DASHBOARD
July 2023
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:
Inflation cools to 3%.
Since peaking at 9.1% in June 2022, inflation has steadily declined in response to the Fed’s aggressive rate hikes, yet it remains higher than the Fed’s target rate.
Unemployment Rate
Unemployment Rate
Consumer sentiment takes a leap.
1 2 3
Greater price stability and a robust labor market show signs of a resilient economy, boosting overall sentiment both statewide and nationally.
Job Change
Job Change
Year-Over Percent Change
Change by Industry
Utah’s labor force participation rate continues upward trend. Nationally, the labor force participation rate stagnated, yet in Utah it continues to grow due to a strong economy and increasing wages.
Year-Over Percent Change
Year-Over Job Change
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Labor Statistics
Year-Over Job Change
Year-Over Job Change
SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION
Unemployment Rate June 2023 Source: U.S. Bureau of Labor Statistics Source: U.S. Bureau of Labor Statistics
2.5% 3.3% 3.8% 2.7% 1.8% 3.1% 3.8% 3.5% 2.7% 3.4% 2.0% 3.9% 5.4% 1.9% 2.4% 2.6% 3.1% 3.6% 3.6% 3.8% 2.8% 3.2% 4.0% 2.7% 3.0% 3.2% 2.6% 2.6% 3.5% 3.7% 2.2% 4.6% 2.8% 2.7% 2.4% 2.9% 3.5% 3.3% 3.2% 4.1% 2.4% 3.1%
June 2023
3.5% 2.4% 1.9% 2.9% 3.0% 3.6% 2.4% 1.9% 2.4% 2.3% 4.4% 2.7% 2.1% 1.3% 1.8% 2.8% 2.7% 2.1%2.1% 3.5% 2.6% 2.6% 3.8% 3.2% 2.4% 2.6% 2.6% 3.4% 1.8% 1.4% 3.2% 4.1% 2.7% 2.7% 4.8% 2.2% 2.4% 1.5% 3.4% 1.8% 1.6% 2.3%
Utah
Job Change by Industry
Source: U.S. Bureau of Labor Statistics
June 2023 June 2023 1.8% Unemployment Rate 5.4% USA CT DC DE MA MD NH NJ RI VT 3.6% 3.7% 5.1% 4.2% 2.6% 2.0% 1.8% 3.7% 2.9% 1.9% Job Growth USA -0.1% 2.5% 3.3% 3.8% 2.7% 1.8% 3.1% 3.8% 2.7% 3.4% 2.0% 3.9% 5.4% 1.9% 2.4% 2.6% 3.1% 3.6% 3.6% 3.8% 2.8% 3.2% 4.0% 2.7% 3.0% 3.2% 2.6% 2.6% 3.5% 3.7% 2.2% 2.8% 2.7% 2.4% 2.9% 3.5% 3.3% 3.2% 4.1% 2.4% 3.1%
3.5% 2.4% 1.9% 2.9% 3.0% 3.6% 2.4% 1.9% 2.4% 2.3% 4.4% 2.7% 2.1% 1.3% 1.8% 2.8% 2.7% 2.1%2.1% 3.5% 2.6% 2.6% 3.8% 3.2% 2.4% 2.6% 2.6% 3.4% 1.8% 1.4% 3.2% 4.1% 2.7% 2.7% 4.8% 2.2% 2.4% 1.5% 3.4% 1.8% 1.6% 2.3%
Bureau of Labor Statistics
June 2023 1.8% Unemployment Rate 5.4% USA CT DC DE MA MD NH NJ RI VT 3.6% 3.7% 5.1% 4.2% 2.6% 2.0% 1.8% 3.7% 2.9% 1.9% Job Growth USA CT DC DE MA MD NH NJ RI VT 2.4% 1.3% 2.0% 3.6% 2.5% 2.2% 2.5% 2.6% -0.1% 1.2% -0.1% 4.8%
Source: U.S. Bureau of Labor Statistics
Utah Year-Over Job Change by Industry
Utah Job Change by Industry
June 2023
Note: From March to December 2021, a 2-year change is used due to the drastic changes in employment beginning March 2020.
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Labor Statistics
Year-Over Job Change
Year-Over Job Change
November 2010 – June 2023
Note: Large year-over job change in April 2021 is in ated due to the high in April 2020.
Source: U.S. Bureau of Labor Statistics
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: U.S. Bureau of Labor Statistics
Utah Unemployment Rate
Note: From March to December 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
Value of Construction in Utah
Note: Large year-over job change in April 2021 is in ated due to the high job losses in April 2020.
Source: U.S. Bureau of Labor Statistics
Value of Construction in Utah
March
Source: Ivory-Boyer Construction Database
Source: Ivory-Boyer Construction Database
Utah Median Home Sales Price
Utah Median Home Sales Price
Source: UtahRealEstate.com
Utah Bankruptcy Cases
Source: United States Bankruptcy Court
Utah Unemployment Rate June 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 M 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 66% 67% 68% 69% 69.6% 68.3% 67.4% M A M J J A S O N D A M A M J J A S O N D J $490,000 Source: UtahRealEstate.com Value of Construction in Utah March 2020 –January 2023 Utah Median Home Sales Price January 2020 – May 2023 1.9% 5.4% 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% 2.4% 3.2% Unemployment Rate MA 3.3% CT 3.8% RI 3.0% NJ 3.5% MD 2.5% DC 5.0% DE 4.3% NH 2.1% VT 2.4% USA 3.4% Job Growth 3.3% 3.7% 2.4% 3.3% 4.3% 3.1% 1.9% 3.1% 4.1% 4.0% 2.9% 3.7% 2.1% 4.0% 5.4% 2.0% 2.3% 2.5% 3.4% 3.8% 3.6% 3.7% 2.9% 3.0% 4.2% 2.6% 3.1% 2.6% 2.8% 3.4% 2.2% 4.5% 2.8% 2.7% 2.4% 2.8% 3.5% 3.4% 3.3% 4.0% 2.3% 3.5% 2.3% 2.2% Education/Health Leisure/Hospitality Professional/Business Trade/Transportation/Utilities
Utah Department of Workforce Services
Source:
2.3% Summit 2.3% Salt Lake 3.8% Wayne 2.3% Washington 2.2% Wasatch 2.3% Utah 3.1% Uintah 2.4% Tooele 2.5% Sevier 2.6% Sanpete 3.6% San Juan 4.1% Piute 2.1% Millard 2.3% Kane 2.2% Juab 2.4% Iron 2.8% Grand 5.3% Gar eld 2.9% Emery 2.6% Duchesne 3.5% Carbon 2.2% Box Elder 2.7% Beaver
1.9% 5.3% United States Utah Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities 10.3% -0.7% 1.6% 2.7% 4.8% 9.0% 2.7% 5.1% 3.2% 7.1% 2.0% 0.1%
2012 2014 2016 2018 2020 2022 2024 -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% 3.2% 2.4%
Year-over-year
Apr-20 Jun-20 Aug-20 Oct-20 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 $ $500 $1,000 $1,500 $ Millions
2020 to January 2023 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23
October-2020 to June-2023 Consumer
U.S. Inflation Consumer Price Index Year-over Change Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 $ $200 $400 $600 Sales Price ($ Thousands) $490,000 Jan-20 to May-23 8.0% 1/1/2000 to 6/30/2023 June 2023 June 2023 Residential Non-residential Other 2.5% Weber Davis Morgan Dagget 2.3% Rich 2.2% 1.9% 3.5% 2.0% Cache 1.9% 5.3% Unemployment Rate Source: Utah Department of Workforce Services
Confidence
2.3% Summit 2.3% Salt Lake 3.8% Wayne 2.3% Washington 2.2% Wasatch 2.3% Utah 3.1% Uintah 2.4% Tooele 2.5% Sevier 2.6% Sanpete 3.6% San Juan 4.1% Piute 2.1% Millard 2.3% Kane 2.2% Juab 2.4% Iron 2.8% Grand 5.3% Gar eld 2.9% Emery 2.6% Duchesne 3.5% Carbon 2.2% Box Elder 2.7% Beaver
5.3% United States Utah Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities 10.3% -0.7% 2.7% 9.0% 2.7% 5.1% 7.1% 2.0% 0.1% 2012 2014 2016 2018 2020 -14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% Source: United States Bankruptcy Court
Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 $ $500 $1,000 $1,500 $ Millions Source: UtahRealEstate.com
Utah Bankruptcy Cases March 2020 to January 2023
Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 $ $200 $400 $600 Sales Price ($ Thousands) Jan-20 to May-23 June 2023 Residential Non-residential Other 2.5% Weber Davis Morgan Dagget 2.3% Rich 2.2% 1.9% 3.5% 2.0% Cache 1.9% 5.3% Unemployment Rate F 2020 $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 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 3 4 5 Billions) Millions 1.5 2.0 2.5 0 200 400 600 800 900 J 2020 F M 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 69.1% 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
Consumer Confidence
October 2020 – June 2023
Source: Kem C. Gardner Policy Institute
Labor Force Participation Rate
January 2020 – June 2023
Note: The y-axis starts at 50% to better illustrate changes in the labor force participation rate
Source: United States Bankruptcy Court
Utah Taxable Retail Sales
January 2020 - May 2023
U.S. Inflation Consumer Price Index Year-Over Change
January 2000 - June 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
Source: Bureau of Labor Statistics
Utah Bankruptcy Cases
January 2020 - June 2023
Source: United States Bankruptcy Court
SLC International Airport Passengers
January 2020 - June 2023
Source: Salt Lake City International Airport
TO RECOVERY COALITION
SALT LAKE CHAMBER 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 M F J ‘23 M F J 2020 A M J J A S O N D J 2021 F F F M A M 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 M A M 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% 69.6% 62.6% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N A M J D F M M J J A S O N A M A M J J A S O N D A M A M J J A S O N D F M A J M $490,000
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 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% 3.0% 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 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% 3.0% Recession 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 ‘23 M F J 2020 A M J J A S O N D J 2021 F F F M A M 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 M A M 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% 69.6% 62.6% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N A M J D F M M J J A S O N A M A M J J A S O N D A M A M J J A S O N D F M A J M $490,000 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 ‘23 M F J 2020 A M J J A S O N D J 2021 F F F M A M 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 M A M 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% 69.6% 62.6% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N A M J D F M M J J A S O N A M A M J J A S O N D A M A M J J A S O N D F M A J M $490,000 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 ‘23 M F J 2020 A M J J A S O N D J 2021 F F F M A M 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 M A M 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% 69.6% 62.6% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N A M J D F M M J J A S O N A M A M J J A S O N D A M A M J J A S O N D F M A J M $490,000