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.
ESSENTIAL INSIGHTS:
1
Unemployment rates tick up in Utah and the U.S. but remain comparatively low.
A recently overheated labor market continues to cool, with employment growth slowing and unemployment rates rising slightly. Utah’s current unemployment rate ranks 11th lowest (best) nationally.
Unemployment Rate May 2024
2
Utah’s employment growth varies widely by industry.
Employment in Utah’s information and financial activities sectors contracted for the 5th consecutive month through May. In contrast, construction employment grew nearly 5%. Statewide employment growth totaled 2.2%.
Through May, SLC
International Airport passengers are up 7% relative to the first five months of 2023. Continued strong demand for travel and increased capacity remain drivers of Salt Lake City’s airport traffic. More gates are set to open later this year, further increasing capacity. 3
Year-Over Job Change May 2024
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Labor Statistics
Utah Year-Over Job Change by Industry
May 2024
Year-Over Job Change
November 2010 – May 2024
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 May 2024
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
Value of Construction in Utah March 2020 – December 2023
Source: Ivory-Boyer Construction Database
Consumer Sentiment October
Utah Bankruptcy Cases
January 2020 - May 2024
SLC International Airport Passengers January 2020 - May 2024
Source: Kem C. Gardner Policy Institute