DASHBOARD
February 2024
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:
1
Utah’s taxable retail sales reached a new high in December.
Utah’s labor force participation rate continues to rank first nationally.
2 3
Increased wages and elevated prices continued to bolster taxable retail sales in Utah, which reached $5.25 billion in December. This represents a new high, with the previous record in December 2022 at $5.15 billion.
Despite falling for 5 consecutive months, Utah’s labor force participation rate comes in first nationally for the 10th consecutive month. The national labor force participation rate has held relatively stable for several months.
Utah and U.S. consumer sentiment fell slightly in February.
National consumer sentiment decreased 2.7% in February. Utah’s sentiment decreased by 1.3% but continues to exceed U.S. sentiment. However, the gap between U.S. and Utah sentiment has narrowed.
Source: U.S. Bureau of Labor Statistics
SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION
1.0% 1.9% 5.3% US Utah Unemployment Rate MA 3.0% CT 4.4% RI 3.6% NJ 4.8% MD 2.3% DC 5.0% DE 4.1% NH 2.6% VT 2.3% USA 3.9% -0.7% 3.9% Job Growth MA CT RI NJ MD DC DE NH VT 0.8% 0.7% 2.1% 2.0% 0.0% 0.6% 1.1% 1.6% 0.6% USA 1.8% 3.1% 4.6% -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 1.9% 1.8% 2012 2014 2016 2018 2020 2022 2024 3.8% 3.2% 4.3% 4.6% 3.0% 2.1% 3.0% 3.4% 4.1% 3.5% 3.7% 1.9% 4.5% 5.3% 2.5% 3.3% 3.3% 3.2% 4.0% 4.1% 4.3% 2.6% 3.5% 4.7% 3.3% 3.1% 3.1% 3.7% 4.2% 2.9% 5.2% 3.4% 3.0% 3.4% 2.7% 4.0% 3.5% 3.5% 3.9% 2.8% 2.8% 1.4% 1.4% 2.0% 2.7% 1.0% -0.7% 1.7% 0.7% 1.4% 1.6% 3.9% 1.6% 1.7% 0.2% 0.7% 0.4% 0.5% -0.2%1.6% 2.2% 1.2% 2.6% 0.8% 2.6% 1.8% 1.4% 0.6% 2.0% 1.9% 2.1% 0.1% 1.4% 1.8% 1.6% 1.0% 1.0% 1.0% 0.9% 2.1% 1.4% -0.9% -0.5% 1.1% 4.2% 1.9% 2.0% 5.0% 3.9% 0.5% 6.8% 0.8% 0.0% Construction Total Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities Unemployment Rate
2024
U.S. Bureau of Labor Statistics 1.0% 1.9% 5.3% US Utah Unemployment Rate MA 3.0% CT 4.4% RI 3.6% NJ 4.8% MD 2.3% DC 5.0% DE 4.1% NH 2.6% VT 2.3% USA 3.9% -0.7% 3.9% Job Growth MA CT RI NJ MD DC DE NH VT 0.8% 0.7% 2.1% 2.0% 0.0% 0.6% 1.1% 1.6% 0.6% USA 1.8% 3.1% 4.6% -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 1.9% 1.8% 2012 2014 2016 2018 2020 2022 2024 3.8% 3.2% 4.3% 4.6% 3.0% 2.1% 3.0% 3.4% 4.1% 3.5% 3.7% 1.9% 4.5% 5.3% 2.5% 3.3% 3.3% 3.2% 4.0% 4.1% 4.3% 2.6% 3.5% 4.7% 3.3% 3.1% 3.1% 3.7% 4.2% 2.9% 5.2% 3.4% 3.0% 3.4% 2.7% 4.0% 3.5% 3.5% 3.9% 2.8% 2.8% 1.4% 1.4% 2.0% 2.7% 1.0% -0.7% 1.7% 0.7% 1.4% 1.6% 3.9% 1.6% 1.7% 0.2% 0.7% 0.4% 0.5% -0.2%1.6% 2.2% 1.2% 2.6% 0.8% 2.6% 1.8% 1.4% 0.6% 2.0% 1.9% 2.1% 0.1% 1.4% 1.8% 1.6% 1.0% 1.0% 1.0% 0.9% 2.1% 1.4% -0.9% -0.5% 1.1% 4.2% 1.9% 2.0% 5.0% 3.9% 0.5% 6.8% 0.8% 0.0% Construction Total Manufacturing Information
Activities
Services Government
Services
Services
Resources
Services
January
Source:
Financial
Other
Education/Health
Leisure/Hospitality
Natural
Professional/Business
Trade/Transportation/Utilities
Year-Over Job Change January 2024
Utah Year-Over Job Change by Industry
January 2024
Year-Over Job Change
November 2010 – January 2024
Source: U.S. Bureau of Labor Statistics
Utah Unemployment Rate January 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
Utah Median Home Sales Price January 2020 – January 2024
2.3% 6.1% Unemployment Rate 2.8% Summit 2.9% Salt Lake 4.2% Wayne 2.9% Washington 2.6% Wasatch 2.9% Utah 3.3% Uintah 3.0% Tooele 2.9% Sevier 3.1% Sanpete 4.2% San Juan 5.5% Piute 2.5% Millard 3.1% Kane 2.6% Juab 2.9% Iron 3.6% Grand 6.1% Garfield 3.0% Emery 3.1% Duchesne 3.9% Carbon 2.6% Box Elder 3.1% Beaver 2.5% Cache 2.8% Rich 2.9% Weber 2.6% Davis 2.3% Morgan 3.6% Dagget
SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION Source: Utah Department of Workforce Services M F 2020 A M 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 F J 2023 J ‘24 $0 $500 $1,000 $1,500 $ Millions M 2020 A M J A S O N D J 2021 F M A M J A O S D N J 2022 F M ‘23 Residential Non-residential Other 800 900 M A M J J A S O N D M M A J J A S O N A M J J A S O N D A S O N D F M A M J $485,950 68% 69% 70% 69.3% 68.3% D Source: Utah Association of Realtors $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) $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 A O S D N J 2022 F M J ‘23 Residential Non-residential Other $4 $5 Billions) 2.0 2.5 0 200 400 600 800 900 A M A S O N D J A S O N D F M A M J M F 2020 A M J J A S O N D J 2021 F F F M A M J J A S O N M A M J J O N D M A M J A O S A S D N J 2022 J 2023 D J ‘24 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.3% 62.5% 68.3% 60.2% 67.4% 63.4%
Construction
Source: Ivory-Boyer Construction Database Value of
in Utah March 2020 –December 2023
1.9% 5.3% US Utah Unemployment Rate MA 3.0% CT 4.4% RI 3.6% NJ 4.8% MD 2.3% DC 5.0% DE 4.1% NH 2.6% VT 2.3% USA 3.9% Job Growth 3.1% 4.6% -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 1.9% 1.8% 2012 2014 2016 2018 2020 2022 2024 3.2% 4.3% 4.6% 3.0% 2.1% 3.0% 3.4% 4.1% 3.5% 3.7% 1.9% 4.5% 5.3% 2.5% 3.3% 3.3% 3.2% 4.0% 4.1% 4.3% 2.6% 3.5% 4.7% 3.3% 3.1% 3.1% 3.7% 4.2% 2.9% 5.2% 3.4% 3.0% 3.4% 2.7% 4.0% 3.5% 3.5% 3.9% 2.8% 2.8% -0.7% 1.4% Leisure/Hospitality Professional/Business Trade/Transportation/Utilities
1.0% 5.3% 3.0% 4.4% 3.6% 4.8% 2.3% 5.0% 4.1% 2.6% 2.3% 3.9% -0.7% 3.9% Job Growth MA CT RI NJ MD DC DE NH VT 0.8% 0.7% 2.1% 2.0% 0.0% 0.6% 1.1% 1.6% 0.6% USA 1.8% 1.9% 1.8% 2024 3.8% 1.4% 1.4% 2.0% 2.7% 1.0% -0.7% 1.7% 0.7% 1.4% 1.6% 3.9% 1.6% 1.7% 0.2% 0.7% 0.4% 0.5% -0.2%1.6% 2.2% 1.2% 2.6% 0.8% 2.6% 1.8% 1.4% 0.6% 2.0% 1.9% 2.1% 0.1% 1.4% 1.8% 1.6% 1.0% 1.0% 1.0% 0.9% 2.1% 1.4% -0.9% -0.5% 1.1% 4.2% 1.9% 2.0% 5.0% 3.9% 0.5% 6.8% 0.8% 0.0% Construction Total Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources
Services
Professional/Business
Trade/Transportation/Utilities
Consumer
Source: Kem C. Gardner Policy Institute
Utah Bankruptcy Cases
January 2020 - February 2024
Note: The y-axis starts at 60% to better illustrate changes in the labor force participation rate Source: U.S. Bureau of Labor Statistics
Utah
Note: As of October 2019, marketplace facilitators with a Utah nexus were required to pay sales tax, increasing taxable retail sales.
Source: United States Bankruptcy Court
SLC International Airport Passengers January 2020 - January 2024
M F 2020 A M J J A S O N D J 2021 F M A M J A O S D N $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) J 2022 F F J 2023 J ‘24 $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 2022 F M J ‘23 Residential Non-residential Other J 2020 F M A S O N D 2021 F M A M A M A F O S D N D N 0 $1 $2 $3 $4 $5 Retail Sales ($ Billions) M A M A S O 2022 2023 F 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 J ‘24 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 ’24 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 A S O N A M J J A S O N D J A S O N D F M A M J F M J J A S O N D F M A M J A S O N D $485,950 M A M J 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 A S O N M A M J O N D M A M J A O S A S D N J 2022 J 2023 D J ‘24 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.3% 62.5% 68.3% 60.2% 67.4% 63.4% D
SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION
Taxable Retail Sales
January 2020 - December 2023
Airport M F 2020 A M 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 F J 2023 J ‘24 $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 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 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 J ‘24 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 ’24 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 S O N A M J J A S O N D A S O N D F M A M J F M J J A S O N D F M A M J J A S O N D $485,950 M A 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 A S O N M A M J J O N D M A M J J A O S A S D N J 2022 2023 D J ‘24 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.3% 62.5% 68.3% 60.2% 67.4% 63.4% D Labor Force Participation Rate January 2020 – January 2024 M F 2020 A M J J A S O N D J 2021 F M A M J A O S D N $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) J 2022 F F J 2023 J ‘24 $0 $500 $1,000 $1,500 $ Millions M 2020 A M J J A S O N D 2021 F M A M J J A O S D N 2022 F M J ‘23 Residential Non-residential Other J 2020 F M J J A S O N D 2021 F M A M A M A F O S D N D N 0 $1 $2 $3 $4 $5 Retail Sales ($ Billions) M A M A S O 2022 2023 F Millions 0 0.5 1.0 1.5 2.0 2.5 J 2020 F M 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 J ‘24 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 ’24 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 A S O N A M J J A S O N D J A S O N D F M A M J F M J J A S O N D F M A M J A S O N D $485,950 M A M J 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 A S O N M A M J J O N D M A M J A O S A S D N J 2022 J 2023 D J ‘24 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.3% 62.5% 68.3% 60.2% 67.4% 63.4% D
Source: Utah State Tax Commission Source: Salt Lake City International
Sentiment October 2020 – February 2024 U.S. Inflation Consumer Price Index Year-Over Change January 2000 - February 2024 Recession 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 3.2% U.S. Utah 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 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 0 20 40 60 80 100 76.9 80.3 Recession 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 3.2% 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 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24
Source: U.S. Bureau
Labor Statistics
of
M F 2020 A M J J A S O N D 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 F J 2023 J ‘24 $0 $500 $1,000 $1,500 $ Millions M 2020 A M J A S O N D J 2021 F M A M 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 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 2022 D J 2023 J ‘24 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 ’24 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 S O N A M A M J J A S O N D M M A J J A S O N A M A S O N D J A S O N D F M A M J F M J J A S O N D F M A M J J A S O N D $485,950 M A M J 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 A S O N M A M J J O N D M A M J A O S A S D N J 2022 J 2023 D J ‘24 U.S. Utah 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 69.3% 62.5% 68.3% 60.2% 67.4% 63.4% D