Total
3.0% 3.0%
Construction
3.1% 3.1%
Manufacturing
0.7% 0.7%
Information
3.9% 3.9%
0.1% Financial Activities 0.1%
Other Services
9.9% 9.9%
Government
3.7% 3.7%
Education/Health Services
4.7% 4.7%
Leisure/Hospitality Services
10.5% 10.5%
Natural Resources
4.9% 4.9%
DASHBOARD
Professional/Business Services
August 2023
0.3% 0.3%
0.0% Trade/Transportation/Utilities 0.0%
12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% -14%
3.0% 3.0%
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. 2.1% 2.1%
2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 2023 2011
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THREE ESSENTIAL INSIGHTS: US
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Tight labor market conditions persist in Utah.
Utah employment continues to grow at impressive rates as more workers enter the labor force. Utah’s labor force participation rate ranks highest nationally, and the unemployment rate consistently remains among the lowest in the nation.
Inflation ticks up slightly but stays far below recent highs.
3.4% 3.4%
2.5% 2.5% 2.8% 2.8%
5.3% 5.3%
3.0% 3.0%
4.6% 4.6%
3.6% 3.6%
2.9% 2.9%
3.6% 3.6%
After peaking in May 2022, Utah’s median home sales price reached an 18-month low in January 2023. Yet home sales prices have climbed gradually in recent months, reaching an 11-month high in June 2023.
Year-Over Job Change July 2023 2.0% 2.0%
3.0% 3.0%
1.9% 1.9% 2.0% 2.0%
2.4% 2.4%
2.5% 2.5%
2.4% 2.4% 2.6% 2.6%
2.7% 2.7%
3.6% 3.6%
2.7% 2.7%
3.9% 3.9% 3.5% 3.5%
3.3% 4.0% 3.3% 4.0% 3.3% 3.4% 3.3% 3.4% 2.5% 2.7% 2.7% 2.5% 2.7% 3.8% 2.7% 3.8% 3.3% 3.3% 3.1% 3.1% 2.7% 2.6% 2.7% 2.6% 3.1% 3.1% 2.1% 2.1% 3.2% 3.2% 3.0% 3.0% 4.1% 4.1% 3.4% 3.4%
3.8% 3.8%
2.7% 2.7%
USA 3.5% 3.5% USA VT 1.8% 1.8% VT NH 1.7% 1.7% NH 2.5% MA 2.5% MA CT 3.6% 3.6% CT RI 2.8% 2.8% RI NJ 3.9% 3.9% NJ MD 1.8% 1.8% MD DC 5.0% 5.0% DC DE 4.1% 4.1% DE
0.9% 0.9%
3.2% 3.2%
4.2% 4.2%
2.6% 2.6%
3.0% 3.0%
2.2% 2.2% 2.0% 2.0%
1.7% 1.7%
Source: U.S. Bureau of Labor Statistics
S A LT L A K E C H A M B E R
2.2% 2.2% 2.1% 2.1% 2.0% 2.0%
1.4% 1.4% 3.1% 3.1%
1.1% 1.1%
1.7% 1.7% 1.5% 1.5% 1.0% 1.0%
1.7% 1.7%
1.5% 1.5% 2.8% 2.8%
1.8% 1.6% 1.8% 1.6% 1.7% 1.1% 1.1% 1.7% 1.6% 1.6% 2.5% 1.6% 1.6% 2.5% 2.7% 2.7% 2.4% 2.4% 2.4% 2.4% 2.1% 2.1% 2.5% 2.8% 2.5% 2.8% 1.8% 1.8% 1.9% 1.9% 0.6% 0.6% 3.3% 3.3% 1.9% 1.9%
0.4% 0.4%
3.4% 3.4%
2.8% 2.8%
Unemployment Rate
Utah’s median home sales price increases steadily in summer months.
The Federal Reserve’s aggressive tightening policies helped bring inflation down from 9.1% to 3.0% from June 2022 to June 2023. Inflation increased slightly in July to 3.2% but remains low relative to last year’s highs.
Unemployment Rate July 2023 3.6% 3.6%
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Utah
USA 2.6% 2.6% USA VT 0.8% 0.8% VT NH 1.8% 1.8% NH MA 2.7% 2.7% MA CT 1.5% 1.5% CT RI -0.4% -0.4% RI NJ 2.0% 2.0% NJ MD 0.6% 0.6% MD DC 1.0% 1.0% DC DE 2.5% 2.5% DE
2.1% 2.1% 5.3% 5.3%
Job Growth
-0.4% -0.4%
4.2% 4.2%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION