Total
2.1% 2.1%
Construction
5.4% 5.4%
Manufacturing
1.4% 1.4%
Information Financial Activities
-0.2% -0.2% -0.9% -0.9%
Other Services
2.9% 2.9%
Government
4.7% 4.7%
Education/Health Services Leisure/Hospitality Services
5.1% 5.1% -0.9% -0.9%
DASHBOARD
Natural Resources
12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% THREE ESSENTIAL INSIGHTS: -14% 2012 consumer 2014 2016 2018 2020 National sentiment US Utah
1.9% 1.9%
Professional/Business Services
0.6% 0.6%
Trade/Transportation/Utilities
0.8% 0.8%
May 2024
The Road to Prosperity Dashboard2.1%tracks Utah’s economic outlook. 1.8% The Dashboard, which is updated monthly, provides essential insights, tracks timely and leading measures, and shares salient indicators.
1
dips while Utah’s tick upwards. After two months of national consumer sentiment marginally surpassing Utah’s, national sentiment dropped 10.5% in May. Conversely, Utah’s consumer sentiment increased by 1.8%, reversing a three-consecutivemonth trend of declines.
2
2022 Utah’s2024 median home sales price
reaches $500K for the first time since August 2022. Utah’s median home sales prices peaked at $535K in May of 2022. From September 2022 to March 2024, statewide median home sales price remained below $500K as mortgage rates increased, but in April, it again reached $500K despite still-raised mortgage rates.
Unemployment Rate April 2024
3
May year-over inflation falls to 3.3%.
Year-over inflation as measured by CPI declined in two consecutive months through May. Overall prices remained essentially unchanged from April to May, yet shelter costs increased and energy prices fell monthover.
Year-Over Job Change April 2024 1.5%
4.8% 4.8% 3.1% 3.1%
4.2% 4.2%
2.0% 2.0%
3.3% 3.3% 5.1% 5.1%
2.5% 2.5%
2.8% 2.8%
3.7% 3.7%
5.3% 5.3% 3.6% 3.6%
2.7% 2.7%
2.0% 2.0%
2.8% 2.8%
2.8% 2.8% 3.5% 3.5%
3.8% 3.8%
3.1% 3.1%
4.0% 4.0%
2.9% 2.9%
3.9% 3.9%
4.2% 4.2%
3.4% 3.4% 4.0% 4.0% 3.6% 4.3% 3.6% 4.3% 2.8% 2.8% 3.4% 3.4% 4.6% 4.6% 3.5% 3.5% 3.1% 3.1% 3.4% 3.2% 3.4% 3.2% 2.8% 2.8% 3.1% 3.1% 3.1% 3.1%
2.8% 2.8%
4.8% 4.8%
4.3% 4.3% 3.3% 3.3%
4.6% 4.6%
1.9% 0.0%
3.8%
USA 3.9% 3.9% USA VT 2.1% 2.1% VT NH 2.6% 2.6% NH MA 2.9% 2.9% MA CT 4.4% 4.4% CT RI 4.1% 4.1% RI NJ 4.7% 4.7% NJ MD 2.6% 2.6% MD DC 5.2% 5.2% DC DE 3.9% 3.9% DE
2.3%
1.7% 1.6%
1.2%
2.0% 2.0%
Source: U.S. Bureau of Labor Statistics
S A LT L A K E C H A M B E R
0.8%
1.6%
1.6% 1.8%
1.0%
2.2% 3.6% 3.6%
1.4%
0.7%
2.5% 1.8%
1.7%
0.8%
1.2% 0.5% 1.4% 1.4% 1.8% 1.1% 1.3% 0.5% 3.4%
1.1%
2.3% 1.5%
0.6% 2.2%
3.1% 3.1%
Unemployment Rate
1.4%
1.5%
1.8%
2.1%
2.0%
1.5%
USA 1.8% 1.8% USA VT 1.4% 1.4% VT NH 1.4% 1.4% NH MA 0.6% 0.6% MA CT 1.1% 1.1% CT RI 2.2% 2.2% RI NJ 1.9% 1.9% NJ MD 0.2% 0.2% MD DC 0.3% 0.3% DC DE 1.5% 1.5% DE
0.2% 0.2% 5.3% 5.3%
Job Growth
-0.4% -0.4%
3.8% 3.8%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION