Total Total
1.8% 1.8%
Construction Construction
5.7% 5.7%
Manufacturing Manufacturing
2.3% 2.3%
Information Information
0.2% 0.2%
Financial Activities Activities Financial
2.4% 2.4%
Other Services Services Other
1.1% 1.1%
Government Government
3.6% 3.6%
Education/Health Services Services Education/Health
4.8% 4.8%
Leisure/Hospitality Services Services Leisure/Hospitality
-0.6% -0.6%
DASHBOARD
Natural Resources Resources Natural
12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% -2% -2% -4% -4% -6% -6% -8% -8% -10% -10% THREE -12% ESSENTIAL INSIGHTS: -12% -14% -14% Labor markets continue 2012 2014 2016moderating, 2018 2020 2012 2014 2016 2018 2020 USthan most Utah US Utah yet Utah’s remains stronger
3.6% 3.6%
Professional/Business Services Services Professional/Business
-0.4% -0.4%
Trade/Transportation/Utilities Trade/Transportation/Utilities
-0.7% -0.7%
March 2025
The Road to Prosperity Dashboard1.8% tracks Utah’s economic outlook. 1.8% The Dashboard, which is updated1.3% monthly, provides essential insights, 1.3% tracks timely and leading measures, and shares salient indicators.
1
states.
10% 10%
Despite continued moderation in labor markets nationally, Utah’s February employment growth 5% 5% ranked 4th highest among states, while its unemployment rate ranked 11th lowest. 0% 0% Ongoing economic uncertainty continues to weigh on labor markets both in Utah and -5% nationwide. -5%
2
and U.S. consumers feel more 2022 Utah 2024 2022 2024
-10% -10%
uneasy, with Utah’s sentiment falling 8.0% and U.S. sentiment declining 11.9% in March. Consumer unease continues to rise, with national consumer sentiment reaching its lowest level since November 2022. Consistent with historical trends, Utahns remained more optimistic, though economic and policy-related uncertainties weigh on confidence both locally and nationwide.
Unemployment Rate February 2025
4.5% 4.5% 3.7% 3.7% 5.8% 5.8%
3.5% 3.5%
2.6% 2.6% 1.9% 1.9%
4.7% 4.7%
5.4% 5.4% 4.0% 4.0%
4.4% 4.4%
3.8% 3.8% 3.3% 3.3% 4.1% 4.1%
3.2% 3.2%
Unemployment Rate Rate Unemployment
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
3.1% 3.1%
4.3% 4.3%
5.4% 5.4%
3.8% 3.8% 4.7% 4.7% 4.8% 4.8% 4.3% 3.9% 4.3% 3.9% 3.1% 3.1% 3.7% 5.3% 3.7% 5.3% 3.7% 3.7% 3.7% 3.7% 3.6% 4.2% 3.6% 4.2% 3.8% 3.8% 3.6% 3.6% 3.3% 3.3% 4.4% 4.4%
3.3% 3.3%
0.4% 0.4%
0.7% 0.7%
4.7% 4.7% 3.0% 3.0%
1.3% 1.3%
3.5% 3.5%
3.0% 3.0%
3.0% 3.0%
3.2% 3.2%
rate returns near pre-pandemic levels after rising throughout recent labor market shortages. After rising in response to labor shortages, Utah’s labor force participation rate began declining in 2023 and continued to edge downward throughout 2024 and into 2025. The U.S. labor force participation rate remains below pre-pandemic levels, in part due to aging demographics.
Job Change Year-Over Percentage Change February 2025
4.4% 4.4% 2.8% 2.8%
3
Utah’s labor force participation
3.6% 3.6%
USA 4.1% 4.1% USA CT 3.4% 3.4% CT DC 5.4% 5.4% DC DE 3.6% 3.6% DE 4.3% MA 4.3% MA 3.0% MD 3.0% MD 3.0% NH 3.0% NH 4.6% NJ 4.6% NJ 4.7% RI 4.7% RI 2.6% VT 2.6% VT
5.8% 5.8%
0.2% 0.2%
1.8% 1.8%
0.4% 0.4% -0.4% -0.4%
1.1% 1.1%
1.7% 1.7%
1.4% 1.4%
1.5% 1.5% 0.6% 0.6%
0.2% 0.2% 1.6% 1.6%
0.2% 0.2% 1.4% 1.4% 1.4% 1.4%
0.3% 0.3% 0.4% 0.4%
-0.6% -0.6%
0.9% 0.9%
1.4% 1.4% 1.2% 1.2%
0.6% 0.6% 0.6% 0.6% -0.2% -0.3% -0.2% -0.3% 1.1% 1.1% 0.3% 0.3% 0.3% 0.3% 1.3% 1.3% 0.4% 0.4% 1.0% 2.0% 1.0% 2.0% 1.5% 1.5% 0.6% 0.6% 0.9% 0.9% 1.1% 1.1%
2.3% 2.3% 1.6% 1.6%
-0.6% JobGrowth Growth -0.6% Job Source: U.S. Bureau of Labor Statistics
1.3% 1.3%
USA 1.3% 1.3% USA CT 0.6% 0.6% CT DC -0.4% -0.4% DC DE 1.3% 1.3% DE MA 0.0% 0.0% MA MD 0.3% 0.3% MD NH 1.0% 1.0% NH NJ 0.8% 0.8% NJ RI 1.1% 1.1% RI VT 0.1% 0.1% VT
3.1% 3.1%
ROADMAP TO RECOVERY COALITION