Construction
6.0%
Manufacturing
1.7%
Information
5.6%
Financial Activities
-2.6%
Other Services
4.7%
Government
2.3%
Education/Health Services
2.0%
Leisure/Hospitality Services
4.4%
Natural Resources
8.6%
DASHBOARD Professional/Business Services
3.9%
February 2023
Trade/Transportation/Utilities
12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% -14%
2.4%
2.9%
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. 2.8%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
US
1
Utah
THREE ESSENTIAL INSIGHTS:
Utah’s unemployment rate is 3rd lowest in the nation. Utah’s unemployment rate remained unchanged at 2.4%, among the lowest rates of any state nationally. The U.S. unemployment rate edged slightly higher from February to March, up to 3.6% from 3.4%.
2
Inflation slows but remains stubbornly high. Since peaking in June at 9.1%, inflation has lessened each month but remains high at 6.0%. The current rate is three times greater than the target inflation range, indicating ongoing efforts to moderate price increases.
Unemployment Rate January 2023
3
Home prices continue to moderate. Utah’s median home sales price reached an all-time high last May but has fallen 7 of the last 8 months as rising interest rates have tampered demand. The current median home price of $455,000 is about $80,000 lower than May’s peak.
Year-Over Job Change January 2023
4.6%
4.1% 2.5%
4.8% 2.7% 5.5%
2.4%
4.2% 3.8%
3.9%
2.1%
2.9%
2.1% 2.5% 3.0%
2.8% 3.5%
2.9% 4.3% 4.5%
2.6%
3.4%
4.2% 4.3%
4.0% 3.1% 3.9% 3.2% 2.9% 2.7% 3.9% 3.8% 3.5% 3.1% 3.4% 3.2% 2.6% 3.1% 3.9% 3.9% 3.5%
3.8%
2.8%
3.6%
2.9%
USA 3.6% VT 2.9% NH 2.8% MA 3.6% CT 3.9% RI 3.1% NJ 3.4% MD 3.0% DC 4.4% DE 4.6%
6.2%
2.4%
3.5%
2.1%
Source: U.S. Bureau of Labor Statistics
S A LT L A K E C H A M B E R
3.7% 3.0%
3.0%
5.1%
2.5%
2.4%
3.7% 3.2%
1.5% 2.7%2.7% 0.7% 3.1% 2.6%
3.0%
3.3%
3.5%
4.1%
3.0% 2.6% 3.6% 1.7% 2.0% 4.7%
3.4%
USA 2.9% VT 2.2% NH 3.5% MA 3.3% CT 2.2% RI 1.8% NJ 3.3% MD 1.5% DC 2.0% DE 3.2%
3.9%
3.6%
Unemployment Rate
1.8%
2.7%
2.1%
2.3%
2.4%
2.4%
2.8%
3.2%
2.4%
5.5%
Job Growth
0.7%
6.2%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION