4.4% 4.4%
Manufacturing Manufacturing
12.4% 12.4%
Information Information 2.6% 2.6%
Financial FinancialActivities Activities
13.0% 13.0%
Leisure Leisure&&Hospitality Hospitality 8.0% 8.0%
Other OtherServices Services 2.2% 2.2%
Government Government
3.0% 3.0%
Education/Health Education/HealthServices Services
12.0% 12.0%
Natural NaturalResources Resources 0.0% Professional/Business Professional/BusinessServices Services 0.0% 4.3% 4.3%
Trade/Transportation/Utilities Trade/Transportation/Utilities
12% 12% 10% 10% 8% 8% March 2022 4.8% 6% 4.8% 6% 4% 4% 4.1% 4.1% 2% 2% 0% 0% -2% -2% -4% -4% -6% -6% The -8% -8% Roadmap to Prosperity Dashboard began as a way to track Utah’s path to a full and complete economic -10% -10% recovery from the pandemic recession. The Dashboard, which is updated monthly, provides essential -12% -12% -14% -14% 2011 2012 2014 2017 2019 2021 2011 2012 2013 2013 2014 2015 2015 2016 2016 2017 2018 2018 2019 2020 2020 and 2021 2022 2022 insights, tracks timely and leading measures, shares salient indicators since the start of the pandemic. US Utah US Utah
DASHBOARD THREE ESSENTIAL INSIGHTS:
1
Utah’s unemployment rate is lowest in the nation. Utah’s February unemployment rate of 2.1% is the lowest in the nation, tied with Nebraska.
2
Utah’s home prices have risen drastically over the last year with a median home sale price of $492,500 in February 2022.
Unemployment Rate February 2022
4.0% 4.0%
2.8% 2.8%
3.7% 3.7%
2.9% 2.9% 2.6% 2.6%
2.1% 2.1%
5.4% 5.4% 3.6% 3.6%
4.0% 4.0%
5.6% 5.6%
While Utah’s consumer confidence has been in decline, January and February saw upticks in Utah while confidence nationwide continued to fall.
5.4% 5.4%
5.9% 5.9%
4.0% 4.0%
2.7% 2.7%
5.7% 5.7% 2.9% 2.9% 4.7% 4.7%
4.9% 4.9%
5.1% 4.2% 4.2% 5.1% 2.3% 2.3% 3.9% 4.8% 3.9% 4.8% 3.2% 3.2% 2.5% 2.5% 3.7% 3.7% 4.2% 4.2% 3.7% 3.7% 3.4% 3.4% 2.6% 2.6% 3.1% 3.1% 3.5% 3.5% 3.0% 3.0% 3.2% 3.2% 4.5% 4.5% 4.7% 4.7% 4.3% 4.3%
2.1% 2.1%
5.1% 5.1%
Consumer Confidence Increases in Utah.
Year-Over Job Change February 2022
4.3% 4.3% 2.6% 2.6%
3
Utah home prices continue to rise.
3.5% 3.5%
3.3% 3.3%
USA USA 3.8% 3.8% VT VT NH NH MA MA CT CT RI RI NJ NJ MD MD DC DC DE DE
2.9% 2.9% 2.7% 2.7% 4.7% 4.7% 4.9% 4.9% 3.9% 3.9% 4.6% 4.6% 5.0% 5.0% 6.1% 6.1% 4.6% 4.6%
4.1% 4.1% 4.1% 4.1%
10.3% 10.3% 6.8% 6.8%
Source: U.S. Bureau of Labor Statistics
S A LT L A K E C H A M B E R
5.5% 5.5%
2.2% 2.2%
2.7% 2.7% 2.9% 2.9%
6.4% 6.4%
6.9% 6.9%
2.7% 2.7%
2.2% 2.2%
2.9% 2.9%
4.2% 4.2%
4.4% 4.4%
2.2% 2.2%
4.2% 4.2%
5.6% 5.6% 4.2% 4.2%
2.6% 2.6%
2.0% 4.1% 4.1% 2.0% 3.6% 3.6% 4.6% 4.6% 3.1% 3.1% 3.8% 3.8% 3.8% 3.8% 4.0% 4.0% 4.3% 4.3% 3.5% 3.5% 3.5% 3.5% 3.6% 3.6% 5.4% 5.4% 2.0% 2.0% 3.2% 3.2% 6.1% 6.1%
2.1% 2.1%
USA USA 4.8% 4.8% VT VT NH NH MA MA CT CT RI RI NJ NJ MD MD DC DC DE DE
3.6% 3.6% 4.3% 4.3% 5.4% 5.4% 3.3% 3.3% 3.9% 3.9% 5.5% 5.5% 3.9% 3.9% 4.6% 4.6% 2.4% 2.4%
7.7% 7.7%
4.3% 4.3% 2.1% Unemployment UnemploymentRate Rate 2.1%
4.0% 4.0%
3.7% 3.7%
6.1% 6.1%
Job JobGrowth Growth
2.0% 2.0%
10.3% 10.3%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION
Year-Over Job Change November 2010–February 2022
Utah Year-Over Job Change by Industry February 2022 4.2% 4.2%
Total Total
5.0% 5.0%
Construction Construction
3.1% Manufacturing 3.1% Manufacturing 4.2% Total Information Information 5.0% Construction 4.2% Total 2.7% Financial Activities 2.7% Financial Activities 3.1% Manufacturing 5.0% LeisureConstruction &Hospitality Hospitality Leisure & Information 3.1% Manufacturing Other Services Other Services 2.7% Financial Activities Information 2.3% Government 2.3% Leisure &Government Hospitality 2.7% Financial Activities 2.6% Education/Health Services 2.6% Education/Health Services Other Services Leisure & Hospitality Natural Resources Natural Resources 2.3% Government Other Services 0.7%2.6% Professional/Business Services 0.7% Professional/Business Services Education/Health Services 2.3% Government 4.5% 4.5% Trade/Transportation/Utilities Trade/Transportation/Utilities Natural Resources 2.6% Education/Health Services 0.7% Professional/Business Services Source: U.S. Bureau of Labor Statistics Natural Resources 4.5% Trade/Transportation/Utilities 0.7% Professional/Business Services
11.0% 11.0% 12.8% 11.0%12.8% 8.6% 8.6%
11.0% 12.8%
8.6%
12.8% 13.4% 13.4%
8.6%
13.4% 13.4%
4.5%
Trade/Transportation/Utilities
Utah Unemployment Rate February 2022
12% 12% 10% 10% 8% 8% 12% 4.8% 6% 4.8% 6% 10% 4% 4% 12% 8% 4.2% 4.2% 2% 2% 10% 4.8% 6% 0% 0% 8% 4% -2% -2% 4.2% 4.8% 6% 2% -4% -4% 4% 0% -6% 4.2% -6% 2% -2% -8% -8% 0% -4% -10% -10% -2% -6% US Utah US Utah -12% -12% -4% -8% -14% -14% -6% -10% 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2011 US Utah -8% -12% Note: Large year-over job change in April 2021 is inflated due to the high job losses in -10% -14% April 2020. US Utah 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 -12% Source: U.S. Bureau of Labor Statistics -14% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Consumer Confidence 100 100 October 2020 – February 2022
U.S. U.S.
Utah Utah
100 100
1.9% Box Elder
2.2% Tooele
Utah
2.2% Wasatch
50
00
3.5% Duchesne
4.0% Uintah
2.7% Emery
2.6% Sevier
3.6% Grand
6.3% Garfield 2.3% Kane
S A LT L A K E C H A M B E R
O
D
J
FF
M
AA
MM
JJ
JJ
AA
SS
OO
NN
DD
M
J
J
A
S
O
N
D
O N D J F M A 2020 C. Gardner 2021 Source: Kem Policy Institute
M
J
J
A
S
O
N
D
2021
F
MM
A
2020
N
JJ
2021 2021
JJ
FF
2022 2022
J
F
J
F
2022 2022
CEO Confidence Index 80 Q1 2019 – Q3 2021 60 60 80 60 40 40 60
50
50
4.9% San Juan
40 20 20 40 20 00 20 0 0
Unemployment Rate
Source: Utah Department of Workforce Services
0
DD
50 50
4.0% Wayne
1.5%
NN
80 80
2.2% Sanpete
3.5% Piute
OO
2020 2020
0
3.1% Carbon
1.9% Millard
2.3% Washington
U.S.
50
2.3% Summit
2.2% Salt Lake
1.5% Juab
2.2% Iron
Utah
50 50
1.7% Utah
2.3% Beaver
U.S.
6.3%
Q1 Q1 Q1 Q1
Q2 Q3 Q3 Q2 2019 2019 Q2 Q3 Q22019Q3 2019
Q4 Q4 Q4 Q4
Q1 Q1 Q1 Q1
Q2 Q3 Q3 Q2 2020 2020 Q2 Q3 Q22020Q3 2020
Q4 Q4 Q4 Q4
Q1 Q1 Q1 Q1
Q2 Q3 Q3 Q2 2021 2021 Q2 2021 Q2 2021
Q3 Q3
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
Value of Construction in Utah March 2020 – December 2021
Utah Median Home Sales Price January 2020 – February 2022
$1,500 $1,500 $1,000
Residential
Non-residential
Other
Residential
Non-residential
Other
Residential
Non-residential
Other
$$ Millions $ Millions $ Millions Millions
$1,000
$1,000 $500 $500 $500 $0
M A M J
J
A
S O N D
M A M
J
A
S
2020 2020
$0
J
O
N
D
2020 Source:$0 Ivory-Boyer Construction Database M A M J J A S O N D 2020
J
F M A M J
J
A S O N D
J
F
J
A
2021 2021 2021
J
2021
F
M A M M A M
J J
J
A
S S
O O
N N
D
67% 68% 69% 66% 67% 68%
$600 $492,500 $500 $492,500 $600 $500 $400 $492,500 $500 $400 $300 $400 $300 $200 $300 $200 $100 $200 $100 $0 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 $100 2020 2020 2021 2022 2021 2022 $0 A S O N D J
F M A M J
J
A S O N D J
F
Source: $0UtahRealEstate.com F M A M J J A S O N D J
F M A M J
F M A M J
J
A S O N D J
F
D
Labor Force Participation Rate January 2020 – February 2022 69% 69% 68%
Price ($ Sales Sales PriceSales ($ thousands) Sales Price Price ($ thousands) ($ thousands) thousands)
$600
$1,500
2020
J
2021
2020
2021
68.3%
67.4%
68.3% 67.4% 68.3% 67.4%
67.4%
900 800 900 800 600 800 323 600 400 323 600 400 323 200 400 200 0 200 J F M A M J J A S O N D J F M A M J J A S O N D J F 2020 2021 2022 2021 2022 0 2020 J F M A M J J A S O N D J F M A M J J A S O N D J F 2020 2021 2022 0 J F M A M J J A S O N D J F M A M J J A S O N D J F
Utah 5 Taxable Retail Sales January 2020 - January 2022 5
2.5International Airport Passengers SLC 2.5 January 2020 - January 2022
4 5 4 3 4 3 2 3 2 1 2 1 0 1 JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ 0 2020 2020 2021 2022 2021 2022 2020
J
2020
F M A M J
F M A M J
J
J
A
A
S O N D
S O N D
J
2021
J
2021
F M A M J F M A M J
J J
A S O N D A S O N D
J
2022
J
2022
Note: As of October 2019, marketplace facilitators with a Utah nexus were required to pay sales tax, increasing taxable retail sales. Source: Utah State Tax Commission
S A LT L A K E C H A M B E R
Millions Millions Millions Millions
Source:2020 United States Bankruptcy Court
Sales ($ Retail Retail SalesRetail ($ Billions) Retail Sales Sales ($ Billions) ($Billions) Billions)
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 Note: The2020 y-axis starts at 60% to better illustrate2021 changes in the labor force participation 2022 rate Source: United States Bankruptcy Court
J
2022
Utah Bankruptcy Cases 900 January 2020 - February 2022
67.4% 66% 65% 67.4% 67% 65% 64% 63.4% 66% 64% 63.4% 63% 65% 62.3% 62% 63% 64% 63.4% 62.3% 62% 61% 63% U.S. Utah 62.3% 60.2% 60% 61% 62% JJ FF MM AA MM JJ JJ AA SS OO NN DD JJ FF MM AA MM U.S. JJ JJ AA SS Utah OO NN DD JJ FF 60.2% 2020 2021 2022 60% 2020 2021 2022 61% 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 U.S. Utah 2021 2022 60.2% 60% 2020
0
2022
2021
2022
$1.8B
$1.8B 2.0 2.5 2.0 $1.8B 1.5 2.0 1.5 1.0 1.5 1.0 0.5 1.0 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 2020 2021 2020 2021 2020 0 2020 0
J
F M A M J
J
A
S O N D
J
F M A M J
J
A
S O N D
2020 2020
J
F M A M J
J
A S O N D
J
F M A M J
J
A S O N D
2021 2021
J
2020
J
2020
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, falling case counts, 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