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 is 3rd lowest in the nation.
Utah’s unemployment rate remained unchanged at 2.4%, among the lowest rates of any state nationally. The U.S. unemployment rate edged slightly higher from February to March, up to 3.6% from 3.4%.
Unemployment Rate
Inflation slows but remains stubbornly high.
Since peaking in June at 9.1%, inflation has lessened each month but remains high at 6.0%. The current rate is three times greater than the target inflation range, indicating ongoing efforts to moderate price increases.
Year-Over Job Change
January 2023
Home prices continue to moderate.
Utah’s median home sales price reached an all-time high last May but has fallen 7 of the last 8 months as rising interest rates have tampered demand. The current median home price of $455,000 is about $80,000 lower than May’s peak.
Source: U.S. Bureau of Labor Statistics
SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION 1 2 3 THREE ESSENTIAL INSIGHTS: 3.9% 3.4% 0.7% 6.2% 3.6% 3.8% 2.1% 5.5% 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% 2.8% 2.9% Unemployment Rate MA 3.6% CT 3.9% RI 3.1% NJ 3.4% MD 3.0% DC 4.4% DE 4.6% NH 2.8% VT 2.9% USA 3.6% Job Growth MA CT RI NJ MD DC DE NH VT 3.3% 2.2% 1.8% 3.3% 1.5% 2.0% 3.2% 3.5% 2.2% USA 2.9% 2.9% 3.9% 4.6% 3.2% 2.1% 3.2% 4.3% 4.8% 3.1% 4.0% 2.1% 4.2% 5.5% 2.5% 2.5% 2.7% 3.9% 4.3% 3.5% 3.9% 2.9% 3.1% 4.5% 2.7% 3.1% 2.6% 3.4% 3.8% 2.6% 4.2% 2.8% 3.0% 2.9% 2.9% 3.5% 3.8% 3.5% 3.9% 2.4% 3.9% 4.1% 3.1% 2.7% 3.0% 3.2% 3.6% 3.0% 1.5% 2.4% 3.7% 6.2% 2.4% 2.8% 1.7% 2.4% 2.0% 3.7% 2.7% 2.7% 3.4% 3.6% 4.7% 3.3% 3.2% 2.6% 2.4% 1.8% 0.7% 2.8% 5.1% 4.1% 3.5% 3.0% 3.0% 2.4% 2.3% 2.6% 2.5% 2.1% 3.5% -2.6% 6.0% 1.7% 5.6% 4.7% 2.3% 2.0% 4.4% 8.6% 3.9% 2.4% Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities
February 2023
January 2023
U.S. Bureau of Labor Statistics 3.6% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 -12% -6% -2% 4% 6% 12% CT MD 3.0% DE NH CT MD DE NH 1.5% 3.1% 3.1% 3.0% 3.2% 3.3% 2.6% -2.6% 8.6% Education/Health Services Natural Resources
Source:
Utah Year-Over Job Change by Industry
January 2023
Year-Over Job Change November 2010 – January 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
2.0% 6.6 % Unemployment Rate 2.2% Summit 4.8% Wayne 2.7% Washington 2.4% Wasatch 2.4% Utah 3.4% Uintah 2.8% Tooele 3.0% Sevier 2.9% Sanpete 4.3% San Juan 2.5% Salt Lake 4.9% Piute 2.4% Millard 2.9% Kane 2.0% Juab 2.6% Iron 3.5% Grand 6.6% Garfield 3.2% Emery 3.1% Duchesne 3.5% Carbon 2.4% Box Elder 2.8% Beaver 2.2% Cache 2.1% Rich 2.5% Weber 2.3% Davis 2.0% Morgan 4.3% Dagget Utah Unemployment Rate January 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 J ‘23 $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 67% 68% 69% 68.6% 68.3% 67.4% M A M J J A S $455,000 O N D A M J J A S O N D J 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 D M A M J J A O S A S D N J 2022 J ‘23 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% 68.6% 62.4% 68.3% 60.2% 67.4% 63.4% A M J J A S O N D J Source: Ivory-Boyer Construction Database
of Construction in Utah March 2020 –January 2023 Utah Median Home Sales Price January 2020 – January 2023 3.6% 3.8% 2.1% 5.5% 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% 2.8% 2.9% Unemployment Rate MA 3.6% CT 3.9% RI 3.1% NJ 3.4% MD 3.0% DC 4.4% DE 4.6% NH 2.8% VT 2.9% USA 3.6% Job Growth 2.9% 3.9% 4.6% 3.2% 2.1% 3.2% 4.3% 4.8% 3.1% 4.0% 2.1% 4.2% 5.5% 2.5% 2.5% 2.7% 3.9% 4.3% 3.5% 3.9% 2.9% 3.1% 4.5% 2.7% 3.1% 2.6% 3.4% 3.8% 2.6% 4.2% 2.8% 3.0% 2.9% 2.9% 3.5% 3.8% 3.5% 3.9% 2.4% 3.9% 3.5% Leisure/Hospitality Professional/Business Trade/Transportation/Utilities
Value
3.9% 3.4% 0.7% 6.2% 5.5% 2023 2.8% 2.9% 3.6% 3.9% 3.1% 3.4% 3.0% 4.4% 4.6% 2.8% 2.9% 3.6% Job Growth MA CT RI NJ MD DC DE NH VT 3.3% 2.2% 1.8% 3.3% 1.5% 2.0% 3.2% 3.5% 2.2% USA 2.9% 4.1% 3.1% 2.7% 3.0% 3.2% 3.6% 3.0% 1.5% 2.4% 3.7% 6.2% 2.4% 2.8% 1.7% 2.4% 2.0% 3.7% 2.7% 2.7% 3.4% 3.6% 4.7% 3.3% 3.2% 2.6% 2.4% 1.8% 0.7% 2.8% 5.1% 4.1% 3.5% 3.0% 3.0% 2.4% 2.3% 2.6% 2.5% 2.1% 3.5% -2.6% 6.0% 1.7% 5.6% 2.8% 4.7% 2.3% 2.0% 4.4% 8.6% 3.9% 2.4% Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities Source: U.S. Bureau of Labor Statistics
Consumer Confidence October 2020 – February 2023
Labor Force Participation Rate January 2020 – January 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 - December 2022
U.S. Inflation Consumer Price Index Year-Over Change
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 - February 2023
SLC International Airport Passengers
January 2020 - February 2023
Source: Salt Lake City International Airport
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 J ‘23 M F J 2020 A M J J A S O N D J 2021 F F M A M J J O N D M A M J J A O S A S D N J 2022 J ‘23 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 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 ‘23 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 A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 68.6% 62.4% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N D F M M J J A S O N A M A M J J A S $455,000 O N D A M J J A S O N D
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 J ‘23 M F J 2020 A M J J A S O N D J 2021 F F M A M J J O N D M A M J J A O S A S D N J 2022 J ‘23 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 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 ‘23 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 A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 68.6% 62.4% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N D F M M J J A S O N A M A M J J A S $455,000 O N D A M J J A S O N D J
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 J ‘23 M F J 2020 A M J J A S O N D J 2021 F F M A M J J O N D M A M J J A O S A S D N J 2022 J ‘23 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 2 4 5 Retail Sales ($ Billions) M A M J A S O 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 D J ‘23 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 A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 68.6% 62.4% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N D F M M J J A S O N A M A M J J A S $455,000 O N D A M J J A S O N D
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 A O S D N J 2022 J 2023 U.S. Utah 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 10% 6.0% 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 A O S D N J 2022 J 2023 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 10% 6.0% Recession Source: Kem C. Gardner Policy Institute
Bureau of Labor Statistics
United States Bankruptcy Court
January 2000 - February 2023
Source:
Source:
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 J ‘23 M F J 2020 A M J J A S O N D J 2021 F F M A M J J O N D M A M J J A O S A S D N J 2022 J ‘23 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 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 ‘23 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 A M J J A S O N D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 68.6% 62.4% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N D F M M J J A S O N A M A M J J A S $455,000 O N D A M J J A S O N D J