Total Total
1.9% 1.9%
Construction Construction
0.8% 0.8%
Manufacturing Manufacturing
0.2% 0.2%
Information Information
2.2% 2.2%
Financial Activities Activities Financial Other Services Services Other
1.7% 1.7% -2.8% -2.8%
Government Government
3.0% 3.0%
Education/Health Services Services Education/Health
8.4% 8.4%
Leisure/Hospitality Services Services Leisure/Hospitality
November 2025
2.4% 2.4%
Natural Resources Resources Natural
0.0% 0.0%
DASHBOARD
Professional/Business Services Services Professional/Business
0.6% 0.6%
Trade/Transportation/Utilities Trade/Transportation/Utilities
12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% -2% -2% -4% -4% -6% -6% -8% -8% -10% -10% -12% -12% -14% -14%
-1.0% -1.0%
1.9% The Road to Prosperity Dashboard1.9% tracks Utah’s economic outlook. 0.9% 0.9% The Dashboard, which is updated monthly, provides essential insights, tracks timely and leading measures, and shares salient indicators.
THREE ESSENTIAL 2012 2014INSIGHTS: 2016 2018 2012 2014 2016 2018
1 10% 10%
U.S. U.S.
2020 2020 Utah Utah
With the federal government shutdown ending in November, data visibility resumes.
5% 5%
Data releases from federal statistical agencies resumed, though some delays continue for 0% 0% certain indicators, including those related to labor -5% markets and employment. -5%
2 2022 2022
2024 2024
Utah’s Zions Bank Consumer Sentiment increases while U.S. consumer sentiment dips in November.
While Utah consumer sentiment rose 3.4% to a value of 75.8, the gap between Utah and the U.S. continues to widen as the U.S. index fell by 4.9%, to its lowest level since June 2022.
-10% -10%
Unemployment Rate September 2025
5.2% 5.2%
3.2% 3.2%
3.7% 3.7%
5.3% 5.3%
4.1% 4.1%
5.6% 5.6%
3.7% 3.7%
3.8% 3.8% 3.2% 3.2%
4.1% 4.1%
4.1% 4.1%
4.2% 4.2%
5.1% 5.1%
4.1% 4.1% 4.8% 4.8% 4.4% 3.7% 4.4% 4.0% 3.7% 4.0% 3.5% 3.5% 4.1% 4.7% 4.1% 4.7% 3.7% 3.7% 3.6% 3.6% 3.9% 4.4% 3.9% 4.4% 3.8% 3.8% 3.4% 3.4% 2.8% 2.8%
3.7% 3.7%
4.4% 4.4%
4.7% 4.7% 3.9% 3.9% 2.5% 2.5%
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
0.5% 0.5% 1.1% 1.1%
3.1% 3.1%
2.0% 2.0% 3.0% 3.0%
3.4% 3.4%
4.2% 4.2%
2.6% 2.6%
3.3% 3.3%
Utah’s unemployment rate ticked up from 3.3% in August to 3.4% in September. This rate remains below the U.S. average unemployment rate, which increased from 4.3% in August to 4.4% in September. These increases signal a softening labor market.
Job Change Year-Over Percentage Change August 2025
4.5% 4.5% 3.0% 3.0%
3
Unemployment ticks up in Utah and across the U.S.
-0.3% -0.3% 0.7% 0.7% 1.4% 1.4%
0.3% 0.3% CT 3.8% 3.8% CT DE 4.5% 4.5% DE
RI 4.5% 4.5% RI VT 2.5% 2.5% VT
0.4% 0.4%
0.4% 0.4% 1.2% 1.2%
0.9% 0.9% 0.5% 0.5%
1.9% 1.9%
MA 4.7% 4.7% MA MD 3.8% 3.8% MD NH 3.0% 3.0% NH NJ 5.2% 5.2% NJ
0.4% 0.4%
0.6% 0.6%
1.4% 1.4%
0.7% 0.7% 0.1% 0.1%
0.9% 0.9%
1.5% 1.5% 2.0% 2.0%
1.5% 1.5% -0.2% 0.6% -0.2% 0.6% 0.4% 0.4% 1.1% -0.7% 1.3% 1.1% -0.7% 1.3% 1.1% 1.1% 1.6% 1.6% 1.0% 1.0% 1.3% 1.6% 1.3% 3.2% 1.6% 3.2% 1.4% 1.4% 0.6% 0.6% 0.7% 0.7% 1.1% 1.1% 0.7% 0.7%
0.7% 0.7% 2.0% 2.0%
U.S. 4.4% 4.4% U.S. 5.5% 5.5%
1.3% 1.3%
1.0% 1.0%
CT 0.9% 0.9% CT DE 0.7% 0.7% DE MA 0.4% 0.4% MA MD 0.2% 0.2% MD NH 0.6% 0.6% NH NJ 1.0% 1.0% NJ RI 0.5% 0.5% RI VT 0.6% 0.6% VT U.S. 0.8% 0.8% U.S.
-0.7% JobGrowth Growth -0.7% Job
3.2% 3.2%
Source: U.S. Bureau of Labor Statistics
ROADMAP TO RECOVERY COALITION
Job Change Year-Over Percent Change November 2010 – August 2025
Utah Job Change by Industry Year-Over Percent Change August 2025 Total
1.9%
Construction
0.8%
Manufacturing
0.2%
Information
2.2%
Financial Activities
1.7%
Other Services
-2.8%
Government
3.0%
Education/Health Services
8.4%
Leisure/Hospitality Services
2.4%
Natural Resources
0.0%
Professional/Business Services
0.6%
Trade/Transportation/Utilities
2.9% Cache 3.1% Rich 3.3% Weber 3.0% Davis 3.2% Morgan 4.6% Daggett
3.6% Sanpete
3.4% Residential Beaver
Non-residential 5.0%
2024
0.5% 3.2%
$ Millions
1.1%
0.7%
Iron
1.4%
3.4% Washington 0.3%
0.6%
3.7% Grand
0.4%
Wayne
-0.3%
4.0% San Juan
1.3%
0.9%
0.7%
3.4% 0.1% 0.5% Kane -0.2%
0.9%
1.5% 2.0%
2.5%
1.5% 0.6% 0.4% CT 0.9% 1.1% -0.7% 1.3% 0.4% 1.1% DE 0.7% 1.6% 1.0% Unemployment Rate 1.2% 1.3% 1.6% 3.2% MA 0.4% 1.4% 2.7% 1.4% 0.6% 6.1% MD 0.2% 0.7% 1.1% NH 0.6% M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A 0.7% S O ND J FMAM J J A S O N D J F M AM J J A S OND J F M AM J J A S NJ 1.0% 2025 2020 2021 2022 2023 2024 0.7% RI 0.5% Source: Utah Department of Workforce Services 1.0% VT 0.6% 2.0%
4.4%
U.S. 0.8%
1.9%
0.4%
S A LT L A K E C H A M B E R 70%Job Growth -0.7% 69%
68.3%
Non-residential
$60
Add/Alt/Repairs
$50 Sales Price ($ Thousands)
3.3% Uintah
4.2% Emery
6.1% Garfield
Residential
Add/Alt/Repairs 4.7%
Piute
2%
5.5%
2022
-10%
$ Millions
3.6% Duchesne
4.0% Sevier
4.5%
2020 Utah
4.5% Carbon
3.3% Millard
5.2%
2018 U.S.
-5%
3.0% 2.6% 3.7% 5.2% M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S 3.1% 2025 2020 2021 2022 2023 20244.2% 3.7% 2.0% 5.1% 3.3% 4.1% 3.7% 5.3%C. Gardner Policy Institute Source: Kem 3.0% 4.8% 4.4% 3.7% 3.4% 4.0% CT 3.8% 4.1% 3.5% 5.6% 3.8% 4.1% 4.7% DE 4.5% 3.7% Utah Median Home Sales Price 3.6% 4.2% MA 4.7% 3.2% 4.4% January 2020 – October 2025 3.9%3.8% 4.1% 70% MD 3.8% 2.8% 3.4% NH 3.0% $600 69% 4.1% 68.3% 4.4% NJ 5.2% $525,000 68% RI 67.6% 4.5% $500 4.7% 67% 3.9% VT 2.5% 67.4% 66% $400 U.S. 4.4% 2.5% 65%
64%$300 63.4% Unemployment Rate 63%
1.9%
5.5%
$200
62%
62.4%
$40
$30
$20
$10
1.$
0.4
900
800 600 400
Jo
200
61%
$100
60%
60.2% J F MA M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S 2020 2021 2022 2023 2024 2025 $0 J A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M AM J J A S O N D J F M A M J J A S O N D J F M A M J J A S O U.S. Utah 2020 2021 2022 2023 2024 2025
0
Source: Utah Association of Realtors
$6 3.2%
3.2%
4.5%
Sales Price ($ Thousands)
2.7% Wasatch
3.3% Juab
0%
2.8% Summit
3.4% Salt Lake 3.6% Utah
H 3.0%
2016
Value of Construction in Utah 5% March 2020 – September 2025
3.7% Tooele
D 3.8%
2014
Utah Unemployment Rate August 2025
24
A 4.7%
2012
Note: Large year-over job change in April 2021 is inflated due to the high job losses in April 2020. 10% Source: U.S. Bureau of Labor Statistics
3.4% Box Elder
E 4.5%
0.9%
Note: From March to December 2021, a 2-year change is used due to the drastic changes in employment beginning March 2020. Source: U.S. Bureau of Labor Statistics
0.9%
3.8%
Tr
1.9%
-1.0%
900 $5
ns)
1.9%
12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% -12% -14%
Pr
ROADMAP TO RECOVERY COALITION
2.5
2.0
0 D J F M A M J J A S O N D J F M A M J J A S O N D J F MAM J J A S O N D J FM A M J J A S O ND J F MAM J J A S O N ‘20 2021
2022
2023
2024
2025
U.S. Inflation Consumer Price Index Year-Over Percent Change U.S. Utah January 2000 - September 2025
Consumer Sentiment October 2020 – November 2025 100 80
60
Residential Residential
Non-residential Non-residential
Add/Alt/Repairs Add/Alt/Repairs
Residential
Non-residential
Add/Alt/Repairs
75.8
51.0
$ Millions $ Millions $ Millions
40
20
0 D J F M A M J J A S O N D J F M A M J J A S O N D J F MAM J J A S O N D J FM A M J J A S O ND J F MAM J J A S O N
‘20 2021 2022 2023 2024 2025 M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S M2020 A M J J A S O N D J 2021 F M A M J J A S O N D J 2022 F U.S. M A M J J A S OUtah N D J 2023 F M A M J J A S O N D J 2024 F M A M J J A S O N D J 2025 F MAMJ J A S 2025 2020 2021 2022 2023 2024 Source: Kem C. Gardner Policy Institute M A MJ J A S O N D J F MAM J J A S O N D J F MAM J J A S O ND J FMAM J J A S O N D J F M AM J J A S OND J F M AM J J A S 2025 2020 2021 2022 2023 2024
$600 $600 8% $500 $600 $500 6% $400 $500 $400 4% $300 $400 $300 2% $200 $300 $200 0%
$525,000 $525,000
Sales ($ ($ Thousands) Sales Price ($Price Thousands) Sales Price Thousands)
$525,000
3.0%
$100 $200 $100 -2%
2003 2008 2013 2018 2023 $0 A S O N D J F M AM J J A S O N D J F M A M J J A S O N D J F M A M J J A S O $100 $0 J A M J J A S O N D J F M A M J J A S O N D J F M A M J J Recession
J 2020 A M J J A S O N D J 2021 F M A M J J A S O N D J 2022 F M A M J J A S O N D J 2023 F M A M J J A S O N D J 2024 F M A M J J A S O N D J 2025 FMAM J J A SO 2020 2021 2022 2023 2024 2025 Source: U.S. Bureau of Labor Statistics $0 J A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M AM J J A S O N D J F M A M J J A S O N D J F M A M J J A S O 2020 2021 2022 2023 2024 2025
Labor Force Participation Rate January 2020 – September 2025
Utah Bankruptcy Cases January 2020 - November 2025
8% 70% 70% 69% 6% 68.3% 69% 68% 68.3% 70% 67.6% 68% 4% 67.6% 67% 69% 67% 68.3% 67.4% 66% 67.4% 68% 3.0% 66% 2% 67.6% 65% 67% 65% 67.4% 64% 0% 66% 64% 63.4% 63.4% 63% 65% 63% -2% 62% 2003 2008 2013 2018 2023 64% 62.4% 62% 63.4% 62.4% 61% Recession 63% 61% 60.2% 60% 62% 60.2% A MJ J AS 60% J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M 62.4% J F M A M J J A S O N D J 2021 F M A M J J A S O N D J 2022 F M A M J J A S O N D J F2023 M A M J J A S O N D J 2024 F M A M J J A S O N D J 2025 FM A MJ J AS 61% 2020
900 900
2020 2021 2022 2023 2024 2025 U.S. Utah 60.2% 60% The y-axis starts at 60% to better U.S. Note: J F M A M J J A S O N D J F M A M J J A S O N D J Fillustrate M A M J J A Schanges O Utah N D J F M Ain M Jthe J A S labor O N D J Fforce M A M J Jparticipation A S O N D J F M A M J Jrate AS Source:2020 U.S. Bureau of 2021 Labor Statistics2022 2023 2024 2025
U.S.
800 900 800 600 800 600 400 600 400 200 400 200 2000 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O 0 J 2020 F M A M J J A S O N D J 2021 F M A M J J A S O N D J 2022 F M A M J J A S O N D J 2023 F M A M J J A S O N D J 2024 F M A M J J A S O N D J2025 F MAM J J A S O 0
2022
2023
2024
2025
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F MA M J J A S O N D J F M A M J J A S O
Source:2020 United States 2021 Bankruptcy Court 2022
2023
2024
2025
SLC International Airport Passengers 2.5 January 2020 - October 2025 2.5
$5 $6 $5
2.0 2.5 2.0
$4 $4 $5
MillionsMillions Millions
Retail ($ ($ Billions) Retail Sales ($Sales Billions) Retail Sales Billions)
2021
Utah
Utah Taxable Retail Sales $6 January 2020 - September 2025 $6
$3 $4 $3 $2 $3 $2 $1 $2 $1 0 0 J F MA MJ J A S O N D J F MA MJ J A S O N D J F MA MJ J A S O N D J F M A MJ J A S O N D J F MAM J J A S O N D J FMA M J J A S $1 0
2020
J 2020 F M A M J J A S O N D J 2021 F M A M J J A S O N D J 2022 F M A M J J A S O N D J 2023 F M A M J J A S O N D J 2024 F M A M J J A S O N D J 2025 FMA MJ J A S 2020 2021 2022 2023 2024 2025
J F MA MJ J A S O N D J F MA MJ J A S O N D J F MA MJ J A S O N D J F M A MJ J A S O N D J F MAM J J A S O N D J FMA M J J A S 2020 2021 2022 2023 2024 2025
Note: As of October 2019, marketplace facilitators with a Utah nexus were required to pay sales tax, increasing taxable retail sales. Source: Utah State Tax Commission
S A LT L A K E C H A M B E R
1.5 2.0 1.5 1.0 1.5 1.0 0.5 1.0 0.5
0 0.5 0 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M AM J J A S O ND J FM AM J J A S O ND J FM AM J J A S O J 2020 F M A M J J A S O N D J 2021 F M A M J J A S O N D J 2022 F M A M J J A S O N D J 2023 F M A M J J A S O N D J 2024 F M A M J J A S O N D J 2025 FM AM J J A S O 2020 2021 2022 2023 2024 2025
0
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O ND J F M AM J J A S O ND J FM AM J J A S O ND J FM AM J J A S O 2020 2021 2022 2023 2024 2025
Source: Salt Lake City International Airport
ROADMAP TO RECOVERY COALITION