DASHBOARD
June
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 continues to decline.
While still high, inflation continues to cool, contributing to the Fed’s decision to pause rate hikes in June. The Fed since indicated future rate hikes to reach their target inflation range.
Utah’s labor force participation rate surpasses pre-pandemic levels.
1 2 3
At 69.4%, Utah’s labor force participation rate ranks third nationally and sets a decadehigh while still trending upwards.
Utah’s median home sales price remains essentially unchanged.
Economic uncertainty continues to impact Utah’s housing market as the median home sales price stabilized in April after March’s slight increase.
Unemployment Rate
Unemployment Rate
Unemployment Rate
May 2023
Job Change
Job Change
Year-Over Percent Change
Year-Over Percent Change
Year-Over Job Change May 2023
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Labor Statistics
Year-Over
Year-Over Job Change
Change
LAKE CHAMBER ROADMAP TO RECOVERY COALITION
2023 SALT
2.4% 3.3% 4.1% 2.9% 1.9% 3.1% 4.0% 3.7% 2.8% 3.6% 2.1% 3.9% 5.4% 1.9% 2.3% 2.5% 3.2% 3.7% 3.6% 3.8% 2.9% 3.1% 4.1% 2.6% 3.1% 3.2% 2.6% 2.7% 3.4% 3.6% 2.2% 4.5% 2.8% 2.7% 2.4% 2.9% 3.5% 3.4% 3.3% 4.1% 2.3% 3.3%
3.2% 2.4% 1.8% 2.6% 2.4% 2.8% 2.1% 1.5% 2.1% 2.3% 3.9% 1.8% 1.3% 1.5% 1.8% 2.4% 2.0% 2.5% 2.0% 2.9% 3.0% 2.3% 3.5% 2.8% 1.6% 1.8% 1.9% 2.1% 1.3% -0.8% 2.9% 3.9% 2.2% 2.3% 2.5% 1.7% 1.9% 1.3% 2.7% 2.0% 0.9% 2.3%
Utah Job Change
by Industry
1.9% Unemployment Rate Job Growth 5.4% May 2023 May 2023 USA CT DC DE MA MD NH NJ RI VT 3.7% 3.7% 5.1% 4.2% 2.8% 2.4% 1.9% 3.6% 3.0% 2.1% -1.0% 2.4% 3.3% 2.9% 1.9% 3.1% 4.0% 2.8% 3.6% 2.1% 3.9% 5.4% 1.9% 2.3% 2.5% 3.2% 3.7% 3.6% 3.8% 2.9% 3.1% 4.1% 2.6% 3.1% 3.2% 2.6% 2.7% 3.4% 3.6% 2.2% 2.8% 2.7% 2.4% 2.9% 3.5% 3.4% 3.3% 4.1% 2.3% 3.3%
Job
3.2% 2.4% 1.8% 2.6% 2.4% 2.8% 2.1% 1.5% 2.1% 2.3% 3.9% 1.8% 1.3% 1.5% 1.8% 2.4% 2.0% 2.5% 2.0% 2.9% 3.0% 2.3% 3.5% 2.8% 1.6% 1.8% 1.9% 2.1% 1.3% -0.8% 2.9% 3.9% 2.2% 2.3% 2.5% 1.7% 1.9% 1.3% 2.7% 2.0% 0.9% 2.3%
Change by Industry
Bureau of Labor Statistics
Source: U.S. Bureau of Labor Statistics
1.9% Unemployment Rate Job Growth 5.4% May 2023 USA CT DC DE MA MD NH NJ RI VT 3.7% 3.7% 5.1% 4.2% 2.8% 2.4% 1.9% 3.6% 3.0% 2.1% USA CT DC DE MA MD NH NJ RI VT 2.6% 1.4% 1.8% 3.1% 2.7% 1.3% 2.5% 2.0% -1.0% 0.6% -1.0% 3.9%
Source:
U.S.
Utah Job Change by Industry
Utah Year-Over Job Change by Industry May 2023
Year-Over Job Change November 2010 – May 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
Note: Large year-over job change in April 2021 is in ated due to the high in April 2020.
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
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
Utah Unemployment Rate
2.2% Summit 2.5% Weber Davis Morgan Dagget 3.8% Wayne 2.5% Washington 2.4% Wasatch 2.3% Utah 3.0% Uintah 2.5% Tooele 2.5% Sevier 2.6% Sanpete 3.5% San Juan 2.3% Salt Lake 2.4% Rich 4.0% Piute 2.1% Millard 2.4% Kane 2.1% Juab 2.3% Iron 2.8% Grand 5.1% Gar eld 2.9% Emery 2.7% Duchesne 2.2% 1.8% 3.8% 3.3% Carbon 2.1% Cache 2.2% Box Elder 2.7% Beaver
Value of Construction in Utah
March
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
Utah Median Home Sales Price
Source: UtahRealEstate.com
Utah Bankruptcy Cases
1.8% 5.1% US Utah Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities 10.0% -0.3% 2.0% 1.4% 2.9% 3.8% 6.1% 2.7% 9.8% 2012 2014 2016 2018 2020 -14% -12% -10% -8% -6% -4% -2% 0% 2% Source: United States Bankruptcy Court
Utah Bankruptcy Cases March 2020 to January 2023
Construction Database
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 $0 $200,000 $400,000 $600,000 $800,000 Sales Price Jan-20 to Apr-23 2023 Residential Non-residential Other 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
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 Unemployment Rate April 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 67% 68% 69% 69.4% 68.3% 67.4% M A M J J A S O N D A A M J J A S O N D J $478,500 Source: UtahRealEstate.com Value of Construction in Utah March 2020 –January 2023 Utah Median Home Sales Price January 2020 – April 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% 2.6% 2.9% 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
Source: Utah Department of Workforce Services
2.2% Summit 2.5% Weber Davis Morgan Dagget 3.8% Wayne 2.5% Washington 2.4% Wasatch 2.3% Utah 3.0% Uintah 2.5% Tooele 2.5% Sevier 2.6% Sanpete 3.5% San Juan 2.3% Salt Lake 2.4% Rich 4.0% Piute 2.1% Millard 2.4% Kane 2.1% Juab 2.3% Iron 2.8% Grand 5.1% Gar eld 2.9% Emery 2.7% Duchesne 2.2% 1.8% 3.8% 3.3% Carbon 2.1% Cache 2.2% Box Elder 2.7% Beaver
1.8% 5.1% US Utah Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities 10.0% -0.3% 1.5% 2.0% 1.4% 2.9% 2.9% 3.8% 3.6% 6.1% 2.7% 9.8%
2012 2014 2016 2018 2020 2022 2024 -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 2.9% 2.6%
Year-over-year
Source: United States Bankruptcy Court Bureau of Labor Statistics Source: U.S. Bureau of Labor Statistics
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
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
Year-Over Job Change
October-2020 to May-2023 Consumer Con dence U.S. In ation 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 $0 $200,000 $400,000 $600,000 $800,000 Sales Price $478,500 Jan-20 to Apr-23 8.0% 1/1/2000 to 5/31/2023 May 2023 May 2023 Residential Non-residential Other Unemployment Rate Source: Utah Department of Workforce Services
Source: Ivory-Boyer Construction Database
Source: U.S. Bureau of Labor Statistics
Utah Unemployment Rate
Source: U.S. Bureau of Labor Statistics
Utah Median Home Sales Price
Construction Database
Source: Ivory-Boyer
Source: Ivory-Boyer
Consumer Confidence
October 2020 – May 2023
Source: Kem C. Gardner Policy Institute
Labor Force Participation Rate
January 2020 – May 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 - March 2023
U.S. Inflation Consumer Price Index Year-Over Change
January 2000 - May 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 - May 2023
Source: United States Bankruptcy Court
SLC International Airport Passengers
January 2020 - April 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 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 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% 69.4% 62.6% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N A M D F M M J J A S O N A M A M J J A S O N D A A M J J A S O N D F M A $478,500
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 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% 4.0% Recession
0 N D J 2021 O 2020 F F M A M J J A S O N D F M A M 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% 4.0% 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 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 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% 69.4% 62.6% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N A M D F M M J J A S O N A M A M J J A S O N D A A M J J A S O N D F M A $478,500 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 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 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% 69.4% 62.6% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N A M D F M M J J A S O N A M A M J J A S O N D A A M J J A S O N D F M A $478,500 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 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 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 J 2021 J 2022 F J 2023 F M M A M J A S O D 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 69.4% 62.6% 68.3% 60.2% 67.4% 63.4% M A M J J A S O N A M D F M M J J A S O N A M A M J J A S O N D A A M J J A S O N D F M A $478,500
