Total
2.6%
Construction
3.4%
Manufacturing
1.7%
Information
1.6%
Financial Activities -1.8% Other Services
11.4%
Government
2.8%
Education/Health Services
2.7%
Leisure/Hospitality Services
5.8%
Natural Resources
6.2%
DASHBOARD
Professional/Business Services
2.8%
Trade/Transportation/Utilities
12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% -14%
May 2023
0.8%
2.6% 2.6%
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. 2.6% 2.6%
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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Utah
Employment growth slows slightly, but the labor market remains strong.
Job growth now nears pre-pandemic levels after a post-pandemic spike. Sustained job growth, low unemployment levels, and increasing labor force participation rates indicate a tight labor market.
After notable declines, Utah’s median home sales price ticks upward. Utah’s median home sales price peaked in May 2022 then fell 15% by January 2023. The median sales price since increased two consecutive months but remains 10% below the peak.
Unemployment Rate April 2023 4.3% 4.3% 4.0% 4.0%
2.3% 2.3%
2.6% 2.6%
5.4% 5.4%
3.5% 3.5%
2.3% 2.3%
2.8% 2.8%
4.5% 4.5% 3.4% 3.4%
3.5% 3.5%
3
Although still higher than the target range, inflation continues showing signs of moderating in response to the Fed’s aggressive rate hikes. Current levels are nearly half of June’s 9.1% peak.
Year-Over Job Change April 2023 2.1% 2.1%
3.4% 3.4% 2.4% 2.4%
2.8% 2.8%
1.9% 1.9% 2.7% 2.0% 2.7% 2.0%
2.4% 2.4%
3.8% 3.8%
4.0% 4.0% 4.1% 4.1%
3.7% 3.7% 4.2% 4.2% 3.0% 3.3% 3.3% 3.0% 3.1% 2.9% 2.5% 3.1% 2.9% 3.7% 2.5% 3.7% 3.4% 3.4% 3.3% 3.3% 2.9% 2.8% 2.9% 3.1% 2.8% 2.2% 3.1% 2.2% 3.1% 3.4% 3.1% 3.4% 4.0% 4.0% 3.6% 3.6%
3.7% 3.7%
2.6% 2.6%
2.3% 2.3%
USA 3.4% 3.4% USA VT 2.4% 2.4% VT NH 2.1% 2.1% NH 3.3% MA 3.3% MA CT 3.8% 3.8% CT RI 3.0% 3.0% RI NJ 3.5% 3.5% NJ MD 2.5% 2.5% MD DC 5.0% 5.0% DC DE 4.3% 4.3% DE
1.7% 1.7%
3.1% 3.1%
4.1% 4.1%
2.6% 2.6%
2.2% 2.2% 2.0% 2.0%
1.9% 1.9%
Source: U.S. Bureau of Labor Statistics
S A LT L A K E C H A M B E R
2.1% 2.1%
2.1% 2.1%
2.0% 2.0% 0.5% 0.5% 2.1% 2.1%
1.5% 1.5%
2.0% 2.0%
0.6% 0.6% 1.6% 1.6%
1.4% 1.4%
2.2% 2.2% 2.1% 2.1% 3.8% 3.8%
1.1% 1.1%
2.3% 2.3% 2.4% 2.4%
1.4% 1.4% 1.9%2.8% 1.9% 2.8% 0.5% 0.5% 2.1% 2.1% 1.9% 3.2% 1.9% 3.2% 2.3% 2.3% 2.5% 2.5% 2.5% 2.4% 2.5% 2.4% 1.9% 1.9% 2.3% 2.3% 1.4% 1.4% 2.5% 2.5% 3.5% 3.5%
2.3% 2.3%
3.3% 3.3%
Unemployment Rate
Inflation falls further, contributing to ten consecutive months of decreases.
USA 2.6% 2.6% USA VT 0.9% 0.9% VT NH 2.1% 2.1% NH MA 2.5% 2.5% MA CT 0.9% 0.9% CT RI -1.0% -1.0% RI NJ 2.0% 2.0% NJ MD 1.5% 1.5% MD DC 1.2% 1.2% DC DE 2.0% 2.0% DE
2.8% 2.8% 5.4% 5.4%
Job Growth
-1.0% -1.0%
4.1% 4.1%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION