Total
2.8%
Construction
5.5%
Manufacturing
1.0%
Information
4.1%
Financial Activities -2.2% Other Services
6.5%
Government
2.4%
Education/Health Services
3.8%
Leisure/Hospitality Services
6.0%
Natural Resources
6.4%
Professional/Business Services
2.6% March 2023
DASHBOARD
Trade/Transportation/Utilities
12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% -14%
1.4%
2.9% 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% 2.8%
2011 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
THREE ESSENTIAL INSIGHTS: US
Utah
1
Utah’s unemployment rate remains among the lowest in the nation. Utah’s unemployment rate stayed the same at 2.4%. The national unemployment rate also remained unchanged at 3.6%. Utah’s low unemployment rate indicates ongoing tight labor market conditions.
2
Economic uncertainty persists, contributing to Utah’s dip in consumer sentiment after two months of increases. Despite declining, Utah’s sentiment remains above national consumer confidence.
Unemployment Rate February 2023 4.6% 4.6% 4.7% 4.7%
2.4% 2.4% 2.6% 2.6%
5.5% 5.5%
2.4% 2.4%
4.3% 4.3% 3.7% 3.7%
3.8% 3.8%
3.6% 3.6%
2.1% 2.1% 2.1% 2.1%
2.9% 2.9% 3.0% 3.0%
3.8% 3.8%
3.6% 3.6%
2.8% 2.8%
3.0% 3.0%
4.0% 4.0%
2.7% 2.7% 2.9% 2.9%
4.3% 4.3%
4.2% 4.2% 4.4% 4.4%
3.9% 3.9% 4.5% 3.1% 4.5% 3.1% 3.7% 3.7% 3.2% 3.2% 2.6% 3.9% 2.6% 3.9% 3.6% 3.6% 3.5% 3.5% 3.2% 3.2% 3.2% 3.2% 2.5% 2.5% 3.1% 3.1% 3.7% 3.7% 3.6% 3.6% 2.6% 2.6%
2.9% 2.9%
USA 3.6% 3.6% USA VT VT 2.8% 2.8% NH NH 2.7% 2.7% 3.7% MA 3.7% MA CT 4.0% 4.0% CT RI RI 3.1% 3.1% NJ 3.5% 3.5% NJ MD 2.9% 2.9% MD DC 4.7% 4.7% DC DE DE 4.6% 4.6%
2.2% 2.2% 3.0% 3.0%
5.2% 5.2%
2.5% 2.5%
After falling 7 of the last 8 months, Utah’s median home sales price rose slightly despite rising interest rates. Demand has slowed in recent months, but Utah’s housing market remains tight.
1.7% 1.7%
2.6% 2.6% 2.3% 2.3%
2.1% 2.1%
Source: U.S. Bureau of Labor Statistics
S A LT L A K E C H A M B E R
2.8% 2.8%
2.7% 2.7%
2.4% 2.4%
3.1% 3.1% 2.6% 2.6% 4.6% 4.6%
1.5% 1.5%
2.3% 2.3%
2.2% 2.2%
2.8% 2.8%
1.6% 1.6% 1.5% 1.5%
2.2% 2.2%
2.7% 2.7% 2.8% 2.8%
1.5% 1.5% 2.5% 2.5% 2.5% 0.6% 0.6% 2.5% 2.5% 2.5% 2.2% 2.5% 2.2% 2.5% 3.0% 3.0% 3.1% 3.1% 2.5% 2.2% 2.5% 2.2% 2.1% 2.1% 2.9% 2.9% 1.4% 1.4% 1.8% 1.8% 4.2% 4.2%
3.6% 3.6%
USA 2.9% 2.9% USA VT VT 1.8% 1.8% NH NH 2.7% 2.7% MA 2.6% 2.6% MA CT 1.8% 1.8% CT RI RI 1.3% 1.3% NJ 2.3% 2.3% NJ MD 0.6% 0.6% MD DC 1.4% 1.4% DC DE DE 2.4% 2.4%
4.0% 4.0%
3.6% 3.6%
Unemployment Rate
Utah’s home prices experience a slight uptick.
Year-Over Job Change February 2023
2.3% 2.3% 2.9% 2.9%
3
Consumer confidence in Utah falls.
5.5% 5.5%
Job Growth
0.6% 0.6%
5.2% 5.2%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION