.6% 2.1% 3.9% 2.1% 1.8% 2024 Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities -0.9% -0.9% -0.2% 1.4% 5.4% 2.9% 4.7% 5.1% 2.1% 1.9% 0.6% 0.8% 1.5% 1.8% 1.6% 3.4% 1.2% 0.0% 1.8% 0.5% 1.5% 1.7% 3.8% 1.8% 1.9% 1.1% 0.8% 0.6% 1.6% 1.4% 0.7% 2.3% 0.2% 1.5% 2.2% 1.8% 2.0% 3.6% 2.3% 1.7% 0.8% 1.4% 2.1% 2.2% 0.5% 1.3% 1.0% 2.5% 1.5% 1.4% 1.1% 1.4% 1.6% 1.2%
November 2010 – April 2024
Consumer
SLC International Airport Passengers January 2020 - March 2024
SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M 2020 M 2020 A M J J A S O N D J 2021 F M A M J A O S D N J 2022 F F J 2023 J 2024 $0 $500 $1,000 $1,500 $ Millions A M J J A S O N D J 2021 F M A M J J A O S D N 2022 F M Residential Non-residential Other 2020 F M J A S O N D J 2021 F M A M A M J A F O S D N D N 0 $1 $2 $3 $4 $5 Retail Sales ($ Billions) $6 M A M J A S O J J 2022 J 2023 F F J 2024 Millions 0 0.5 1.0 1.5 2.0 2.5 2020 F M J J A S O N D J 2021 F M A M A M J J A O S D N 2022 D J 2023 J 2024 0 200 400 600 800 900 J 2020 F M A M J J A S O N D J 2021 J 2022 F F J 2023 J 2024 F M M A M J J A S O N D M A M J J A S O N A D F M M J J A S O N A M A M J A S O N D M M A J J A S O N A M J J A S O N D J A S O N D 2023 F M A M J F M A M J J A S O N D F F M M A M J J A S O N D $495,000 M A M J J A S O N D M F 2020 A M J J A S O N D J 2021 F F F M A M J J O N D M A M J J A O S A S F M M A M J O N D A A S D N J 2022 J 2023 2024 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 68.3% 60.2% 67.4% 63.4% D F M 62.7% 68.9% Utah Taxable Retail Sales January 2020 - February 2024 Note: As of October 2019, marketplace facilitators with a Utah nexus were required to pay sales tax, increasing taxable retail sales. Source: Utah State Tax Commission Source: Salt Lake City International Airport $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M 2020 M 2020 A M J J A S O N D J 2021 F M A M J J A O S D N J 2022 F F J 2023 J 2024 $0 $500 $1,000 $1,500 $ Millions A M J J A S O N D J 2021 F M A M J A O S D N J 2022 F M Residential Non-residential Other J 2020 F M J A S O N D J 2021 F M A M A M J J A F O S D N D N 0 $1 $2 $3 $4 $5 Retail Sales ($ Billions) $6 M A M J A S O 2022 2023 F F J 2024 Millions 0 0.5 1.0 1.5 2.0 2.5 J 2020 F M J J A S O N D 2021 F M A M A M J J A O S D N J 2022 D J 2023 J 2024 0 200 400 600 800 900 J 2020 F M A M J J A S O N D J 2021 J 2022 F F J 2023 J 2024 F M M A M J J A S O N D M A M J J A S O N A D F M M J A S O N A M A M J J A S O N D M M A J J A S O N A M J J A S O N D A S O N D J 2023 F M A M J F M A M J J A S O N D F F M M A M J A S O N D $495,000 M A M J J A S O N D M F J 2020 A M J J A S O N D J 2021 F F F M A M J J O N D M A M J A O S A S F M M A M J J O N D A A S D N J 2022 J 2023 J 2024 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 68.3% 60.2% 67.4% 63.4% D F M 62.7% 68.9% Labor Force Participation Rate January 2020 – April 2024 $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M 2020 M 2020 A M J J A S O N D J 2021 F M A M J A O S D N J 2022 F F J 2023 J 2024 $0 $500 $1,000 $1,500 $ Millions A M J J A S O N D 2021 F M A M J J A O S D N 2022 F M Residential Non-residential Other 2020 F M J A S O N D J 2021 F M A M A M J A F O S D N D N 0 $1 $2 $3 $4 $5 Retail Sales ($ Billions) $6 M A M J A S O J J 2022 J 2023 F F J 2024 Millions 0 0.5 1.0 1.5 2.0 2.5 2020 F M J J A S O N D J 2021 F M A M A M J J A O S D N 2022 D J 2023 J 2024 0 200 400 600 800 900 J 2020 F M A M J J A S O N D J 2021 J 2022 F F J 2023 J 2024 F M M A M J J A S O N D M A M J J A S O N A D F M M J J A S O N A M A M J A S O N D M M A J J A S O N A M J J A S O N D J A S O N D 2023 F M A M J F M A M J J A S O N D F F M M A M J J A S O N D $495,000 M A M J J A S O N D M F 2020 A M J J A S O N D J 2021 F F F M A M J J O N D M A M J J A O S A S F M M A M J O N D A A S D N J 2022 J 2023 2024 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 68.3% 60.2% 67.4% 63.4% D F M 62.7% 68.9%
Sentiment October 2020 – April 2024 U.S. Inflation Consumer Price Index Year-Over Change January 2000 - April 2024 Recession 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 3.4% U.S. Utah 0 20 40 60 80 100 76.3 77.2 J 2021 D ‘20 J 2022 F F J 2023 J 2024 F M M A M J J A S O N D M A M J J A S O N A D F M A M J J A S O N D Recession 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 3.4% 0 J 2021 D ‘20 J 2022 F F J 2023 J 2024 F M M A M J J A S O N D M A M J J A S O N A D F M A M J J A S O N D
Source: Kem C. Gardner Policy Institute
Note: The y-axis starts at 60% to better illustrate changes in the labor force participation rate Source: U.S. Bureau of Labor Statistics $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M 2020 M 2020 A M J A S O N D J 2021 F M A M J J A O S D N J 2022 F F J 2023 J 2024 $0 $500 $1,000 $1,500 $ Millions A M J A S O N D J 2021 F M A M J A O S D N J 2022 F M Residential Non-residential Other J 2020 F M J J A S O N D 2021 F M A M A M J A F O S D N D N 0 $1 $2 $3 $4 $5 Retail Sales ($ Billions) $6 M A M A S O J J 2022 J 2023 F F 2024 Millions 0 0.5 1.0 1.5 2.0 2.5 J 2020 F M J J A S O N D J 2021 F M A M A M J A O S D N J 2022 D 2023 2024 0 200 400 600 800 900 J 2020 F M A M J J A S O N D J 2021 J 2022 F F J 2023 J 2024 F M M A M J J A S O N D M A M J J A S O N A D F M M J A S O N A M A M J A S O N D M M A J J A S O N A M A S O N D J A S O N D J 2023 F M A M J F M A M J J A S O N D F F M M A M J J A S O N D $495,000 M A M J A S O N D M F J 2020 A M J A S O N D J 2021 F F F M A M J J O N D M A M J J A O S A S F M M A M J O N D A A S D N J 2022 J 2023 J 2024 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 68.3% 60.2% 67.4% 63.4% D F M 62.7% 68.9% Utah Bankruptcy Cases January 2020 - April 2024
Source:
U.S. Bureau of Labor Statistics Source: United States Bankruptcy Court