Roadmap to Prosperity: December 2022 Dashboard

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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.

Utah’s unemployment rate lowest in nation.

Utah’s November unemployment rate of 2.2% is the lowest in the nation. November continues a 21-month trend of an unemployment rate below 3.0%.

Inflation remains high.

Inflation peaked at 9.0% in June and still remains high at 7.1% in November. Year-over inflation has now fallen for five consecutive months showing signs that price increases may be moderating.

Home prices moderate.

After record-breaking price increases over the last two years, Utah’s median home sales price fell every month from May through September. October prices moderated with a slight increase from $490,000 in September to $492,000 in October.

December 2022 SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION 1 2 3 THREE ESSENTIAL INSIGHTS: 4.4% 3.3% 0.1% 5.1% 3.3% 4.5% 2.2% 4.9% 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% 2.6% 3.2% Unemployment Rate MA 3.4% CT 4.2% RI 3.6% NJ 3.4% MD 4.3% DC 4.6% DE 4.4% NH 2.6% VT 2.5% USA 3.7% Job Growth MA CT RI NJ MD DC DE NH VT 4.1% 2.2% 2.4% 3.7% 1.8% 1.8% 2.2% 2.3% 1.7% USA 3.2% Construction Manufacturing Information Financial Activities Leisure & Hospitality Other Services Government Education/Health Services Natural Resources Professional/Business Services Trade/Transportation/Utilities 3.3% 4.1% 4.0% 2.8% 2.4% 3.3% 4.0% 4.4% 3.4% 4.2% 2.3% 4.3% 4.9% 2.5% 2.9% 2.7% 3.9% 4.3% 3.3% 4.0% 2.8% 3.0% 4.7% 3.0% 3.0% 2.6% 3.7% 4.1% 2.7% 4.1% 3.5% 3.1% 3.7% 2.3% 4.1% 3.9% 3.5% 4.0% 2.2% 3.6% 3.9% 2.7% 3.5% 3.7% 3.3% 4.3% 2.7% 2.0% 1.7% 3.3% 4.0% 2.9% 1.2% 0.1% 2.6% 2.7% 2.6% 2.4% 3.2% 3.0% 3.7% 4.7% 1.4% 3.7% 2.5% 1.9% 2.2% 3.7% 2.6% 5.1% 3.7% 4.2% 2.9% 2.5% 3.5% 3.5% 3.2% 2.8% 3.7% 3.9% 6.3% 11.8% 12.1% -3.4% -1.7% 0.4% 0.0% 1.4% 4.4% 5.8% 2.9% Unemployment Rate November 2022 Source: U.S. Bureau of Labor Statistics 4.4% 3.3% 0.1% 5.1% 3.3% 4.5% 2.2% 4.9% 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% 2.6% 3.2% Unemployment Rate MA 3.4% CT 4.2% RI 3.6% NJ 3.4% MD 4.3% DC 4.6% DE 4.4% NH 2.6% VT 2.5% USA 3.7% Job Growth MA CT RI NJ MD DC DE NH VT 4.1% 2.2% 2.4% 3.7% 1.8% 1.8% 2.2% 2.3% 1.7% USA 3.2% Total Construction Manufacturing Information Financial Activities Leisure & Hospitality Other Services Government Education/Health Services Natural Resources Professional/Business Services Trade/Transportation/Utilities 3.3% 4.1% 4.0% 2.8% 2.4% 3.3% 4.0% 4.4% 3.4% 4.2% 2.3% 4.3% 4.9% 2.5% 2.9% 2.7% 3.9% 4.3% 3.3% 4.0% 2.8% 3.0% 4.7% 3.0% 3.0% 2.6% 3.7% 4.1% 2.7% 4.1% 3.5% 3.1% 3.7% 2.3% 4.1% 3.9% 3.5% 4.0% 2.2% 3.6% 3.9% 2.7% 3.5% 3.7% 3.3% 4.3% 2.7% 2.0% 1.7% 3.3% 4.0% 2.9% 1.2% 0.1% 2.6% 2.7% 2.6% 2.4% 3.2% 3.0% 3.7% 4.7% 1.4% 3.7% 2.5% 1.9% 2.2% 3.7% 2.6% 5.1% 3.7% 4.2% 2.9% 2.5% 3.5% 3.5% 3.2% 2.8% 3.7% 3.9% 6.3% 11.8% 12.1% -3.4% -1.7% 2.6% 0.4% 0.0% 1.4% 4.4% 5.8% 2.9% Source: U.S. Bureau of Labor Statistics Year-Over Job Change November 2022

Year-Over

Change

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

2.0% 5.7% Unemployment Rate 4.6% 2.2% Summit Wayne 2.5% Washington 2.4% Wasatch 2.2% Utah 3.4% Uintah 2.6% Tooele 2.8% Sevier 2.8% Sanpete 4.1% San Juan 2.4% Salt Lake 4.4% Piute 2.2% Millard 2.6% Kane 2.0% Juab 2.4% Iron 3.1% Grand 5.7% Gar eld 3.0% Emery 2.9% Duchesne 3.4% Carbon 2.3% Box Elder 2.9% Beaver 2.0% Cache 2.5% Rich 2.4% Weber 2.2% Davis 2.1% Morgan 4.5% Dagget Utah Unemployment Rate November 2022 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 $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 Residential Non-residential Other 800 900 67% 68% 69% 67.9% 68.3% 67.4% M A M J J A S $492,000 O A M J J A S O 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 M A M J J O N M A M J J A O S A S D N J 2022 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 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% 67.9% 62.1% 68.3% 60.2% 67.4% 63.4% A M J J A S O Source: Ivory-Boyer Construction Database Value of Construction in Utah March 2020 – October 2022 Utah Median Home Sales Price January 2020 – October 2022 3.3% 4.5% 2.2% 4.9% 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% 2.6% 3.2% Unemployment Rate MA 3.4% CT 4.2% RI 3.6% NJ 3.4% MD 4.3% DC 4.6% DE 4.4% NH 2.6% VT 2.5% USA 3.7% Job Growth Education/Health Professional/Business Trade/Transportation/Utilities 3.3% 4.1% 4.0% 2.8% 2.4% 3.3% 4.0% 4.4% 3.4% 4.2% 2.3% 4.3% 4.9% 2.5% 2.9% 2.7% 3.9% 4.3% 3.3% 4.0% 2.8% 3.0% 4.7% 3.0% 3.0% 2.6% 3.7% 4.1% 2.7% 4.1% 3.5% 3.1% 3.7%
4.3% 3.9%
2.3% 4.1% 3.9% 3.5% 4.0% 2.2% 3.6%
4.4% 3.3% 0.1% 5.1% 4.9% 2023 2.6% 3.2% 3.4% 4.2% 3.6% 3.4% 4.3% 4.6% 4.4% 2.6% 2.5% 3.7% Job Growth MA CT RI NJ MD DC DE NH VT 4.1% 2.2% 2.4% 3.7% 1.8% 1.8% 2.2% 2.3% 1.7% USA 3.2% Total Construction Manufacturing Information Financial Activities Leisure & Hospitality Other Services Government Education/Health Services Natural Resources Professional/Business Services Trade/Transportation/Utilities 3.9% 2.7% 3.5% 3.7% 3.3% 4.3% 2.7% 2.0% 1.7% 3.3% 4.0% 2.9% 1.2% 0.1% 2.6% 2.7% 2.6% 2.4% 3.2% 3.0% 3.7% 4.7% 1.4% 3.7% 2.5% 1.9% 2.2% 3.7% 2.6% 5.1% 3.7% 4.2% 2.9% 2.5% 3.5% 3.5% 3.2% 2.8% 3.7% 3.9% 6.3% 11.8% 12.1% -3.4% -1.7% 2.6% 0.4% 0.0% 1.4% 4.4% 5.8% 2.9%
Labor Statistics Utah Year-Over Job Change by Industry November
Job
November 2010 – November 2022
Source: U.S. Bureau of
2022
SALT LAKE CHAMBER ROADMAP 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 M F J 2020 A M J J A S O N D J 2021 F F M A M J J O N M A M J J A O S A S D N J 2022 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 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 0 1 2 3 4 5 Retail Sales ($ Billions) M A M J A S J J 2022 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 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 M A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 67.9% 62.1% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N F M M J J A S O A M A M J J A S $492,000 O A M J J A S O Utah Taxable Retail Sales January 2020 - September 2022 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 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 M F J 2020 A M J J A S O N D J 2021 F F M A M J J O N M A M J J A O S A S D N J 2022 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 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 0 1 2 3 4 5 Retail Sales ($ Billions) M A M J A S J J 2022 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 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 M A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 67.9% 62.1% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N F M M J J A S O A M A M J J A S $492,000 O A M J J A S O Labor Force Participation Rate January 2020 – November 2022 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 M F J 2020 A M J J A S O N D J 2021 F F M A M J J O N M A M J J A O S A S D N J 2022 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 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 0 1 2 3 4 5 Retail Sales ($ Billions) M A M J A S J J 2022 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 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 M A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 67.9% 62.1% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N F M M J J A S O A M A M J J A S $492,000 O A M J J A S O SLC International Airport Passengers January 2020 - October 2022 Consumer Confidence October 2020 – November 2022 U.S. Inflation Consumer Price Index Year-Over Change January 2000 - November 2022 0 50 100 N D J 2021 O 2020 F F M A M J J A S O N M A M J J A O S D N J 2022 U.S. Utah 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 10% 7.1% Recession 0 N D J 2021 O 2020 F F M A M J J A S O N M A M J J A O S D N J 2022 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 10% 7.1% Recession
Kem C. Gardner Policy Institute
Bureau of Labor Statistics Source: United States Bankruptcy Court Note: The y-axis starts at 60% to better illustrate changes in the labor force participation rate Source: United States Bankruptcy Court 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 M F J 2020 A M J J A S O N D J 2021 F F M A M J J O N M A M J J A O S A S D N J 2022 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 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 0 1 2 3 4 5 Retail Sales ($ Billions) M A M J A S J J 2022 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 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 M A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 67.9% 62.1% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N F M M J J A S O A M A M J J A S $492,000 O A M J J A S O Utah Bankruptcy
November 2022
Source:
Source:
Cases January 2020 -

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