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 unemployment rate remains low.
Although up from an all-time low in early 2022, Utah’s unemployment rate remains low at 2.8%. A strong labor market continues to buoy Utah’s employment growth and keep unemployment low. March
Utah consumer sentiment dips below national sentiment.
Utah’s consumer sentiment fell to 78.0, and national sentiment increased to 79.4. While this represents the first time Utah ranked lower than the nation by this measure since Utah’s consumer sentiment survey first began in 2020, the difference between both values is not statistically significant.
Year-Over Job Change
Salt Lake City International Airport passengers increased 7.0% year to date.
During the first two months of 2023, airport passengers totaled 4.1 million. Yet in the first two months of 2024, airport passengers reached 4.4 million, a 7.0% increase. Increased capacity allows more passengers to fly in and out.
Source: U.S. Bureau of Labor Statistics
SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION
2024
ESSENTIAL INSIGHTS: 0.2% 2.0% 5.3% US Utah Unemployment Rate MA 2.9% CT 4.5% RI 3.9% NJ 4.8% MD 2.4% DC 5.1% DE 4.0% NH 2.6% VT 2.3% USA 3.9% -0.4% 3.7% Job Growth MA CT RI NJ MD DC DE NH VT 0.8% 1.1% 1.8% 1.4% 0.2% 0.8% 1.1% 1.4% 0.9% USA 1.8% 3.1% 4.7% -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 3.7% 3.0% 4.3% 4.7% 3.0% 2.1% 3.1% 3.4% 4.2% 3.6% 3.7% 2.0% 4.4% 5.2% 2.5% 3.4% 3.3% 3.1% 3.9% 4.2% 4.4% 2.7% 3.5% 4.8% 3.3% 3.1% 3.1% 3.6% 4.1% 3.0% 5.3% 3.5% 2.9% 3.4% 2.7% 3.9% 3.5% 3.3% 3.9% 2.8% 2.8% 1.5% 1.4% 1.9% 2.9% 1.2% -0.4% 1.8% 0.5% 0.9% 1.3% 3.5% 1.9% 1.9% 0.4% 0.9% 0.1% 1.0% 1.3% 0.4% 3.0% 1.0% 2.3% 1.0% 2.1% 1.8% 1.2% 0.7% 1.8% 1.9% 2.2% 0.1% 1.5% 1.6% 1.9% 1.3% 1.2% 0.9% 1.2% 2.2% 1.0% -0.1% -2.1% -1.8% 0.3% 5.4% 1.9% 4.9% 4.1% 0.9% 4.8% 1.2% 2.5% Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities Unemployment Rate February 2024 Source: U.S. Bureau of Labor Statistics 0.2% 2.0% 5.3% US Utah Unemployment Rate MA 2.9% CT 4.5% RI 3.9% NJ 4.8% MD 2.4% DC 5.1% DE 4.0% NH 2.6% VT 2.3% USA 3.9% -0.4% 3.7% Job Growth MA CT RI NJ MD DC DE NH VT 0.8% 1.1% 1.8% 1.4% 0.2% 0.8% 1.1% 1.4% 0.9% USA 1.8% 3.1% 4.7% -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 3.7% 3.0% 4.3% 4.7% 3.0% 2.1% 3.1% 3.4% 4.2% 3.6% 3.7% 2.0% 4.4% 5.2% 2.5% 3.4% 3.3% 3.1% 3.9% 4.2% 4.4% 2.7% 3.5% 4.8% 3.3% 3.1% 3.1% 3.6% 4.1% 3.0% 5.3% 3.5% 2.9% 3.4% 2.7% 3.9% 3.5% 3.3% 3.9% 2.8% 2.8% 1.5% 1.4% 1.9% 2.9% 1.2% -0.4% 1.8% 0.5% 0.9% 1.3% 3.5% 1.9% 1.9% 0.4% 0.9% 0.1% 1.0% 1.3% 0.4% 3.0% 1.0% 2.3% 1.0% 2.1% 1.8% 1.2% 0.7% 1.8% 1.9% 2.2% 0.1% 1.5% 1.6% 1.9% 1.3% 1.2% 0.9% 1.2% 2.2% 1.0% -0.1% -2.1% -1.8% 0.3% 5.4% 1.9% 4.9% 4.1% 0.9% 4.8% 1.2% 2.5% Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities
2 3 THREE
February 2024
Utah Year-Over Job Change by Industry
February 2024
Year-Over Job Change
November 2010 – February 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
2.3% 6.8% Unemployment Rate 2.9% Summit 3.0% Salt Lake 4.7% Wayne 3.0% Washington 2.7% Wasatch 3.0% Utah 3.4% Uintah 3.3% Tooele 3.2% Sevier 3.2% Sanpete 4.6% San Juan 5.7% Piute 2.6% Millard 3.2% Kane 2.7% Juab 3.0% Iron 4.1% Grand 6.8% Gar eld 3.1% Emery 3.3% Duchesne 4.0% Carbon 2.7% Box Elder 3.0% Beaver 2.5% Cache 3.0% Rich 3.1% Weber 2.8% Davis 2.3% Morgan 4.0% Dagget Utah Unemployment Rate February 2024 SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION
$0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M F 2020 A M J 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 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 $490,000 68% 69% 70% 69.2% 68.3% D F 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) $6 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 F M A M J A S O N M A M J O N D M A M J 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% 69.2% 68.3% 60.2% 67.4% 63.4% 62.5% Source: Ivory-Boyer Construction Database Value of Construction in Utah March 2020 –December 2023 Utah Median Home Sales Price January 2020 – February 2024 2.0% 5.3% US Utah Unemployment Rate MA 2.9% CT 4.5% RI 3.9% NJ 4.8% MD 2.4% DC 5.1% DE 4.0% NH 2.6% VT 2.3% USA 3.9% Job Growth 3.1% 4.7% -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 3.0% 4.3% 4.7% 3.0% 2.1% 3.1% 3.4% 4.2% 3.6% 3.7% 2.0% 4.4% 5.2% 2.5% 3.4% 3.3% 3.1% 3.9% 4.2% 4.4% 2.7% 3.5% 4.8% 3.3% 3.1% 3.1% 3.6% 4.1% 3.0% 5.3% 3.5% 2.9% 3.4% 2.7% 3.9% 3.5% 3.3% 3.9% 2.8% 2.8% -0.4% 1.0% Leisure/Hospitality Professional/Business Trade/Transportation/Utilities
Source: Utah Department of Workforce Services
0.2% 5.3% 2.9% 4.5% 3.9% 4.8% 2.4% 5.1% 4.0% 2.6% 2.3% 3.9% -0.4% 3.7% Job Growth MA CT RI NJ MD DC DE NH VT 0.8% 1.1% 1.8% 1.4% 0.2% 0.8% 1.1% 1.4% 0.9% USA 1.8% 1.9% 1.8% 2024 3.7% 3.4% 1.5% 1.4% 1.9% 2.9% 1.2% -0.4% 1.8% 0.5% 0.9% 1.3% 3.5% 1.9% 1.9% 0.4% 0.9% 0.1% 1.0% 1.3% 0.4% 3.0% 1.0% 2.3% 1.0% 2.1% 1.8% 1.2% 0.7% 1.8% 1.9% 2.2% 0.1% 1.5% 1.6% 1.9% 1.3% 1.2% 0.9% 1.2% 2.2% 1.0% -0.1% -2.1% -1.8% 0.3% 5.4% 1.9% 4.9% 4.1% 0.9% 4.8% 1.2% 2.5% Total Construction Manufacturing Information Financial Activities Other Services Government Education/Health Services Leisure/Hospitality Services Natural Resources Professional/Business Services Trade/Transportation/Utilities
Source: Kem C. Gardner Policy Institute
Source: U.S. Bureau of Labor Statistics
Note: The y-axis starts at 60% to better illustrate changes in the labor force participation rate
Source: U.S. Bureau of Labor Statistics
Source: United States Bankruptcy Court
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
SALT LAKE CHAMBER ROADMAP TO RECOVERY COALITION $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M F 2020 A M J A S O N D J 2021 F M A M J J A O S D N 2022 F F J 2023 J 2024 $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 2020 F M J A S O N D 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 J 2022 J 2023 F J ‘24 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 J A O S D N J 2022 D J 2023 ‘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 A S O N A M A M J A S O N D M M A J 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 F M A M J A S O N D $490,000 M A M J A S O N D M F J 2020 A M J A S O N D J 2021 F 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% 69.2% 68.3% 60.2% 67.4% 63.4% D F 62.5%
Utah Taxable Retail Sales January 2020 - January 2024
$0
$200 $300 $400 $500 $600
($
M F 2020 A M J 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 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
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) $6 M A M A S O J 2022 2023 F J ‘24 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 ‘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 F M A M J J A S O N D $490,000 M A 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 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% 69.2% 68.3% 60.2% 67.4% 63.4% D F 62.5% Labor Force Participation Rate January 2020 – February 2024 $0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M F 2020 A M J A S O N D J 2021 F M A M J J A O S D N 2022 F F J 2023 J 2024 $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 2020 F M J A S O N D 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 J 2022 J 2023 F J ‘24 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 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 A S O N A M A M J A S O N D M M A J 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 F M A M J A S O N D $490,000 M A 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 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% 69.2% 68.3% 60.2% 67.4% 63.4% D F 62.5% SLC International Airport Passengers January 2020 - February 2024 Consumer Sentiment October 2020 – March 2024 U.S. Inflation Consumer Price Index Year-Over Change January 2000 - March 2024 Recession 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 3.5% 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 78.0 79.4 Recession 2003 2008 2013 2018 2023 -2% 0% 2% 4% 6% 8% 3.5% 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
$100
Sales Price
Thousands)
Non-residential Other
$0 $100 $200 $300 $400 $500 $600 Sales Price ($ Thousands) M F 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 F J 2023 J 2024 $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
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) $6 M A M J A S O J J 2022 J 2023 F ‘24 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 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 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 F M A M J A S O N D $490,000 M A M J A S O N D M F 2020 A M J J A S O N D J 2021 F F F F M A M J A S O N M A M J O N D M A M J 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% 69.2% 68.3% 60.2% 67.4% 63.4% D F 62.5% Utah Bankruptcy Cases January 2020 - February 2024
Non-residential Other