Total Total
3.5% 3.5%
Construction Construction
7.1% 7.1%
Manufacturing Manufacturing
3.5% 3.5%
Information Information
12.3% 12.3%
Financial Activities Activities -1.7% -1.7% Financial Leisure & & Hospitality Hospitality Leisure
7.7% 7.7%
Other Services Services Other
4.2% 4.2%
Government Government
1.4% 1.4%
Education/Health Services Services Education/Health
5.1% 5.1%
Natural Resources Resources Natural
5.4% 5.4%
Professional/Business Services Services Professional/Business
-1.2% -1.2%
DASHBOARD
August 2022
Trade/Transportation/Utilities Trade/Transportation/Utilities
12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% -2% -2% -4% -4% -6% -6% -8% -8% -10% -10% -12% -12% -14% -14%
4.4% 4.4%
4.0% 4.0% 3.5% 3.5%
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. 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2011 US Utah US Utah
THREE ESSENTIAL INSIGHTS:
1
Utah’s unemployment rate ranks second in the nation. Utah’s July unemployment rate of 2.0% is the second lowest in the nation, tied with Nebraska and New Hampshire and closely trailing Minnesota.
2
Home prices begin to stabilize. After rapid housing increases over the last year, Utah’s median home sales price has begun to stabilize falling slightly from $535,050 in May to $530,000 in June 2022.
Unemployment Rate July 2022
3
Consumer confidence lowest on record. Utah’s July consumer confidence fell again and is the lowest since data collection began in October 2020. National confidence increased slightly from June to July.
Year-Over Job Change July 2022 4.1% 4.1%
3.7% 3.7% 2.7% 2.7%
3.5% 3.5% 2.6% 2.6% 4.4% 4.4% 3.9% 3.9%
3.0% 3.0%
2.3% 2.3%
2.8% 2.8%
3.3% 3.3%
3.3% 3.3%
4.5% 4.5%
3.0% 4.2% 3.0% 4.2%
2.3% 2.3%
4.5% 4.5%
3.6% 3.6%
4.4% 4.4%
3.0% 3.0%
2.5% 2.5%
4.3% 3.9% 4.3% 3.9% 4.4% 4.4% 2.6% 3.7% 2.6% 3.7% 2.7% 2.5% 2.7% 2.4% 2.5% 2.4% 3.7% 3.7% 3.4% 3.4% 3.3% 3.3% 3.3% 3.0% 3.3% 3.0% 3.2% 3.2% 2.8% 2.8% 3.6% 3.6% 2.6% 2.6% 4.0% 4.0% 3.6% 3.6%
2.0% 2.0% 2.0% 2.0%
3.5% 3.5%
1.8% 1.8%
2.7% 2.7%
5.5% 5.5%
USA 3.5% 3.5% USA VT VT NH NH MA MA CT CT RI RI NJ NJ MD MD DC DC DE DE
2.1% 2.1% 2.0% 2.0% 3.5% 3.5% 3.7% 3.7% 2.7% 2.7% 3.7% 3.7% 3.9% 3.9% 5.2% 5.2% 4.4% 4.4%
4.3% 4.3%
1.8% 1.8%
Source: U.S. Bureau of Labor Statistics
S A LT L A K E C H A M B E R
2.2% 2.2% 1.9% 1.9%
3.5% 3.5%
3.7% 3.7% 1.0% 1.0%
4.0% 4.0%
2.9% 2.9%
2.7% 2.7% 1.5% 1.5%
3.5% 3.5%
0.7% 0.7%
5.0% 5.0%
3.8% 3.8% 1.6% 2.7%1.6% 2.7% 2.6% 2.6% 4.1% 4.1% 3.0% 3.0% 2.4% 2.4% 2.2% 2.2% 3.7% 3.7%
2.4% 2.4%
3.0% 3.4% 3.0% 3.4%
3.9% 3.9%
5.8% 5.8%
3.6% 3.6% 1.9% 1.9% 4.7% 4.7% 1.7% 1.7% 2.3% 2.3% 5.1% 5.1%
4.1% 4.1%
Unemployment Rate Rate Unemployment
2.5% 2.5%
2.8% 2.8%
USA 4.0% 4.0% USA VT 2.4% 2.4% VT NH 2.6% 2.6% NH MA 4.2% 4.2% MA CT 2.2% 2.2% CT RI 3.2% 3.2% RI NJ 5.0% 5.0% NJ MD 2.6% 2.6% MD DC 3.0% 3.0% DC DE 2.6% 2.6% DE
2.2% 2.2% 5.2% 5.2%
Job Growth Growth Job
0.7% 0.7%
5.8% 5.8%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION
Total
3.5%
Construction
7.1%
Manufacturing
3.5%
Information
12.3%
Financial Activities -1.7% Leisure & Hospitality
7.7%
Other Services
4.2%
Government
1.4%
Education/Health Services
5.1%
Natural Resources
5.4%
Professional/Business Services Trade/Transportation/Utilities
3.0% Emery
$1,500 Residential 2.3% Beaver
Non-residential
$ Millions
2.1% 5.5% $500 Washington3.5% 4.3%
3.6% Uintah
3.0% Grand
Other
4.1%
2.0% 3.6%Iron 3.0%
$1,000
3.9% Wayne
3.2% Piute
3.5% 2.5% 3.7%
2.9%
6.1% 2.7% Garfield
2.8%
2.2% 1.9% 2.0%
Kane
1.5%
3.5%
4.2% 5.0% Juan San
3.8% 2.7%1.6% 2.6% 4.1% 3.0% 2.4% 2.2% 3.7%
2.4%
USA 4.0%
VT NH 3.0% 3.4% MA 4.0% 3.9%Unemployment 3.6% Rate CT 1.9% 4.7% 1.6% 6.1% RI 1.7% $0 5.8% M A M J J A S O N D J F M 2.3% A M J J A S O N D J F NJ M 2020Department of Workforce Services 2021 2022MD Source: Utah 0.7% 5.1% DC DE 1.0%
2.4% 2.6% 4.2% 2.2% 3.2% 5.0% A M 2.6% 3.0% 2.6%
$500
$0 3.7%M A M J J A S O N D J F M A M J J A S O N D J F M A M 2020 20222.8% 2.7% 2.3% 2021 1.8% 3.5% 2.6% Construction Database Source: Ivory-Boyer 3.0% 4.2% 4.4% 2.3% 3.0% 2.5% 3.9% 4.3% 2.0% 4.4% USA 3.5% Utah Median Sales Price 4.4% 2.0%Home 2.6% 3.7% 3.3% 3.9% 2.7% 2.5% VT 2.1% January 2020 – June 20222.4% 3.7% 69% NH 68.1% 2.0% 68.3% 3.4% 3.3% $600 3.0% 3.3% 3.2% 68% MA 3.5% 3.3% $530,000 4.5% CT 3.7% 2.8% 3.6% 67.4% 67% RI 2.7% 2.6% $500 4.0% 3.6% NJ 3.7% 66% MD 3.9% $400 4.5% 65% 2.7% DC 5.2% DE 4.4% 64% 63.4% $300 63% 4.1% 62.1% $200 62% 5.2% Unemployment Rate 1.8% 61% $100 U.S. Utah 60.2% 60% J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J
$0
68.3%
68% 67%
67.4%
2021
F M A M J J A S O N D J
2020
$30
$20
$
3
4.3% 900
800 600 400 200
Job Gr 0
2022
F M A M J J A S O N D J F M A M J
2021
2022
Source: UtahRealEstate.com
4
800
2.5
ROADMAP TO RECOVERY COALITION
900
68.1%
ions)
69%
2020
5 5.8%
$40
$10
2.2%
SJob A LGrowth T L A K0.7% E CHAMBER
Other
$50
3.1% Carbon 2.3% Sanpete
Non-residential
Sales Price ($ thousands)
2.9% 1.9% Duchesne 1.8% Wasatch Utah
2.5% Sevier
$1,000
Residential
1.7% Summit
2.0% Salt Lake
$60
$1,500
1.6% Cache 2.2% Rich 2.1% Weber 1.8% Davis 1.7% Morgan 4.5% Dagget
1.9% Millard
5.2%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 US Utah
Value of Construction in Utah March 2020 – May 2022
1.7% Juab
2.1% 2.0% 3.5% 3.7% 2.7% 3.7% 3.9% 5.2% 4.4%
3.5%
Utah Unemployment Rate July 2022
2.2% Tooele
A 3.5%
4.0%
Source: U.S. Bureau of Labor Statistics
1.8% Box Elder
%
Tra
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
$ Millions
3.5%
4.4%
Profe
Sales Price ($ thousands)
4.0%
12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% -14%
-1.2%
2022
T H A T RI NJ D C E
Year-Over Job Change November 2010 – July 2022
Utah Year-Over Job Change by Industry July 2022
2.0
Consumer Confidence October 2020 – July 2022 100
Residential Residential Residential Residential
Non-residential Non-residential Non-residential Non-residential
$600 $600 $600 $600 $500 $500
Other Other Other Other
Millions $$Millions $$Millions Millions
$300 $300 $200 $200 $200 $200 $100 $100
$500 $500 $500 $500 O N D J F M A M J J A $0 2021 $02020 M A M J J A S O N D J F M A M J J A S O N D J F M A M M A M J J A S O N D 2021 J F M A M J J A S O N D 2022 J F M A M $0 $0 2020 2020 2021 2022
M M AA SS OO NN DD JJ FF M A M J J A S O N D J F M A M M C.AA Gardner M JJ JJ Policy Source: Kem Institute 2021 M A M J J A S O N D J2022F M A M 2020 2020 2021 2022
Labor Force Participation Rate January 2020 – July 2022 68.1% 68.1% 68.1% 68.1%
FF M M AA M M JJ JJ AA SS OO NN DD JJ
2020 2020
FF M M AA M M JJ JJ AA SS OO NN DD JJ FF M M AA M M JJ
2021 2021
2022 2022
900 900 900 900 800 800 800 800 600 600 600 600
62.1% 62.1% 62.1% 62.1%
63% 62% 63% 62% 62% 61% 62% 61%
U.S. Utah 60.2% U.S. Utah 60% 61% 60.2% 60% 61% J F M A M J J A S O N D J F M A M U.S. JU.S.J A S OUtah N D J F M A M J J J F M A 60.2% M J J A S O N D 2021 J F M A M J J A S Utah O N D 2022 J F M A M J J 60% 60.2% 60% 2020 2020
$100 O S$100 N D J F M A M J J $0 $0 F M A M J J A S O 2022 N D J F M A M J J A S O N D J F M A M J F M A M J J A S O N D 2021 J F M A M J J A S O N D 2022 J F M A M J 2020 $0 2021 2022 $0 2020
Utah Bankruptcy Cases January 2020 - June 2022
69% 69% 68.3% 68.3% 69% 68% 69% 68.3% 68% 68.3% 68% 67.4% 67% 68% 67.4% 67% 67.4% 67% 66% 67.4% 67% 66% 66% 65% 66% 65% 65% 64% 65% 63.4% 64% 63.4% 64% 63% 64% 63.4% 63.4% 63%
2021
400 400 400 400 200 200 200 200 00 JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM JJ JJ 2021 2022 0 2020 2021 2022 0 2020 JJ FF M M JJ JJ AA SS OO NN DD JJ FF M M AA M M AA M M AA M M JJ JJ AA SS OO NN DD JJ2022FF M M JJ JJ 2020 2021
2022
M AA M JJ FF M M JJ JJ AA SS OO NN DD JJ FF M M AA M M JJ JJ AA SS OO NN DD JJ FF M M AA M M JJ JJ 2021 2020 2021 2022 Note: The2020 y-axis starts at 60% to better illustrate changes in the labor force 2022 participation rate Source: United States Bankruptcy Court
Source: United States Bankruptcy Court
Utah Taxable Retail Sales 55 January 2020 - May 2022
SLC International Airport Passengers 2.5 January 2020 - July 2022 2.5
2020
5 5 44 4 4
2021
2022
2.5 2.5 2.0 2.0
33 3 3
Millions Millions Millions Millions
Retail Sales Billions) Retail Sales ($($Billions) Retail Retail Sales Sales ($($Billions) Billions)
Utah $530,000 $530,000 $530,000 $530,000
$500 $500 $400 $400 $400 $400 $300 $300
$1,000 $1,000 50 $1,000 $1,000
0
U.S.
Sales Price thousands) Sales Price ($($thousands) Sales Sales Price Price ($ ($thousands) thousands)
$1,500 $1,500 $1,500 $1,500
22 2 2 11 1 1 00
2.0 2.0 1.5 1.5 1.5 1.5 1.0 1.0 1.0 1.0 0.5 0.5 0.5 0.5
F M A M J J A S O N D J F M A M J J A S O N D J F M A M 0 J2020 J F M A M J J A S O N D 2021 J F M A M J J A S O N D 2022 J F M A M 0 2020
2021
2022
2020 2020
2021 2021
2022 2022
JJ FF M M AA M M JJ JJ AA SS OO NN DD JJ FF M M AA M M JJ JJ AA SS OO NN DD JJ FF M M AA M M
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
S A LT L A K E C H A M B E R
00 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J F M A M J J A S O N D 2021 J F M A M J J A S O N D 2022 J F M A M J 2020 0 2021 2022 0 2020
M AA M M JJ JJ FF M M JJ JJ AA SS OO NN DD JJ FF M M AA M M JJ JJ AA SS OO NN DD JJ FF M M AA M 2020 2020
2021 2021
2022 2022
Source: Salt Lake City International Airport
ROADMAP TO RECOVERY COALITION