Roadmap to Prosperity Economic Dashboard: February 2022

Page 1

DASHBOARD

February 2022

The Roadmap to Prosperity Dashboard tracks Utah’s path to a full and complete economic recovery from the COVID-19 recession. The Dashboard, which is updated monthly, provides essential insights, tracks timely and leading measures, and shares salient indicators since the start of the pandemic. THREE ESSENTIAL INSIGHTS:

1

Utah’s two-year job growth is highest in the nation.

Utah’s December two-year job growth of 3.7% is the highest in the nation and one of only four states showing positive job change.

2

Utah’s unemployment rate drops to all-time low. Utah’s December unemployment rate of 1.9% is the lowest ever recorded and ranks second in the nation.

Utah Continued Weekly Unemployment Claims March 2020 – October 2021 2020

3

Consumer Confidence Falls in Utah. For the first time since data collection began, Utah’s consumer confidence fell while the nation’s rose. Consumer confidence has been in decline since September 2021.

Utah Job Change by Industry December 2019 - December 2021 Total

2021

3.7%

Construction

100,000

10.2%

Manufacturing

Continued Claims 2019 Average

5.7%

Information

3.8%

Financial Activities

6.5%

Leisure & Hospitality

50,000

0.3%

Other Services

-0.5%

Government

Unemployment Rate

2.2% 10/2

2.4% 9/11

3.0% 2/13 3/6 2.9% 3/27 2.8% 4/17 5/8 2.7% 5/29 2.8% 6/19 7/10 2.6% 7/31 2.5% 8/21

3.5% 12/5 1/2 3.3% 1/23

5.3% 6/20 4.5% 7/11 8/1 4.1% 8/22 5.0% 9/12 10/3 4.1% 10/24 4.3% 11/14

Education/Health Services 3.8% 3/28 10.4% 4/18 5/9 8.6% 5/30

0

-2.9%

Natural Resources Professional/Business Services Trade/Transportation/Utilities

1.3% -8.7% 6.7% 7.4%

12%

10% Utah Department of Workforce Services Source: 8% 6% 4% 2% 0.5% 0% S -2% A L T0.1% LAKE CHAMBER -4% -6% -8%

4.3% 4.6%

Note: Beginning March 2021, a 2-year change is used due to the drastic changes in employment beginning March 2020. Source: U.S. Bureau of Labor Statistics

ROADMAP TO RECOVERY COALITION


Unemployment Rate December 2021

Job Change Two-Year Percent Change, December 2021

4.5% 4.5% 3.1% 3.1%

2.5% 2.5% 2.4% 2.4%

5.4% 5.4% 4.5% 4.5% 5.3% 5.3%2.7% 2.7% 3.7% 3.7%3.2% 3.2% 3.3% 3.3% 3.3% 3.3% 3.9% 3.9% 3.7% 3.7% 3.8% 3.8% 2.3% 2.3% 3.1% 3.5% 3.5% 3.1%

4.8% 4.8%

4.1% 4.1% 5.8% 5.8%

5.7% 5.7%

-4.9% -4.9%

USA USA 3.9% 3.9% VT VT NH NH MA MA CT CT RI RI NJ NJ MD MD DC DC DE DE

3.1% 3.1% 2.6% 2.6% 4.5% 4.5% 4.8% 4.8%

5.0% 5.0%

-4.5% -4.5%

4.4% 4.4%

2.5% 2.5% 2.6% 2.6% 3.9% 3.9% 5.8% 5.8% 4.8% 4.8% 6.3% 6.3% 5.0% 5.0% 5.8% 5.8% 5.0% 5.0%

6.5% 6.5%

Source: U.S. Bureau of Labor Statistics

-3.8% -3.8% 0.7% 0.7%

-3.6% -3.6% -1.6% -2.4% -3.9% -3.9%-1.6% -2.4% -2.2% -2.2% -2.9% -2.9% -2.0% -2.0% -2.7% -2.7% -0.4% -0.4% -0.3% -0.3% -0.6% -3.3% -3.3% -0.6% -1.4% -1.4% -0.9% -0.9% 0.1% 0.1% -1.3% -1.3% 1.0% 1.0% -5.6% -5.6%

-5.9% -5.9%

-1.0% -1.0%

USA USA -1.8% -1.8% VT VT NH NH MA MA CT CT RI RI NJ NJ MD MD DC DC DE DE

-5.7% -5.7% -3.4% -3.4% -4.1% -4.1% -4.3% -4.3% -4.2% -4.2% -3.4% -3.4% -2.6% -2.6% -5.0% -5.0% -3.2% -3.2%

-12.1% Job JobGrowth Growth -12.1%

3.7% 3.7%

2020

2021

1.2% Juab

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

2.3% Carbon 1.7% Sanpete

2.1% Emery

2.7% Grand

2.0% Sevier 3.0% Piute

3.1% Wayne 4.6% Garfield

Value of Construction in Utah March 2020 - October 2021

$1,000

3.6% San Juan

1.8% Kane

$500

$0

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 2020

4.5%

Unemployment Rate 1.2% Source: Utah Department of Workforce Services

S A LT L A K E C H A M B E R

2.2% 10/2

3.2% Uintah

2.4% 9/11

2.8% 1.8% Duchesne Wasatch 1.5% Utah

3.0% 2/13 3/6 2.9% 3/27 2.8% 4/17 5/8 2.7% 5/29 2.8% 6/19 7/10 2.6% 7/31 2.5% 8/21

1.8% Summit

Trad

12% 10% 8% 50,000 6% 4.3% 4% 4.6% 2% 0.5% 0% -2% 0.1% -4% -6% 0 -8% -10% -12% Unemployment Rate -14% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 US Utah

$ Millions

1.7% Salt Lake

Profe Continued Claims 2019 Average

3.8% 3/28 10.4% 4/18 5/9 8.6% 5/30

1.3% Cache 1.6% Rich 1.7% Weber 1.5% Davis 1.3% Morgan 2.5% Dagget

1.9% Iron

E

Job Change 100,000 Year-Over Percent Change, December 2021

1.6% Box Elder

1.8% Washington

-3.8% -3.8%

-4.6% -4.6%

Note: Beginning March 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 December 2021

2.0% Beaver

-1.4% -1.4%

-7.4% -7.4%

-5.1% -5.1%

-12.1% -12.1%

1.7% Unemployment UnemploymentRate Rate 1.7%

1.5% Millard

-2.3% -2.3%

-1.0% -1.0%

3.7% 3.7%

5.7% 5.7%

1.8% Tooele

-3.7% -3.7% -3.4% -3.4% -1.7% -1.7%

3.5% 12/5 1/2 3.3% 1/23

1.9% 1.9%

-3.8% -3.8%

-5.1% -5.1%

2.3% 2.3%

6.2% 6.2%

5.6% 5.6%

3.5% 3.5%

1.7% 1.7%

6.4% 6.4% 6.5% 6.5%

2.8% 2.8%

2.6% 2.6% 3.3% 3.3%

-0.1% -0.1%

-3.1% -3.1%

5.3% 6/20 4.5% 7/11 8/1 4.1% 8/22 5.0% 9/12 10/3 4.1% 10/24 4.3% 11/14

4.1% 4.1%

-1.0% -1.0%

4.7% 4.7%

3.1% 3.1%

4.6%

4.1%

2021

Residential 3.1%

2.5%

Non-residential

3.1%

Other4.7%

2.8% 2.4% Construction Database 2.6% Source: Ivory-Boyer 6.2% 5.6% 3.3% 3.5% 5.4% 1.7% 6.4% USA 3.9% 5.3% 2.7% 4.5% 1.9% 4.8% R O A D M A P 3.3% T O R3.3% E C O V E R Y3.7% C 3.2% O A L I TVTI 2.5% ON 6.5% 3.9% 2.6% NH 3.7% 4.1% 3.8% MA 3.9% 2.3% 3.1% 3.5% 5.8% CT 5.8% 3.1% 2.6%

-3

-3.8


50

0 Jan.Q2 Feb. Mar. Apr.Q3May Jun. Aug. 20 Q1 Q3 Q4 Q1 Q2 Q4 Q1 Q2 Jul. Q3 Q4 Q1 Sep. Q2 Q3Oct. Q4 Nov. Q1 Q1Dec. Q3 2017 2018 2019 2020 2021 600 20 0 800 40 0

019 020 021

J A S O N D

J

A S O N D J

2022

4

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q3 2017 2018 2019 2020 2021

J F M A M J J A S O N D J F M A M J

502002020 50

1/3/22 1/3/22

12/13/2112/13/21

11/1/21 11/1/21

11/22/2111/22/21

9/20/21 9/20/21

10/11/2110/11/21

8/30/21 8/30/21

8/9/21 8/9/21

7/19/21 7/19/21

6/28/21 6/28/21

6/7/21 6/7/21

10

$4,184 2

0 1

1/3/22

12/13/21

11/1/21

11/22/21

9/20/21

10/11/21

8/30/21

8/9/21

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q3 0 2017 2018 2019 2020 2021 7/19/21

40

$1,000

5/17/21 5/17/21

0

50 0 $2,000

0

6/7/21

50 $3,000 60

6/28/21

20100 $4,000

4/26/21 4/26/21

150 0 $5,000 50

21

3

5/17/21

40

J A S O4 N D

2021

100

Note: The Index can range from 0 to 100. A score below 50 indicates executives believe the economy will worsen; a score above 50 indicates a belief among executives that the 20 $0 economy will 120,000 J Fimprove M A M J J A S O N D J F M A M J J A S O N 2020 2021 Policy Institute, and Utah Source: Salt Lake Chamber’s CEOutlook. Kem C. Gardner 100,000 2019 Average Retail Sales 2019 Bureau0of Labor Statistics

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q3 2020 2017 2018 2019 2020 2021 2021 Visit Salt Lake Facility Attendees 60,000 80,000

January 40,000 2019 - November 2021 7% 120,000 20,000 6% 100,000 0 5%

U.S. Cumulative Case Fatality Rate 2019 Utah Cumulative Case Fatality Rate

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 2020 2021 60,000 3% 80,000

4%

40,000 2% 1% 20,000 0%

0 M A Jan. M JFeb. J Mar. A S Apr. O N May D J Jun. F MJul.A Aug. M J Sep. J A Oct. S ONov. N DDec. J 2020 2021 2022

Note: Data only includes conferences/conventions with 1500 attendees or more. Source: Visit Salt Lake

ROADMAP TO RECOVERY COALITION 200

4

Cum

120,000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q3 2017 2018 2019 2020 2021 100,000 2019 0 80,000 120,000 J F M A M J J A S O N D J F M A M J J A S O 2020 N D 2020 2021 2021 60,000 120,000 100,000 2019 2019 Average Bankruptcy Cases Filed 40,000 100,000 2020 2019 80,000 Source: United States Bankruptcy Court 2020 2021 80,000 20,000 60,000 2021 S60,000 A L T0 L A K E C H A M B E R 40,000 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 40,000 100 20,000 20,000 U.S. Utah 0

43

7% $0 6% 5% 4% 3% 2% 7% 1%

6% 0% 5% M 202 4% 3% 2% 1% 0% Vaccines Doses by WeekVaccines Doses by Week (Thousands) (Thousands)

M J

32

4/26/21

1/3/22

12/13/21

11/1/21

11/22/21

9/20/21

10/11/21

8/9/21

8/30/21

7/19/21

6/7/21

6/28/21

5/17/21

4/5/21

4/26/21

3/15/21

2/1/21

2/22/21

1/11/21

12/21/20

Confidence Index Confidence Index Index Confidence

40 20,000

200

M A

100 150

60 0

4/5/21 4/5/21

1

Utah Bankruptcy Cases 50 40,000 January 6020 2019 - December 2021

Q3

F

200

3/15/21 3/15/21

2

50

0

O N D J

4/5/21

2,037,834

0 120,000 J 0F 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 A S O N 2021 D J F M A M J J A S O N 2020 2020 2021 100,000 60 2019 2019 Average Airport Passengers Source: State of Utah Unified Response Scorecard 2020 80,000 50 2021 60 40 60,000

400

S

3/15/21

Vaccines Doses by Week Confidence Index (Thousands)

Cumulative Vaccines (Millions)

3

Utah

20 1,500,000 40 0 0 0 0 N Q3D J Q1 F Q2 M AQ3 MQ4J Q1J Q2 A SQ3 OQ4N Q1D Q2 J Q3 F MQ4 AQ1M Q2J Q3 J Q4 A SQ1 OQ1 2020 2021 1,000,000 2017 2018 2019 2020 2021 200 J F M A M J J A S O N D J F M A M J J A S O N D 500,000 2020 2021

N D

A

2/22/21 2/22/21

4

60 200 100 60

U.S.

J

20 Confidence CEO Index, Q1 2017 – Q3 2021 150 200

80 Consumer Confidence U.S. Utah January 2020 - December 2021 80 50 150 60 40 80 40 2,500,000 100 40 20 60 20 2,000,000

M J

2020 2021 Note:2020 Number of vaccines includes date listed 2021 and the following 6 days. 40 Source: Utah Department of Health

2/22/21

Utah

J F M A M J J A S O N D J F M A M J

M A

2022

Cumulative Vaccines Cumulative Vaccines Cumulative Vaccines (Millions) (Millions) (Millions)

U.S.

100

Bankruptcy Cases Filed

60 0

2/1/21 2/1/21

2019 Average

0%

0

1/3/22

2022

F M A M J J A S O N D J F M A M J J A S O N D Source:2020 Utah J F Department M A M Jof Health J A and S OJohn N Hopkins D2021J FUniversity M A M(JHU) J Coronavirus J A S O N D 2021 100 2020 Resource Center

2021

12/13/21

2021

0J

1%

2020

1/11/21 1/11/21

J

Bankruptcy F M A Cases M J Filed J A S O N D J

A S O N D J F M A M J J A S O N1 D J 2021 2022 U.S. Utah J A S O N D J F M A M J J A S O N D J

80 M 0A M J 20

2%

12/21/2012/21/20

2020

A2019S Average O N D J

3%

2/1/21

M A M J

0

A S O N D

2021

J

2020

11/1/21

2020

0%

1/11/21

N D

0% 200 20

4%

100

M 50A M J

11/22/21

2% 2020 2021 40 0 400 1% J F M A M J2019 J Average A S O N D Bankruptcy J F M ACases M Filed J J

1%

9/20/21

A S O N D

10/11/21

J

U.S. Cumulative Case Fatality Rate Utah Cumulative Case Fatality2Rate

8/9/21

A S O N D J F M A M J

150

12/21/20

J

Confidence Index

J F M A M J

3

8/30/21

60

200 3% 600 0

200

7% 2% 60 3%

6% 1% 2% 5% 0% 100 40

Bankruptcy Filed Case Fatality Utah Cases Cumulative 4 Rate

7/19/21

400

200 800 4%

2019 Average

6/7/21

U.S. Cumulative Case Fatality Rate Utah Cumulative Case Fatality Rate

Utah

eek

U.S.

Utah

Cumulative Vaccines (Millions)

600 6% 400 5%80

U.S.

6/28/21

100 7%

5% 6% 4% 80 5% 3% 4%

5/17/21

800 600

J A S O N

7% 2020 2021 Utah Vaccine Doses by Week U.S.Sales Cumulative Case Fatality Rate 0 2019 Average Retail 6% 100 7% J F M A M J J A S O N D J F Utah M ACumulative M J J Case A SFatality O N Rate D December 14, 2020 January 17, 2022 2020 2021 U.S. Cumulative Case Fatality Rate

4/5/21

Airport Passengers

J F M A M J J A S O N D J F M A M J

4/26/21

2021

200$0

$2,000

$1,000

Retail Sales

Source: Utah State Tax Commission

3/15/21

2020 Case Fatality Rate Cumulative 2019 Average 800 March, 2020 - January 2022

January 2021 500,000 2019 - November 2019 Average

J A S O N

2021

$5,000 $5,000 0 J F M A M J J A S O N D J F M A M J J A $4,184 S O N $4,184 $4,000 2020 2021 800 $4,000 2019 Average Airport Passengers $3,000 600 7% $3,000 U.S. Cumulative Case Fatality Rate 6% $2,000 400 Utah Cumulative Case Fatality Rate $2,000 5% $5,000 $1,000 $4,184 4% 200 $1,000 $4,000 3% $0 800 J F M A M J J A S O N 0 $0 J2020F M A M J J A S O N D 2021 2% $3,000 J FJ MF AM MA JM J J AJ SA OS NO DN J D F J MF AM MA JM JJ AJ SA OS O N N D 2019 Average 2021 2021 Retail Sales 1% 2020 2020 600 $2,000 2019 Average Retail Sales 2019marketplace Average Bankruptcy Filed were required to pay 0% As of October 2019, Note: facilitators with a Cases Utah nexus M increasing A M J taxable J A retail S Osales. N D J F M A M J J A S O N D J 400 tax, sales $1,000 2020 2021 2022

2/1/21

J F M A M J J A S O N D J F M A M J J A S O N 2020 2021 J F M A M J 2019 J A Average S O N D J Airport F M APassengers M J J A S O N 2020 2021 1,000,000 $0 2019 Average Airport Passengers 0 J F M A M J J A S O N D J F M A M J J A S O N J 2020 F M A M J J A S O N D J 2021 F M A M J J A S O N D 500,000 2020 2021 2019 Average Retail Sales Source: Salt Lake City International Airport 2019 Average Bankruptcy Cases Filed 0 J F M A M J J A S O N D J F M A M J J A S O N

$3,000

Airport Passengers

2020

2/22/21

2,037,834

2019 Average

1/11/21

$4,184

2021

J F M A M J J A S O N D J F M A M J

12/21/20

2,037,834 2,037,834

200

O N

2020

1,000,000 $0 Taxable Retail Sales (millions) Utah

Vaccines Doses by Week (Thousands)

2,500,000 2,500,000 2,000,000 2,000,000 $5,000 1,500,000 1,500,000 $4,000 800 1,000,000 1,000,000 $3,000 2,500,000 600 500,000 500,000 2,000,000 $2,000 400 0 1,500,000 $1,000 0

A S O N

Vaccines Doses by Week Confidence VaccinesIndex Doses by Week (Thousands)Vaccines Doses by Week (Thousands) (Thousands)

0 SLC International Airport Passengers J F M A M J J A S O N D J F M A M J J 2020 2021 January 2019 - December 2021 2019 Average Airport Passengers

$0 $4,000

J F M A M J J A S O N D J F M A M J J A S O N

1,500,000 $1,000

500,000

34

1

2,000,000 0 $2,000

1,000,000

M

22

1

1


Special thanks to the Roadmap to Prosperity Coalition Investors

“Utah’s economy continues to prosper with a December unemployment rate at an all-time low and two-year job growth that leads the nation.”

Roadmap to Prosperity Investor

Protect the Hive Investor

Scott Parson, Co-Chair

“While Utah’s economy thrives, impacts are still uneven across industries and population groups. As we continue to work together, we can move closer to prosperity for all.”

Innovate Investors

Convener Investor

Mikelle Moore, Co-Chair

Collaborator Investor

Rio Tinto Kennecott

Prepared by the Kem C. Gardner Policy Institute


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