6.3% 6.3%
Construction Construction
4.1% 4.1%
Manufacturing Manufacturing
13.3% 13.3%
Information Information Financial FinancialActivities Activities 0.1% 0.1% 7.7% 7.7%
Leisure Leisure&&Hospitality Hospitality Other OtherServices Services
6.7% 6.7% 1.9% 1.9%
Government Government Education/Health Education/HealthServices Services
3.2% 3.2% 16.5% 16.5%
Natural NaturalResources Resources Professional/Business 0.1% Professional/BusinessServices Services 0.1% Trade/Transportation/Utilities Trade/Transportation/Utilities
5.3% 5.3%
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%
May 2022
4.6% 4.6%
3.9% 3.9%
The Road to Prosperity Dashboard tracks Utah’s economic outlook. The Dashboard, which is updated monthly, provides essential insights, 2011 2012 2015 2017 2020 2011timely 2012 2013 2013 2014 2014 2015 2016 2016 2017 2018 2018 2019 2019 2020 2021 2021 2022 2022 and shares salient indicators. tracks and leading measures, US Utah US Utah THREE ESSENTIAL INSIGHTS:
1
Utah’s unemployment rate is lowest in the nation. Utah’s April unemployment rate of 1.9% is the lowest in the nation, tied with Nebraska.
2
Utah home prices continue to rise. Utah’s home prices have risen drastically over the last year with a median home sale price of $525,000 in March 2022.
Unemployment Rate April 2022
The Salt Lake City airport served 2.2 million passengers in March, nearly 400,000 more than February, showing an uptick in travel as we head into summer.
Year-Over Job Change April 2022 4.9% 4.9%
4.1% 4.1% 3.7% 3.7%
3
Airport passengers rise significantly.
2.3% 2.3% 2.6% 2.6% 3.3% 3.3%
2.8% 2.8%
2.2% 2.2%
2.3% 2.3% 1.9% 1.9%
5.0% 5.0%
1.9% 1.9%
4.6% 4.6% 3.2% 3.2%
3.6% 3.6%
3.3% 3.3%
2.4% 2.4%
2.8% 2.8%
4.8% 4.8%
4.0% 2.2% 2.2% 4.0% 4.6% 3.6% 4.6% 3.6%
3.4% 3.4%
3.9% 3.9%
3.2% 2.7% 2.7% 3.2%
5.3% 5.3%
4.3% 4.3%
4.9% 4.9%
4.5% 4.5%
4.3% 4.3% 3.0% 3.0%
3.4% 3.4% 4.2% 4.2%
3.2% 3.2%
USA USA 3.6% 3.6% 3.0% 3.0% 3.4% 3.4%
3.3% 3.3% 2.8% 2.8% 3.1% 3.1% 4.1% 4.1%
4.1% 4.1% 3.0% 3.0%
VT 2.5% VT 2.5% NH 2.3% NH 2.3% MA 4.1% MA 4.1% CT 4.4% CT 4.4% RI 3.2% RI 3.2% NJ 4.1% NJ 4.1% MD 4.2% MD 4.2% DC 5.8% DC 5.8% DE 4.5% DE 4.5%
3.3% 3.3%
8.4% 8.4% 3.9% 3.9%
Source: U.S. Bureau of Labor Statistics
S A LT L A K E C H A M B E R
4.8% 4.8%
5.6% 5.6% 3.8% 3.8%
5.5% 5.5%
1.8% 1.8%
2.2% 2.2% 5.0% 5.0%
4.1% 4.1%
3.5% 2.2% 3.5% 2.2% 2.5% 2.5% 2.0% 2.0% 4.0% 4.0%3.8% 3.8% 3.0% 3.0% 3.3% 3.3% 2.5% 2.5% 3.2% 3.2% 1.7% 1.7% 4.3% 4.3% 2.6% 2.6% 6.0% 6.0%
3.1% 3.1% 2.8% 2.8% 5.5% 5.5% 2.4% 2.4% 2.1% 2.1% 2.3% 2.3% 5.9% 5.9%
2.4% 2.4%
USA USA 4.6% 4.6% VT 1.6% VT 1.6% NH 3.6% NH 3.6% MA 4.9% MA 4.9% CT 3.2% CT 3.2% RI 3.6% RI 3.6% NJ 5.1% NJ 5.1% MD 2.9% MD 2.9% DC 4.6% DC 4.6% DE 1.8% DE 1.8%
5.1% 5.1%
4.2% 4.2%
Unemployment 1.9% UnemploymentRate Rate 1.9%
3.1% 3.1%
2.4% 2.4%
2.6% 2.6%
5.8% 5.8%
Job JobGrowth Growth
1.6% 1.6%
8.4% 8.4%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION
Ed
Year-Over Job Change November 2010 – April 2022
Utah Year-Over Job Change by Industry April 2022 3.9%
Total
6.3%
Construction
4.1%
Manufacturing
13.3%
Information Financial Activities
0.1% 7.7%
Leisure & Hospitality
6.7%
Other Services 1.9%
Government Education/Health Services
3.2% 16.5%
Natural Resources
Utah Unemployment Rate April 2022
Consumer Confidence October 2020 – April 2022
1.9% Salt Lake
2.1% Tooele
100 100
1.6% Cache 1.8% Rich 2.0% Weber 1.7% Davis 1.5% Morgan 3.5% Dagget
2022
3.0% Duchesne
3.5% Uintah 0
1.4% Juab
3.0% Carbon
4.9%
2.0% Iron
3.4%
3.3%
2.0% Washington 8.4%
3.1%
5.6%
5.5%
2.7% Grand
5.2% Garfield
3.2%
4.2% 2.4% San Juan
2.6%
2.4%
3.1% 5.2% 5.5% 2.1%
2.3% 5.9%
2.4%
S A LT L A K E C H A M B E R
S S
O O
N N
D D
2.8% 4.3% 3.0%
2.2% 4.0% 4.6% 3.6%
3.4%
3.9%
M M
A A
4.
USA 3.6% 3.0%
3.3% 2.8% 4.1%
F
J2022 F 2022
4.8%
3.4%
3.2%
2.7% 3.2%
J
3.3%
4.5%
3.1%
4.1% 3.0%
4040
VT NH MA CT RI NJ MD DC DE
2.5% 2.3% 4.1% 4.4% 3.2% 4.1% 4.2% 5.8% 4.5%
5.6%
5.8%
Job G
4.2%
3.5%
2.8%
A A
4.9%
5.0%
4.1%
1.9% Kane 2.2% 2.5%
2.4%
4.3%
6060 5050
1.9%
5.3%
2.2%
6.0%
1.6%
2.6%
2021
Q1 2019 – Q4 2021
80 80
Source: Utah Department of Workforce Services
Job Growth
J F M 2.8% A M J J D 2021 J2.3%F M A M 2.2% J J
1.9% CEO Confidence Index 3.6% 4.6%
USA 4.6% VT NH MA CT RI NJ MD DC DE
1.6% 3.6% 4.9% 3.2% 3.6% 5.1% 2.9% 4.6% 1.8%
5.1% 5.8%
D
N
5.0%
3.6% Wayne
1.8%
N
2.3% Source: Kem C. Gardner Policy Institute
4.0% 3.8% 2.0% 3.0% 3.3% 2.5% 4.8% 3.2% 1.7% 4.3% Unemployment Rate
3.9%
3.8% 1.4%
2.6%
4
2020
2.7% Emery
3.2% Piute
4.2%
0O
O 2020 3.7%
2.3% Sevier 2.0% Beaver
Utah Utah
4.1%
3.3%
2.1% Sanpete
1.8% Millard
U.S. U.S.
50 50
1.7% Summit 1.8% Wasatch
1.6% Utah
2.5% 2.3% 4.1% 4.4% 3.2% 4.1% 4.2% 5.8% 4.5%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 US Utah
Source: U.S. Bureau of Labor Statistics
5.3%
1.8% Box Elder
3.6%
3.9%
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
Trade/Transportation/Utilities
3.9%
Trade
4.6%
0.1%
Professional/Business Services
4.6%
12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% -14%
Profes
8.4%
2020
Unemployment Rate 1.9% 00
Q1Q1 Q2 Q2 Q3 Q3 2019 2019
Q4 Q4
Q1 Q1
Q2 Q2 Q3 Q3 2020 2020
Q4 Q4
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
ROADMAP TO RECOVERY COALITION
$1,500 $1,500 $1,500 $1,500
Millions Millions $$ Millions $ Millions $$Millions
$1,000 $1,000 $1,000
Utah Median Home Sales Price January 2020 – March 2022
Residential Residential Residential
Non-residential Non-residential Non-residential
Other Other Other
Residential
Non-residential
Other
$1,000 $500 $500 $500 $500
$0 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 $0 2020 2021 2022 2021 2022 $0 M2020 M AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM 2020 2021 2022 2020 2022 Source:$0 Ivory-Boyer Construction Database 2021 M A M J 2020
J A S O N D J
2021
F M A M J
J A S O N D J F M
67.8% 67.8% 67.8% 67.8%
60%
2021 2021
2020
2021
NN DD JJ
2022 2022
FF MM
FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM F M A M J
2022 2022
J A S O N D J
2022
F M
900 900 900 800 800 800
62.2% 62.2% 62.2% 62.2%
U.S. Utah 60.2% JJ JJ AA SS Utah OO NN DD JJ FF MM AA JJ FF MM AA 60.2% MM JJ JJ AA SS OO NN DD JJ FF MM AA MM U.S. U.S. Utah 60.2% 2020 2021 2022 2020
2021
2022
2020 2020
2021 2021
2022 2022
400 600 400 400 200 400 200 200 0 200
J F 2020 00 2020 JJ FF 2020 0 2020 J F
JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM U.S. JJ JJ AA SS OUtah O NN DD JJ FF MM AA 60.2%
M A M J J A S O N D J F M A M J J A S O N D J F M A 2021 2022 2021 2022 MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA 2021 2022 2021
2022
2021
2022
J F M A M J J A S O N D J F M A M J J A S O N D J F M A 2021 changes in the labor force participation 2022 Note: The2020 y-axis starts at 60% to better illustrate rate Source: United States Bankruptcy Court
Source: United States Bankruptcy Court
Utah 5 Taxable Retail Sales January 2020 - February 2022 55
2.5International Airport Passengers SLC 2.5 2.5 January 2020 - March 2022
45 44
2020
M A M J J A S O N D J F M A M J J A S O N D J F M A
2.0 2.5 2.0 2.0
34 33
Millions Millions Millions Millions Millions
Retail Sales Billions) Retail Retail Sales Sales ($ ($Billions) Billions) Retail Retail Sales Sales ($ Billions) ($($Billions)
$525,000
600 800 600 600
67.4%
65% 66% 63.4% 65% 64% 64% 65% 63.4% 64% 63% 63.4% 63% 64% 63% 63.4% 62%
60% 60% 61%
2020 2020
$0UtahRealEstate.com Source: F M A M J J A S O N D J
$525,000 $525,000 $525,000
Utah Bankruptcy Cases 900 January 2020 - April 2022
68.3% 69% 69% 68.3% 68% 68.3% 68% 69% 67% 68% 68.3%67.4% 67.4% 67% 68% 66% 67.4% 67%
62% 63% 61% 62% 60% 61% 62% 61%
FF MM AA MM JJ JJ AA SS OO NN DD JJ
2022
Labor Force Participation Rate January 2020 – April 2022 69%
66% 67% 66% 65%
$600 $600 $600 $500 $600 $500 $500 $400 $500 $400 $400 $300 $400 $300 $300 $200 $300 $200 $200 $100 $200 $100 $100 $0 $100 FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM JJ JJ AA SS OO 2020 2021 2021 $0 $0 2020
Sales Price thousands) Sales Sales Price Price ($ ($ thousands) thousands) SalesSales Price Price ($ thousands) ($($thousands)
Value of Construction in Utah March 2020 – March 2022
23 22 12 11 0 1 00 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 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 0 2020 2021 2022 2020
J F M A M J 2020
J
2021
A S O N D J
2021
F M A M J
J A S O N D
2022
J
2022
F
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 2.0 1.5 1.5 1.0 1.5 1.0 1.0 0.5 1.0 0.5 0.5 0 0.5
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
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
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 2020 2021 2022 2021 2022 0 2020 2020
2021
2022
Source: Salt Lake City International Airport
ROADMAP TO RECOVERY COALITION
Special thanks to the Roadmap to Prosperity Coalition Investors
“Utah’s economy remains strong with year-over job growth and the lowest unemployment rate in the nation. Let’s keep working together toward full economic vibrancy for every Utahn.”
Roadmap to Prosperity Investor
Protect the Hive Investor
Scott Parson, Co-Chair
“More than two years out from the onset of the pandemic, look how far we’ve come. With a strong economy and a return to many long-missed activities, Utah continues to prosper.” Mikelle Moore, Co-Chair
Innovate Investors
Convener Investor
Collaborator Investor
Rio Tinto Kennecott
Prepared by the Kem C. Gardner Policy Institute