2.3%
Total Construction
6.4%
Manufacturing
1.6%
Information Financial Activities
0.0% -0.3%
Other Services
0.4%
Government
3.8%
Education/Health Services Leisure/Hospitality Services
DASHBOARD
6.3% -0.1% 0.9% September 2024
Natural Resources
Professional/Business Services
2.7%
Trade/Transportation/Utilities -0.6%
12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% THREE ESSENTIAL INSIGHTS: -12% -14% Utah’s sales2018 price 2020 2012median 2014home 2016 US Utah remained relatively stable
The Road to Prosperity Dashboard2.3%tracks Utah’s economic outlook. The Dashboard, which is updated1.5%monthly, provides essential insights, tracks timely and leading measures, and shares salient indicators.
1
2
throughout the summer. Higher mortgage rates tampered
3
Utah’s2024 unemployment rate 2022 ticked up. After ranking 9th lowest in August 2023 at 2.7%, Utah’s unemployment
Construction and education/health services industries represent the largest drivers of Utah employment growth.
housing price gains through the
rate ranked 17th lowest this
Employment growth by industry varies
summer, with median sales prices
August at 3.3%. Although Utah’s
widely in Utah. Year-over percent change in
hovering between $502,000 and
unemployment rate remains
construction ranked highest, growing 6.4%
$510,000 from May to August. Recent
relatively low by historical
in August, followed by education/health
interest rate reductions will likely impact
standards, the labor market shows
services (6.3%). Financial activities, leisure/
housing prices in coming months.
clear signs of softening.
hospitality, and trade/transportation/ utilities experienced year-over declines.
Unemployment Rate August 2024
Job Change Year-Over Percentage Change August 2024 2.0% 2.0%
4.8% 4.8% 3.2% 3.2%
4.0% 4.0% 3.5% 3.5% 5.5% 5.5%
3.3% 3.3%
5.3% 5.3% 3.4% 3.4%
2.3% 2.3%
3.3% 3.3% 2.9% 2.9%
2.0% 2.0%
3.0% 3.0%
2.7% 2.7% 4.0% 4.0%
2.9% 2.9%
3.3% 3.3% 3.4% 3.4%
4.1% 4.1%
4.1% 4.1%
5.3% 5.3%
3.9% 3.9% 3.3% 3.3%
0.7% 0.7% 4.5% 4.5%
4.4% 4.4%
4.5% 4.5% 4.2% 4.2% 4.2% 4.2% 2.8% 2.8% 4.8% 4.8% 3.8% 3.8% 4.3% 4.3% 3.6% 3.6%
3.1% 3.1%
2.7% 2.7% 2.8% 2.8% 3.9% 3.9%
3.0% 3.0%
USA 4.2% 4.2% USA CT 3.4% 3.4% CT DC 5.7% 5.7% DC DE 4.2% 4.2% DE MA 3.7% 3.7% MA MD 2.9% 2.9% MD NH 2.6% 2.6% NH NJ 4.8% 4.8% NJ RI 4.6% 4.6% RI VT 2.2% 2.2% VT
3.1% 3.1%
1.4% 1.4%
1.6% 1.6% 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
0.7% 0.7% 2.1% 2.1%
2.3% 2.3%
1.4% 1.4%
1.1% 1.1% 1.4% 1.4% 1.2% 1.2% 1.5% 1.5%
0.9% 0.9%
1.4% 1.4% 2.0% 2.0%
0.7% 0.7% 2.0% 2.0% 1.1% 1.1% 1.4% 1.4% 3.4% 3.4% 1.2% 1.2% 1.5% 1.5% 0.9% 0.9% 1.9% 1.6% 1.9% 1.6% 3.4% 3.4% 0.9% 0.9% 1.6% 1.6% 2.0% 2.0% 2.0% 2.0% 0.4% 0.4% 0.6% 0.6%
1.4% 1.4%
2.2% 2.2%
2.7% 2.7%
2.9% 2.9% 2.0% Unemployment Rate 2.0%
2.1% 2.1%
0.4% 0.4%
3.4% 3.4%
3.3% 3.3%
4.5% 4.5%
3.4% 3.4%
2.8% 2.8%
USA 1.5% 1.5% USA CT 0.8% 0.8% CT DC 0.7% 0.7% DC DE 1.0% 1.0% DE MA 1.1% 1.1% MA MD 0.3% 0.3% MD NH 1.9% 1.9% NH NJ 1.4% 1.4% NJ RI 1.4% 1.4% RI VT 2.5% 2.5% VT
0.6% 0.6% 5.7% 5.7%
0.3% Job Growth 0.3%
3.4% 3.4%
Source: U.S. Bureau of Labor Statistics
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