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.
1
National consumer sentiment dips while Utah’s tick upwards.
After two months of national consumer sentiment marginally surpassing Utah’s, national sentiment dropped 10.5% in May. Conversely, Utah’s consumer sentiment increased by 1.8%, reversing a three-consecutivemonth trend of declines.
Unemployment Rate April 2024
Source: U.S. Bureau of Labor Statistics
2
Utah’s median home sales price reaches $500K for the first time since August 2022.
Utah’s median home sales prices peaked at $535K in May of 2022. From September 2022 to March 2024, statewide median home sales price remained below $500K as mortgage rates increased, but in April, it again reached $500K despite still-raised mortgage rates.
3.3%. 3
Year-over inflation as measured by CPI declined in two consecutive months through May. Overall prices remained essentially unchanged from April to May, yet shelter costs increased and energy prices fell monthover.
Year-Over Job Change
April 2024
Source: U.S. Bureau of Labor Statistics
2.0% 5.3% USUtah Unemployment Rate -0.4% 3.8% Job Growth MA CT RI NJ MD DC DE NH VT 0.6% 1.1% 2.2% 1.9% 0.2% 0.3% 1.5% 1.4% 1.4% USA1.8% MA CT RI NJ MD DC DE NH VT 2.9% 4.4% 4.1% 4.7% 2.6% 5.2% 3.9% 2.6% 2.1% USA3.9% -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 2.1% 1.8% 2012 2014 2016 2018 2020 2022 2024 Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities -0.9% -0.9% -0.2% 1.4% 5.4% 2.9% 4.7% 5.1% 2.1% 1.9% 0.6% 0.8% 2.9% 4.3% 4.8% 2.8% 2.0% 3.2% 3.4% 4.2% 3.5% 4.0% 2.0% 4.2% 5.1% 2.5% 3.1% 3.4% 2.8% 3.9% 4.3% 4.6% 2.8% 3.6% 4.8% 3.3% 3.1% 3.1% 3.3% 3.4% 3.6% 4.6% 3.1% 5.3% 3.7% 2.8% 3.1% 2.7% 3.8% 3.5% 3.1% 4.0% 2.8% 2.8% 1.5% 1.8% 1.6% 3.4% 1.2% 0.0% 1.8% 0.5% 1.5% 1.7% 3.8% 1.8% 1.9% 1.1% 0.8% 0.6% 1.6% 1.4% 0.7% 2.3% 0.2% 1.5% 2.2% 1.8% 2.0% 3.6% 2.3% 1.7% 0.8% 1.4% 2.1% 2.2% 0.5% 1.3% 1.0% 2.5% 1.5% 1.4% 1.1% 1.4% 1.6% 1.2% May 2024 SALT LAKE CHAMBER RO ADMAP TO RECOVERY COALITION
THREE ESSENTIAL INSIGHTS: 2.0% 5.3% USUtah Unemployment Rate -0.4% 3.8% Job Growth MA CT RI NJ MD DC DE NH VT 0.6% 1.1% 2.2% 1.9% 0.2% 0.3% 1.5% 1.4% 1.4% USA1.8% MA CT RI NJ MD DC DE NH VT 2.9% 4.4% 4.1% 4.7% 2.6% 5.2% 3.9% 2.6% 2.1% USA3.9% -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 2.1% 1.8% 2012 2014 2016 2018 2020 2022 2024 Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities -0.9% -0.9% -0.2% 1.4% 5.4% 2.9% 4.7% 5.1% 2.1% 1.9% 0.6% 0.8% 2.9% 4.3% 4.8% 2.8% 2.0% 3.2% 3.4% 4.2% 3.5% 4.0% 2.0% 4.2% 5.1% 2.5% 3.1% 3.4% 2.8% 3.9% 4.3% 4.6% 2.8% 3.6% 4.8% 3.3% 3.1% 3.1% 3.3% 3.4% 3.6% 4.6% 3.1% 5.3% 3.7% 2.8% 3.1% 2.7% 3.8% 3.5% 3.1% 4.0% 2.8% 2.8% 1.5% 1.8% 1.6% 3.4% 1.2% 0.0% 1.8% 0.5% 1.5% 1.7% 3.8% 1.8% 1.9% 1.1% 0.8% 0.6% 1.6% 1.4% 0.7% 2.3% 0.2% 1.5% 2.2% 1.8% 2.0% 3.6% 2.3% 1.7% 0.8% 1.4% 2.1% 2.2% 0.5% 1.3% 1.0% 2.5% 1.5% 1.4% 1.1% 1.4% 1.6% 1.2%
May year-over inflation falls to
Utah Year-Over Job Change by Industry
April 2024
Year-Over Job Change
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 April 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
2.2% 6.0% Unemployment Rate 2.4% Summit 2.8% Salt Lake 4.3% Wayne 2.8% Washington 2.5% Wasatch 2.8% Utah 3.3% Uintah 3.1% Tooele 3.2% Sevier 3.0% Sanpete 3.9% San Juan 5.6% Piute 2.4% Millard 2.8% Kane 2.4% Juab 2.6% Iron 3.7% Grand 6.0% Gar eld 3.1% Emery 3.2% Duchesne 3.7% Carbon 2.6% Box Elder 2.6% Beaver 2.3% Cache 2.4% Rich 2.9% Weber 2.6% Davis 2.2% Morgan 3.6% Dagget
SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION Source: Utah Department of Workforce Services $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M 2020 M 2020 A M J A S O N D J 2021 F M A M J J A O S D N J 2022 F F J 2023 2024 $0 $500 $1,000 $1,500 $ Millions A M J A S O N D J 2021 F M A M J A O S D N J 2022 F M Residential Non-residential Other 800 900 M A M J A S O N D M M A J J A A S O N A M J J A S O N D A S O N D J 2023 F M A M J $500,000 68% 69% 70% 68.3% D F M 68.9% Source: Utah Association of Realtors $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M 2020 $0 $500 $1,000 $1,500 $ Millions A M J J A S O N D J 2021 F M A M J A O S D N J 2022 F M Residential Non-residential Other $4 $5 Billions) $6 2.0 2.5 0 200 400 600 800 900 A M A S O N D J A S O N D J 2023 F M A M J M F J 2020 A M J A S O N D J 2021 F F F M A M J J O N D M A M J J A O S A S F M M A M J O N D A A S D N J 2022 J 2023 J 2024 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 68.3% 60.2% 67.4% 63.4% 62.7% 68.9% Source:
Construction Database Value of Construction in Utah March 2020 – December 2023 Utah Median Home Sales Price January 2020 – April 2024 2.0% 5.3% US Utah Unemployment Rate Job Growth MA CT RI NJ MD DC DE NH VT 2.9% 4.4% 4.1% 4.7% 2.6% 5.2% 3.9% 2.6% 2.1% USA 3.9% -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 2.1% 1.8% 2012 2014 2016 2018 2020 2022 2024 Leisure/Hospitality Professional/Business Trade/Transportation/Utilities 2.9% 4.3% 4.8% 2.8% 2.0% 3.2% 3.4% 4.2% 3.5% 4.0% 2.0% 4.2% 5.1% 2.5% 3.1% 3.4% 2.8% 3.9% 4.3% 4.6% 2.8% 3.6% 4.8% 3.3% 3.1% 3.1% 3.3% 3.4% 3.6% 4.6% 3.1% 5.3% 3.7% 2.8% 3.1% 2.7% 3.8% 3.5% 3.1% 4.0% 2.8% 2.8% 0.0% 1.2%
Ivory-Boyer
5.3% -0.4% 3.8% Job Growth MA CT RI NJ MD DC DE NH VT 0.6% 1.1% 2.2% 1.9% 0.2% 0.3% 1.5% 1.4% 1.4% USA 1.8% 2.9% 4.4% 4.1% 4.7% 2.6% 5.2% 3.9% 2.6% 2.1% 3.9% 2.1% 1.8% 2024 Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities -0.9% -0.9% -0.2% 1.4% 5.4% 2.9% 4.7% 5.1% 2.1% 1.9% 0.6% 0.8% 1.5% 1.8% 1.6% 3.4% 1.2% 0.0% 1.8% 0.5% 1.5% 1.7% 3.8% 1.8% 1.9% 1.1% 0.8% 0.6% 1.6% 1.4% 0.7% 2.3% 0.2% 1.5% 2.2% 1.8% 2.0% 3.6% 2.3% 1.7% 0.8% 1.4% 2.1% 2.2% 0.5% 1.3% 1.0% 2.5% 1.5% 1.4% 1.1% 1.4% 1.6% 1.2%
November 2010 – April 2024
Consumer Sentiment October 2020 – May 2024 U.S. Inflation Consumer Price Index Year-Over Change
SLC International Airport Passengers January 2020 - April 2024
SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M 2020 M 2020 A M J A S O N D J 2021 F M A M J J A O S D N J 2022 F F 2023 J 2024 $0 $500 $1,000 $1,500 $ Millions A M J J A S O N D J 2021 F M A M J J A O S D N 2022 F M Residential Non-residential Other 2020 F M J J A S O N D J 2021 F M A M A M J A F O S D N D N 0 $1 $2 $3 $4 $5 Retail Sales ($ Billions) $6 M A M A S O J J 2022 J 2023 F F J 2024 Millions 0 0.5 1.0 1.5 2.0 2.5 2020 F M J A S O N D J 2021 F M A M A M J A O S D N 2022 D J 2023 J 2024 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 J 2024 F M M A M J J A S O N D M A M J J A S O N A D F M M J A S O N A M A M J A S O N D M M A J J A A S O N A M J J A S O N D J A S O N D 2023 F M A M J F M A M J J A S O N D F F M M A M J A A S O N D $500,000 M A M M J A S O N D M F 2020 A M J J A S O N D J 2021 F F F M A M J J O N D M A M J J A O S A S F M M A M J O N D A A S D N J 2022 J 2023 2024 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 68.3% 60.2% 67.4% 63.4% D F M 62.7% 68.9% Utah Taxable Retail Sales January 2020 - March 2024 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: Salt Lake City International Airport $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M 2020 M 2020 A M J A S O N D J 2021 F M A M J J A O S D N J 2022 F F J 2023 J 2024 $0 $500 $1,000 $1,500 $ Millions A M J J A S O N D J 2021 F M A M J A O S D N J 2022 F M Residential Non-residential Other J 2020 F M J A S O N D 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) $6 M A M J A S O J 2022 2023 F F J 2024 Millions 0 0.5 1.0 1.5 2.0 2.5 J 2020 F M J A S O N D 2021 F M A M A M J J A O S D N J 2022 D 2023 J 2024 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 J 2024 F M M A M J J A S O N D M A M J J A S O N A D F M M J A S O N A M A M J A S O N D M M A J J A A S O N A M J J A S O N D A S O N D J 2023 F M A M J F M A M J J A S O N D F F M M A M J A A S O N D $500,000 M A M M J A S O N D M F J 2020 A M J J A S O N D J 2021 F F F M A M J J O N D M A M J A O S A S F M M A M J J O N D A A S D N J 2022 J 2023 J 2024 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 68.3% 60.2% 67.4% 63.4% D F M 62.7% 68.9% Labor Force Participation Rate January 2020 – April 2024 $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M 2020 M 2020 A M J A S O N D J 2021 F M A M J J A O S D N J 2022 F F J 2023 J 2024 $0 $500 $1,000 $1,500 $ Millions A M J J A S O N D 2021 F M A M J J A O S D N 2022 F M Residential Non-residential Other 2020 F M J J A S O N D J 2021 F M A M A M J A F O S D N D N 0 $1 $2 $3 $4 $5 Retail Sales ($ Billions) $6 M A M A S O J J 2022 J 2023 F F 2024 Millions 0 0.5 1.0 1.5 2.0 2.5 2020 F M J J A S O N D J 2021 F M A M A M J A O S D N 2022 D J 2023 J 2024 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 J 2024 F M M A M J J A S O N D M A M J J A S O N A D F M M J A S O N A M A M J A S O N D M M A J J A A S O N A M J J A S O N D J A S O N D 2023 F M A M J F M A M J J A S O N D F F M M A M J A A S O N D $500,000 M A M M J A S O N D M F 2020 A M J J A S O N D J 2021 F F F M A M J J O N D M A M J J A O S A S F M M A M J O N D A A S D N J 2022 J 2023 2024 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 68.3% 60.2% 67.4% 63.4% D F M 62.7% 68.9%
January
Recession 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 3.3% U.S. Utah 0 20 40 60 80 100 69.1 77.7 J 2021 D ‘20 J 2022 F F J 2023 J 2024 F M M A M J J A S O N D M A M J J A S O N A D F M M A M J J A S O N D Recession 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 3.3% 0 J 2021 D ‘20 J 2022 F F J 2023 J 2024 F M M A M J J A S O N D M A M J J A S O N A D F M M A M J J A S O N D
2000 - May 2024
Source: Kem C. Gardner Policy Institute
United
Note: The y-axis starts at 60% to better illustrate changes in the labor force participation rate Source: U.S. Bureau of Labor Statistics $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M 2020 M 2020 A M J J A S O N D 2021 F M A M J A O S D N J 2022 F F J 2023 J 2024 $0 $500 $1,000 $1,500 $ Millions A M J A S O N D J 2021 F M A M J A O S D N J 2022 F M Residential Non-residential Other J 2020 F M J A S O N D J 2021 F M A M A M J A F O S D N D N 0 $1 $2 $3 $4 $5 Retail Sales ($ Billions) $6 M A M J A S O J 2022 J 2023 F F J 2024 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 A O S D N J 2022 D J 2023 J 2024 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 J 2024 F M M A M J J A S O N D M A M J J A S O N A D F M M J J A S O N A M A M J J A S O N D M M A J J A A S O N A M A S O N D J A S O N D J 2023 F M A M J F M A M J J A S O N D F F M M A M J J A A S O N D $500,000 M A M M J J A S O N D M F J 2020 A M J A S O N D J 2021 F F F M A M J J O N D M A M J J A O S A S F M M A M J O N D A A S D N J 2022 J 2023 J 2024 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 68.3% 60.2% 67.4% 63.4% D F M 62.7% 68.9% Utah Bankruptcy
January 2020 - April 2024
Source: U.S. Bureau of Labor Statistics
Source:
States Bankruptcy Court
Cases