DASHBOARD
January 2024
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.
THREE ESSENTIAL INSIGHTS:
SLC Airport passengers in 2023 topped previous annual record.
1 2 3
More than 26.9 million passengers came through the airport in 2023, beating the 2019 record as airport capacity increased and travel continued its strong post-pandemic recovery.
Year-over inflation falls slightly but remains stubbornly above target rate.
January inflation came in at 3.1%, down from 6.4% one year earlier. Inflation continues to slow, indicating progress toward the Fed’s 2% goal.
Utah’s median home sales price falls to lowest point in 11 months in December.
High interest rates and limited supply continue to slow price increases in Utah’s housing market. January 2023 represented the only month during the previous calendar year reporting a lower median home sales price than December.
SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION
1.0% 1.9% 5.4% US Utah Unemployment Rate MA 3.2% CT 3.8% RI 3.2% NJ 4.8% MD 1.9% DC 5.1% DE 4.2% NH 2.5% VT 2.2% USA 3.7% -0.3% 3.5% Job Growth MA CT RI NJ MD DC DE NH VT 2.1% 1.4% 0.7% 1.5% 1.0% 1.3% 2.0% 1.9% 0.2% USA 1.9% 2.9% 4.5% -14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 1.9% 1.7% 2012 2014 2016 2018 2020 2022 2024 1.9% 3.3% 4.3% 4.2% 3.0% 2.0% 3.0% 3.5% 3.7% 3.4% 3.7% 1.9% 4.5% 5.4% 2.3% 3.2% 3.3% 3.3% 4.3% 3.7% 4.3% 2.8% 3.6% 4.8% 3.3% 3.4% 3.0% 3.4% 4.3% 2.6% 5.1% 3.4% 3.2% 3.2% 2.9% 4.0% 3.5% 3.5% 4.0% 2.8% 3.0% 1.9% 1.1% 3.0% 2.8% 1.9% 1.0% 1.3% 1.9% 2.6% 0.8% 3.5% 1.1% 1.8% -0.3% 0.9% 1.9% 1.1% 1.9% 0.9% 2.9% 2.2% 2.8% 1.1% 2.0% 1.8% 2.9% 1.5% 2.6% 1.7% 2.9% 0.8% 1.9% 2.4% 1.7% 1.7% 1.8% 2.4% 0.6% 1.0% 1.8% Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities -1.7% -0.5% 0.1% 6.3% 2.1% 1.7% 3.0% 4.3% 4.6% 4.0% 2.6% 3.5% Unemployment Rate December 2023 Source: U.S. Bureau of Labor Statistics 1.0% 1.9% 5.4% US Utah Unemployment Rate MA 3.2% CT 3.8% RI 3.2% NJ 4.8% MD 1.9% DC 5.1% DE 4.2% NH 2.5% VT 2.2% USA 3.7% -0.3% 3.5% Job Growth MA CT RI NJ MD DC DE NH VT 2.1% 1.4% 0.7% 1.5% 1.0% 1.3% 2.0% 1.9% 0.2% USA 1.9% 2.9% 4.5% -14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 1.9% 1.7% 2012 2014 2016 2018 2020 2022 2024 1.9% 3.3% 4.3% 4.2% 3.0% 2.0% 3.0% 3.5% 3.7% 3.4% 3.7% 1.9% 4.5% 5.4% 2.3% 3.2% 3.3% 3.3% 4.3% 3.7% 4.3% 2.8% 3.6% 4.8% 3.3% 3.4% 3.0% 3.4% 4.3% 2.6% 5.1% 3.4% 3.2% 3.2% 2.9% 4.0% 3.5% 3.5% 4.0% 2.8% 3.0% 1.9% 1.1% 3.0% 2.8% 1.9% 1.0% 1.3% 1.9% 2.6% 0.8% 3.5% 1.1% 1.8% -0.3% 0.9% 1.9% 1.1% 1.9% 0.9% 2.9% 2.2% 2.8% 1.1% 2.0% 1.8% 2.9% 1.5% 2.6% 1.7% 2.9% 0.8% 1.9% 2.4% 1.7% 1.7% 1.8% 2.4% 0.6% 1.0% 1.8% Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities -1.7% -0.5% 0.1% 6.3% 2.1% 1.7% 3.0% 4.3% 4.6% 4.0% 2.6% 3.5%
Labor
Year-Over Job Change December 2023
Source: U.S. Bureau of
Statistics
Utah Year-Over Job Change by Industry
November 2023
Year-Over Job Change
November 2010 – November 2023
Financial Activities
Other Services Government
Education/Health Services
Leisure/Hospitality Services
Natural Resources
Professional/Business Services Trade/Transportation/Utilities
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
Source: Ivory-Boyer
2.4% 6.0% Unemployment Rate 2.7% Summit 4.2% Wayne 3.0% Washington 2.6% Wasatch 2.9% Utah 3.3% Uintah 3.0% Tooele 2.9% Sevier 3.1% Sanpete 4.2% San Juan 5.3% Piute 2.5% Millard 3.0% Kane 2.7% Juab 2.8% Iron 3.5% Grand 6.0% Garfield 3.1% Emery 3.1% Duchesne 3.9% Carbon 2.6% Box Elder 3.2% Beaver 2.4% Cache 2.7% Rich 3.0% Weber 2.6% Davis 2.4% Morgan 3.9% Dagget Utah Unemployment Rate
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 M A M J A S O N D M M A J J A S O N A M J J A S O N D F M A M J $473,880 68% 69% 70% 69.3% 68.3% D Source: UtahRealEstate.com $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) $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 A M J J A S O N D F M A M J M F J 2020 A M J J A S O N D J 2021 F F F M A M J J A S O N M A M J J O N D M A M J J A O S A S D N J 2022 J 2023 D U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.3% 62.5% 68.3% 60.2% 67.4% 63.4%
December 2023
of Construction in Utah
–June
Construction Database Value
March 2020
2023
Home Sales Price January 2020 – December 2023 1.9% 5.4% US Utah Unemployment Rate MA 3.2% CT 3.8% RI 3.2% NJ 4.8% MD 1.9% DC 5.1% DE 4.2% NH 2.5% VT 2.2% USA 3.7% Job Growth 2.9% 4.5% -14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 1.9% 1.7% 2012 2014 2016 2018 2020 2022 2024 3.3% 4.3% 4.2% 3.0% 2.0% 3.0% 3.5% 3.7% 3.4% 3.7% 1.9% 4.5% 5.4% 2.3% 3.2% 3.3% 3.3% 4.3% 3.7% 4.3% 2.8% 3.6% 4.8% 3.3% 3.4% 3.0% 3.4% 4.3% 2.6% 5.1% 3.4% 3.2% 3.2% 2.9% 4.0% 3.5% 3.5% 4.0% 2.8% 3.0% 1.0% 1.8% Leisure/Hospitality Professional/Business Trade/Transportation/Utilities
Utah Median
1.0% 5.4% 3.2% 3.8% 3.2% 4.8% 1.9% 5.1% 4.2% 2.5% 2.2% 3.7% -0.3% 3.5% Job Growth MA CT RI NJ MD DC DE NH VT 2.1% 1.4% 0.7% 1.5% 1.0% 1.3% 2.0% 1.9% 0.2% USA 1.9% 1.9% 1.7% 2024 1.9% 3.2% 1.9% 1.1% 3.0% 2.8% 1.9% 1.0% 1.3% 1.9% 2.6% 0.8% 3.5% 1.1% 1.8% -0.3% 0.9% 1.9% 1.1% 1.9% 0.9% 2.9% 2.2% 2.8% 1.1% 2.0% 1.8% 2.9% 1.5% 2.6% 1.7% 2.9% 0.8% 1.9% 2.4% 1.7% 1.7% 1.8% 2.4% 0.6% 1.0% 1.8%
Total Construction Manufacturing Information
-1.7% -0.5% 0.1% 6.3% 2.1% 1.7% 3.0% 4.3% 4.6% 4.0% 2.6% 3.5%
U.S. Bureau of Labor Statistics
Source:
Source: Kem C. Gardner Policy Institute
U.S. Bureau of Labor Statistics
Utah Bankruptcy Cases January 2020 - January 2024
Note: The y-axis starts at 60% to better illustrate changes in the labor force participation rate
Source: U.S. Bureau of Labor Statistics
January 2020 - November 2023
Note: As of October 2019, marketplace facilitators with a Utah nexus were required to pay sales tax, increasing taxable retail sales.
Source: United States Bankruptcy Court
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 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 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 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 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 J ’23 F M M A M J J A S O N D 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 J A S O N A M J J A S O N D F M A M J M J J A S O N D F M A M J J A S O N D $473,880 M A M J J A S O N M F J 2020 A M J J A S O N D J 2021 F F F M A M J J A S O N M A M J J O N D M A M J A O S A S D N 2022 J 2023 D U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.3% 62.5% 68.3% 60.2% 67.4% 63.4% D
SALT
ROADMAP
Utah Taxable Retail Sales
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 J 2020 F M J J A S O N D J 2021 F M A M A M 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 2022 J 2023 F Millions 0 0.5 1.0 1.5 2.0 2.5 J 2020 F M J A S O N D 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 J ’23 F M M A M J J A S O N D M A M J J A S O N A D F M M J J A S O N A M A M A S O N D M M A J J A S O N A M J J A S O N D J F M A M J M J J A S O N D F M A M J J A S O N D $473,880 M A M A S O N M F J 2020 A M J A S O N D J 2021 F F F M A M J J A S O N M A M J J O N D M A M J J A O S A S D N J 2022 J 2023 D U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.3% 62.5% 68.3% 60.2% 67.4% 63.4% D Labor Force Participation Rate January 2020 – December 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 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 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 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 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 J ’23 F M M A M J J A S O N D 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 J A S O N A M J J A S O N D F M A M J M J J A S O N D F M A M J J A S O N D $473,880 M A M J J A S O N M F J 2020 A M J J A S O N D J 2021 F F F M A M J J A S O N M A M J J O N D M A M J A O S A S D N 2022 J 2023 D U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.3% 62.5% 68.3% 60.2% 67.4% 63.4% D
International Airport Passengers January
- December 2023
Sentiment
2020 – January 2024
Inflation Consumer Price Index Year-Over Change January
- January
Recession 2003 2008 2013 2018 2023 -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 3.1% U.S. Utah Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 0 20 40 60 80 100 79.0 81.3 Recession 2003 2008 2013 2018 2023 -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 3.1% Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23
Source: Utah State Tax Commission Source: Salt Lake City International Airport
SLC
2020
Consumer
October
U.S.
2000
2024
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) 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 J 2020 F M J A S O N D J 2021 F M A M A M 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 J ’23 F M M A M J J A S O N D 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 J A S O N A M J J A S O N D F M A M J M J J A S O N D F M A M J J A S O N D $473,880 M A M J J A S O N M F J 2020 A M J J A S O N D J 2021 F F F M A M J J A S O N M A M J J O N D M A M J J A O S A S D N J 2022 J 2023 D U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.3% 62.5% 68.3% 60.2% 67.4% 63.4% D