Construction Construction
6.6% 6.6%
Manufacturing Manufacturing
3.9% 3.9% 12.3% 12.3%
Information Information Financial FinancialActivities Activities -0.5% -0.5% 7.3% 7.3%
Leisure Leisure&&Hospitality Hospitality 3.8% 3.8%
Other OtherServices Services
2.1% 2.1%
Government Government
3.5% 3.5%
Education/Health Education/HealthServices Services
14.9% 14.9%
Natural NaturalResources Resources Professional/Business -0.2% Professional/BusinessServices Services -0.2% 3.7% 3.7%
Trade/Transportation/Utilities Trade/Transportation/Utilities
DASHBOARD 12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% -2% -2% -4% -4% -6% -6% -8% -8% -10% -10% -12% -12% -14% -14%
June 2022
4.5% 4.5% 3.5% 3.5%
The Road to Prosperity Dashboard tracks Utah’s economic outlook. The Dashboard, which is updated monthly, provides essential insights, 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 tracks timely and leading US Utah US Utah measures, and shares salient indicators. THREE ESSENTIAL INSIGHTS:
1
Utah’s unemployment rate ranks second in the nation. Utah’s May unemployment rate of 2.0% is the second lowest in the nation, tied with Minnesota and closely trailing Nebraska.
2
3
Utah home prices continue to rise. Utah’s home prices have risen drastically over the last year with a median home sale price of $535,000 in April 2022.
Unemployment Rate May 2022
Consumer confidence falls in Utah. With some minor fluctuations, consumer confidence in Utah has been declining over the last several months. May’s consumer confidence is the lowest since data collection began in October 2020.
Year-Over Job Change May 2022
3.9% 3.9%
4.7% 4.7% 2.4% 2.4%
3.6% 3.6% 2.5% 2.5%
2.6% 2.6% 2.3% 2.3%
4.3% 4.3% 1.9% 1.9%
4.3% 4.3% 3.2% 3.2%
3.5% 3.5%
5.1% 5.1%
2.7% 2.7%
4.7% 4.7%
3.0% 2.7% 2.7% 3.0% 4.0% 4.0% 4.0% 4.0% 3.0% 3.0%
Source: U.S. Bureau of Labor Statistics
S A LT L A K E C H A M B E R
2.0% 2.0%
2.6% 2.6% 1.8% 1.8%
1.9% 1.9%
USA USA 3.6% 3.6% VT 2.3% VT 2.3% NH 2.1% NH 2.1% MA 3.9% MA 3.9% CT 4.2% CT 4.2% RI 2.9% RI 2.9% NJ 3.9% NJ 3.9% MD 4.0% MD 4.0% DC 5.7% DC 5.7% DE 4.5% DE 4.5%
2.2% 2.2%
7.4% 7.4%
3.5% 3.5%
5.1% 5.1%
3.5% 3.5%
4.8% 4.8%
4.8% 4.8%
3.7% 3.7%
5.3% 5.3% 3.5% 3.5%
2.1% 2.1%
2.1% 2.1% 4.3% 4.3%3.5% 4.0% 3.5% 4.0% 3.2% 1.4% 3.2% 1.4% 2.3% 2.3% 2.6% 2.6% 3.6% 3.6% 2.5% 2.5% 2.6% 2.6% 3.3% 3.3% 2.2% 2.2% 5.2% 5.2% 2.6% 2.6% 6.1% 6.1% 2.2% 2.2% 5.4% 5.4%
2.5% 2.5%
4.2% 4.2%
Unemployment 1.9% UnemploymentRate Rate 1.9%
2.1% 2.1% 1.8% 1.8%
2.7% 2.7%
4.4% 4.4% 4.6% 4.6%
3.9% 3.9% 2.2% 4.6% 4.6%2.2% 3.5% 3.5% 2.3% 2.3% 3.0% 3.0% 3.1% 3.1% 3.8% 3.8% 3.4% 3.4% 3.3% 3.3% 2.8% 2.8% 3.2% 3.2% 3.3% 3.3% 4.2% 4.2%
3.0% 3.0%
4.5% 4.5%
2.9% 2.9%
3.2% 3.2%
4.9% 4.9% 2.0% 2.0%
3.2% 3.2%
2.0% 2.0%
USA USA 4.5% 4.5% VT 1.5% VT 1.5% NH 2.8% NH 2.8% MA 4.7% MA 4.7% CT 2.6% CT 2.6% RI 3.3% RI 3.3% NJ 5.1% NJ 5.1% MD 2.9% MD 2.9% DC 4.4% DC 4.4% DE 1.8% DE 1.8%
3.7% 3.7% 5.7% 5.7%
Job JobGrowth Growth
1.4% 1.4%
7.4% 7.4%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION
E
Year-Over Job Change November 2010 – May 2022
Utah Year-Over Job Change by Industry May 2022 3.5%
Total
6.6%
Construction
3.9%
Manufacturing
12.3%
Information Financial Activities -0.5% 7.3%
Leisure & Hospitality 3.8%
Other Services
2.1%
Government
3.5%
Education/Health Services
14.9%
Natural Resources
12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% -14%
3.5%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 US Utah
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
Utah Unemployment Rate May 2022
Consumer Confidence October 2020 – May 2022
3.7%
Trade/Transportation/Utilities
3.5%
2022
1.9% Wasatch
1.8% Utah
2.3% Beaver
3.0%
2.1%
2.3% 2.1% 3.9% 4.2% 2.9% 3.9% 4.0% 5.7% 4.5%
7.4%
1.9%
3.5%
5.1%
3.5%
1.6%
4.8%
4.8%
1.8%
1.9% Kane 2.1% 2.2%
D
J F M A2.6% M J J D 2021 J 2.4% F M A M 2.0% J J 2021
2.3%
3.2%
A S A S
O O
5.2%
Source: Utah Department of Workforce Services2.2% 5.4%
5.5%
4.0% 4.0%
2.7% 3.0%
4.7%
F
M3.2%A M A
M M
3.0%
USA 3.6% VT NH MA CT RI NJ MD DC DE
2.3% 2.1% 3.9% 4.2% 2.9% 3.9% 4.0% 5.7% 4.5%
USA 4.5% 1.5% 2.8% 4.7% 2.6% 3.3% 5.1% 2.9% 4.4% 1.8%
2020
Unemployment Rate 1.9% 00
Q1Q1 Q2 Q2 Q3 Q3 2019 2019
Q4 Q4
5.7%
Q1 Q1
Q2 Q2 Q3 Q3 2020 2020
Q4 Q4
Q1 Q1
Q2 Q3 2021
Q4 Q4
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 economy will improve Source: Salt Lake Chamber’s CEOutlook, Kem C. Gardner Policy Institute, and Utah Bureau of Labor Statistics
3.7% 5.7%
S A LT L A K E C H A M B E R
Job Growth
1.4%
4.
5.1%
4.2%
5.3%
VT NH MA CT RI NJ MD DC DE
4.6% 3.9% 3.5% 3.0% 3.8% 3.4% 3.3% 3.3%
4.6% 2.2% 3.1%
J
J F 2022 2022
4.4%
4040
2.0% 4.3% San Juan
3.7%
D D
4.3%
2.8% 3.2% 4.2%
N N
2.9% 2.7%
2.3%
5.1%
6060 5050
2.2% 2.6%
1.9%
CEO Confidence Index 2.0% 3.5% 4.3% Q1 2019 – Q4 2021 80 80
3.5% 2.1% 4.3% 3.5% 4.0% 3.2% 1.4% 2.3% 2.6% 3.6% Unemployment Rate 2.5% 2.6% 3.3%
2.5%
N
4.9%
2.8% Grand
2.8% Emery
5.5% Garfield 2.6%
6.1%
N
Source: Kem C.2.5% Gardner Policy Institute
3.8% Wayne
1.8%
2.7%
2.1% Washington
O 2020
3.2%
3.6% Piute
4.5%
3.9%
0O
3.6% 2020
2.3% Sanpete 2.4% Sevier
Utah Utah
3.7% Uintah
3.1% Carbon
2.0% Millard
4.7%2.2% Iron
3.1% Duchesne
0
1.6% Juab
U.S. U.S.
50 50
1.8% Summit
2.0% Salt Lake
2.2% Tooele
100 100
1.7% Cache 2.0% Rich 2.1% Weber 1.8% Davis 1.6% Morgan 4.0% Dagget
1.8% Box Elder
3.6%
Trad
4.5%
Professional/Business Services -0.2%
4.5%
Profes
7.4%
ROADMAP TO RECOVERY COALITION
Job G
$1,500 $1,500 $1,500 $1,500 $1,500
Millions $$Millions Millions $ Millions $$Millions
$1,000 $1,000 $1,000 $1,000
Utah Median Home Sales Price January 2020 – April 2022
Residential Residential Residential Residential
Non-residential Non-residential Non-residential Non-residential
Other Other Other Other
Residential
Non-residential
Other
$1,000 $500 $500 $500 $500 $500
$0 $0 M M JJ JJ AA SS O O NN DD JJ FF M M JJ JJ AA SS O O NN DD JJ FF M M M AA M M AA M 2021 2022 $0 2020 2021 2022 $0 M2020 A M J J A S O N D J F M A M J J A S O N D J F M 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 2020 2021 2022 2020 2022 Source:$0 Ivory-Boyer Construction Database 2021 M A M J J A S O N D J 2020
F M A M J J A S O N D J F M
2021
68.3% 68.3% 69% 68% 69% 68.3% 68% 68.3% 68% 69% 67% 68% 68.3%67.4% 67.4% 67% 67.4% 67% 68% 66% 67.4% 67% 66%
68.0% 68.0% 68.0% 68.0% 68.0%
67.4%
60% 60% 61% 60%
2021 2021
2022 2022
2020
2021
2022
F M A M J J A S O N D J F M A
Utah Bankruptcy Cases 900 900 January 2020 - May 2022 900 900 800 900 800 800 800 600 600 800 600 600 400 400 600
65% 66% 63.4% 64% 65% 64% 63.4% 64% 65% 63% 64% 63.4% 63% 63.4% 63% 64% 62% 63% 63.4% 62% 62% 63% 61% 62% 61% 60% 61% 60% 62% 61%
FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA
2020 2020
$0UtahRealEstate.com Source: F M A M J J A S O N D J
2022
Labor Force Participation Rate January 2020 – May 2022 69% 69%
66% 67% 65% 66% 65%
$600 $600 $534,807 $534,807 $600 $600 $500 $534,807 $500 $534,807 $600 $500 $500 $534,807 $400 $400 $500 $400 $400 $300 $300 $400 $300 $300 $200 $200 $300 $200 $200 $100 $100 $200 $100 $100 $0 $0 M AA M M JJ JJ AA SS O O NN DD JJ FF M M AA M M JJ JJ AA SS O O NN DD JJ FF M M AA $100 FF M 2020 2021 2022 2021 2022 $0 $0 2020
Sales Price thousands) Sales Price ($thousands) thousands) Sales Price ($ SalesSales Price Price ($ thousands) ($($thousands)
Value of Construction in Utah March 2020 – March 2022
U.S. U.S. 60.2% 60.2% JJ FF M A M J J A S O N D J F M A M JJ JJ AA SS M A 60.2% M J J A S O N D J F M A M U.S. U.S. 60.2% 2020 2021 2020
2021
2020 2020
2021 2021
62.3% 62.3% 62.3% 62.3%
400 400 200 200 400
62.3% Utah Utah O Utah O NN DD JJ FF M M AA M M Utah
200 200 0 0 200
JJ FF 00 2020 2020 JJ FF 2020 0 2020 J F
2022 2022
JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM U.S. JJ JJ AA SS OUtah O NN DD JJ FF MM AA MM 60.2% 2022 2022
M O NN DD JJ FF M M JJ JJ AA SS O O NN DD JJ FF M M M AA M M JJ JJ AA SS O M AA M M AA M 2021 2022 2021 2022 MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM 2021 2022 2021
2022
2021
2022
Source: United States Bankruptcy Court
Utah 5 5 Taxable Retail Sales January 2020 - March 2022 55
2.5 2.5International Airport Passengers SLC 2.5 2.5 January 2020 - April 2022
4 4 5 44 3 34
2020
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
2.0 2.0 2.5 2.0 2.0 Millions Millions Millions Millions Millions
Retail Sales Billions) Retail Sales Billions) Retail Sales ($($Billions) Retail Retail Sales Sales ($ Billions) ($($Billions)
J F 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 2021 changes in the labor force participation 2022 Note: The2020 y-axis starts at 60% to better illustrate rate Source: United States Bankruptcy Court
33 2 23 22 12 1 11 0 0 1 M AA M M JJ JJ AA SS O O NN DD JJ FF M M AA M M JJ JJ AA SS O O NN DD JJ FF M M 00 JJ FF M 2020 2021 2022 2020 2021 2022
JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM 0 2020 2021 2022 2020
2021
2022
2020
2021
2022
J F 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
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
S A LT L A K E C H A M B E R
1.5 1.5 2.0 1.5 1.5 1.0 1.0 1.5 1.0 1.0 0.5 0.5 1.0 0.5 0.5 0 0 0.5
JJ FF M M AA M M JJ JJ AA SS O O NN DD JJ FF M M AA M M JJ JJ AA SS O O NN DD JJ FF M M AA
2020 2021 2022 00 2020 2021 2022 JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA 2020 2021 2022 2021 2022 0 2020
J F 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 2020
2021
2022
Source: Salt Lake City International Airport
ROADMAP TO RECOVERY COALITION