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
Utah’s median home sales price remained relatively stable throughout the summer.
2
Higher mortgage rates tampered housing price gains through the summer, with median sales prices hovering between $502,000 and $510,000 from May to August. Recent interest rate reductions will likely impact housing prices in coming months.
Unemployment Rate
Utah’s unemployment rate ticked up.
After ranking 9th lowest in August 2023 at 2.7%, Utah’s unemployment rate ranked 17th lowest this August at 3.3%. Although Utah’s unemployment rate remains relatively low by historical standards, the labor market shows clear signs of softening.
3
Construction and education/health services industries represent the largest drivers of Utah employment growth.
Employment growth by industry varies widely in Utah. Year-over percent change in construction ranked highest, growing 6.4% in August, followed by education/health services (6.3%). Financial activities, leisure/ hospitality, and trade/transportation/ utilities experienced year-over declines.
Job Change Year-Over Percentage Change August 2024 August 2024
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Labor Statistics
Utah Job Change by Industry Year-Over Percent Change
August 2024
Job Change Year-Over Percent Change
November 2010 – August 2024
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
Kem C. Gardner Policy Institute
Source: U.S. Bureau of Labor Statistics
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