DASHBOARD
The Road to Prosperity Dashboard tracks Utah’s economic outlook. The Dashboard, which
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Utah employment continues to grow at impressive rates as more workers enter the labor force. Utah’s labor force participation rate ranks highest nationally, and the unemployment rate consistently remains among the lowest in the nation.
Inflation ticks up slightly but stays far below recent highs.
The Federal Reserve’s aggressive tightening policies helped bring inflation down from 9.1% to 3.0% from June 2022 to June 2023. Inflation increased slightly in July to 3.2% but remains low relative to last year’s highs.
Year-Over Job Change July 2023
Utah’s median home sales price increases steadily in summer months.
After peaking in May 2022, Utah’s median home sales price reached an 18-month low in January 2023. Yet home sales prices have climbed gradually in recent months, reaching an 11-month high in June 2023.
is updated monthly, provides essential insights, tracks timely and leading measures, and shares salient indicators.
Tight labor market conditions persist in Utah.
SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION
THREE ESSENTIAL INSIGHTS: 2.1% -0.4% 4.2% 1.7% 5.3% US Utah 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 2.1% 3.0% Unemployment Rate MA 2.5% CT 3.6% RI 2.8% NJ 3.9% MD 1.8% DC 5.0% DE 4.1% NH 1.7% VT 1.8% USA 3.5% Job Growth MA CT RI NJ MD DC DE NH VT 2.7% 1.5% -0.4% 2.0% 0.6% 1.0% 2.5% 1.8% 0.8% USA 2.6% 2.8% 3.8% Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities 2.6% 3.4% 3.6% 2.5% 1.9% 3.1% 3.5% 3.4% 2.7% 3.3% 2.0% 3.9% 5.3% 2.0% 2.5% 2.7% 3.0% 3.6% 3.4% 3.8% 2.7% 3.3% 4.0% 2.8% 3.2% 2.7% 2.6% 3.6% 2.1% 4.6% 2.9% 2.7% 2.4% 3.0% 3.6% 3.3% 3.1% 4.1% 2.4% 3.0% 2.5% 1.6% 2.1% 2.5% 2.8% 2.7% 2.1% 1.8% 2.2% 1.5% 4.2% 2.0% 0.9% 0.6% 1.7% 1.9% 1.6% 1.7% 1.6% 3.2% 1.9% 3.4% 2.8% 2.0% 1.8% 2.6% 1.5% 1.1% 3.0% 3.3% 2.4% 2.4% 3.1% 2.5% 1.7% 1.1% 2.7% 1.0% 1.4% 2.2% 0.4% 10.5% 3.1% 0.7% 3.9% 0.1% 9.9% 3.7% 4.7% 3.0% 4.9% 0.3% 0.0%
July 2023 Source: U.S. Bureau of Labor Statistics 2.1% -0.4% 4.2% 1.7% 5.3% US Utah 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 2.1% 3.0% Unemployment Rate MA 2.5% CT 3.6% RI 2.8% NJ 3.9% MD 1.8% DC 5.0% DE 4.1% NH 1.7% VT 1.8% USA 3.5% Job Growth MA CT RI NJ MD DC DE NH VT 2.7% 1.5% -0.4% 2.0% 0.6% 1.0% 2.5% 1.8% 0.8% USA 2.6% 2.8% 3.8% Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities 2.6% 3.4% 3.6% 2.5% 1.9% 3.1% 3.5% 3.4% 2.7% 3.3% 2.0% 3.9% 5.3% 2.0% 2.5% 2.7% 3.0% 3.6% 3.4% 3.8% 2.7% 3.3% 4.0% 2.8% 3.2% 2.7% 2.6% 3.6% 2.1% 4.6% 2.9% 2.7% 2.4% 3.0% 3.6% 3.3% 3.1% 4.1% 2.4% 3.0% 2.5% 1.6% 2.1% 2.5% 2.8% 2.7% 2.1% 1.8% 2.2% 1.5% 4.2% 2.0% 0.9% 0.6% 1.7% 1.9% 1.6% 1.7% 1.6% 3.2% 1.9% 3.4% 2.8% 2.0% 1.8% 2.6% 1.5% 1.1% 3.0% 3.3% 2.4% 2.4% 3.1% 2.5% 1.7% 1.1% 2.7% 1.0% 1.4% 2.2% 0.4% 10.5% 3.1% 0.7% 3.9% 0.1% 9.9% 3.7% 4.7% 3.0% 4.9% 0.3% 0.0%
Unemployment Rate
Source: U.S. Bureau of Labor Statistics
Utah Year-Over Job Change by Industry
July 2023
Year-Over Job Change
November 2010 – July 2023
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
Value
1.9% 5.4% Unemployment Rate 2.4% Summit 2.5% Salt Lake 4.2% Wayne 2.7% Washington 2.3% Wasatch 2.4% Utah 3.2% Uintah 2.5% Tooele 2.5% Sevier 2.6% Sanpete 3.7% San Juan 4.7% Piute 2.2% Millard 2.5% Kane 2.2% Juab 2.4% Iron 3.3% Grand 5.4% Garfield 2.9% Emery 2.6% Duchesne 3.6% Carbon 2.4% Box Elder 3.0% Beaver 2.1% Cache 2.4% Rich 2.7% Weber 2.3% Davis 1.9% Morgan 3.7% Dagget Utah Unemployment Rate July 2023 SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION Source: Utah Department of Workforce Services M F 2020 A M J J A S O N D J 2021 F M A M J J A O S D N $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) J 2022 F F J 2023 $0 $500 $1,000 $1,500 $ Millions 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 M J ‘23 Residential Non-residential Other 800 900 68% 69% 70% 69.8% 68.3% M A M J J A S O N D M M A J A M J J A S O N D $495,000 Source: UtahRealEstate.com $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M F J 2020 A M J J A S O N D J 2021 F F F M A M J J M A M J J O N D M A M J J A O S A S D N J 2022 J 2023 U.S. Utah $0 $500 $1,000 $1,500 $ Millions 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 M J ‘23 Residential Non-residential Other 4 5 Billions) 2.0 2.5 0 200 400 600 800 900 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.8% 62.6% 68.3% 60.2% 67.4% 63.4% A M J J A S O N D J
Source:
Ivory-Boyer Construction Database
Construction
March 2020
2023 Utah Median Home Sales Price January 2020 – June 2023 1.7% 5.3% US Utah 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 2.1% 3.0% Unemployment Rate MA 2.5% CT 3.6% RI 2.8% NJ 3.9% MD 1.8% DC 5.0% DE 4.1% NH 1.7% VT 1.8% USA 3.5% Job Growth 2.8% 3.8% Education/Health Leisure/Hospitality Professional/Business Trade/Transportation/Utilities 2.6% 3.4% 3.6% 2.5% 1.9% 3.1% 3.5% 3.4% 2.7% 3.3% 2.0% 3.9% 5.3% 2.0% 2.5% 2.7% 3.0% 3.6% 3.4% 3.8% 2.7% 3.3% 4.0% 2.8% 3.2% 2.7% 2.6% 3.6% 2.1% 4.6% 2.9% 2.7% 2.4% 3.0% 3.6% 3.3% 3.1% 4.1% 2.4% 3.0% 2.7% 2.2%
of
in Utah
–January
2.1% -0.4% 4.2% 5.3% 2023 2.1% 3.0% 2.5% 3.6% 2.8% 3.9% 1.8% 5.0% 4.1% 1.7% 1.8% 3.5% Job Growth MA CT RI NJ MD DC DE NH VT 2.7% 1.5% -0.4% 2.0% 0.6% 1.0% 2.5% 1.8% 0.8% USA 2.6% Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities 2.5% 1.6% 2.1% 2.5% 2.8% 2.7% 2.1% 1.8% 2.2% 1.5% 4.2% 2.0% 0.9% 0.6% 1.7% 1.9% 1.6% 1.7% 1.6% 3.2% 1.9% 3.4% 2.8% 2.0% 1.8% 2.6% 1.5% 1.1% 3.0% 3.3% 2.4% 2.4% 3.1% 2.5% 1.7% 1.1% 2.7% 1.0% 1.4% 2.2% 0.4% 10.5% 3.1% 0.7% 3.9% 0.1% 9.9% 3.7% 4.7% 3.0% 4.9% 0.3% 0.0% Source: U.S. Bureau of Labor Statistics
Consumer Confidence
October 2020 – July 2023
Source: Kem C. Gardner Policy Institute
U.S. Inflation Consumer Price Index Year-Over Change
January 2000 - July 2023
Note: The y-axis starts at 60% to better illustrate changes in the labor force participation rate
Source: United States Bankruptcy Court
Utah Taxable Retail Sales
January 2020 - May 2023
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
Utah Bankruptcy Cases
January 2020 - July 2023
Source: United States Bankruptcy Court
SLC International Airport Passengers
January 2020 - June 2023
Source: Salt Lake City International Airport
SALT LAKE CHAMBER
TO RECOVERY COALITION M F 2020 A M J J A S O N D J 2021 F M A M J J A O S D N $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) J 2022 F F J 2023 M F J 2020 A M J J A S O N D J 2021 F F F M A M J J M A M J J O N D M A M J J A O S A S D N J 2022 J 2023 U.S. Utah $0 $500 $1,000 $1,500 $ Millions 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 M J ‘23 Residential Non-residential Other J 2020 F M J 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) M A M J A S O J J 2022 J 2023 F 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 J A O S D N J 2022 D J 2023 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 F M M A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.8% 62.6% 68.3% 60.2% 67.4% 63.4% 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 J A S O N D M M A J A M J J A S O N D M J J F M A M J $495,000 M A M
ROADMAP
M F 2020 A M J J A S O N D J 2021 F M A M J J A O S D N $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) J 2022 F F J 2023 M F J 2020 A M J J A S O N D J 2021 F F F M A M J J M A M J J O N D M A M J J A O S A S D N J 2022 J 2023 U.S. Utah $0 $500 $1,000 $1,500 $ Millions 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 M J ‘23 Residential Non-residential Other J 2020 F M J 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) M A M J A S O J J 2022 J 2023 F 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 J A O S D N J 2022 D J 2023 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 F M M A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.8% 62.6% 68.3% 60.2% 67.4% 63.4% 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 J A S O N D M M A J A M J J A S O N D J M J J F M A M J $495,000 M A M
Force Participation Rate January 2020 – July 2023 M F 2020 A M J J A S O N D J 2021 F M A M J J A O S D N $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) J 2022 F F J 2023 M F J 2020 A M J J A S O N D J 2021 F F F M A M J J M A M J J O N D M A M J J A O S A S D N J 2022 J 2023 U.S. Utah $0 $500 $1,000 $1,500 $ Millions 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 M J ‘23 Residential Non-residential Other J 2020 F M J 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) M A M J A S O J J 2022 J 2023 F 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 J A O S D N J 2022 D J 2023 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 F M M A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.8% 62.6% 68.3% 60.2% 67.4% 63.4% 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 J A S O N D M M A J A M J J A S O N D M J J F M A M J $495,000 M A M
Labor
0 50 100 N D J 2021 O 2020 F F M A M J J A S O N D F M A M J J M A M J J A O S D N J 2022 J 2023 U.S. Utah 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 10% 3.2% Recession 0 N D J 2021 O 2020 F F M A M J J A S O N D F M A M J J M A M J J A O S D N J 2022 J 2023 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 10% 3.2% Recession
Source: Bureau of Labor Statistics
M F 2020 A M J J A S O N D J 2021 F M A M J J A O S D N $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) J 2022 F F J 2023 M F J 2020 A M J J A S O N D J 2021 F F F M A M J J M A M J J O N D M A M J J A O S A S D N J 2022 J 2023 U.S. Utah $0 $500 $1,000 $1,500 $ Millions 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 M J ‘23 Residential Non-residential Other J 2020 F M J 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) M A M J A S O J J 2022 J 2023 F 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 J A O S D N J 2022 D J 2023 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 F M M A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.8% 62.6% 68.3% 60.2% 67.4% 63.4% 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 J A S O N D M M A J A M J J A S O N D J M J J F M A M J $495,000 M A M