utah · utah united states $364,6041 median home value (june 2020) $252,1781 6.5%1 % change in home...

UNITED STATES EMPLOYMENT FACTS July 2020

JOBS ADDED: 1,763,000

EMPLOYMENT GAIN: 1.3%

UNEMPLOYMENT: 10.2%

Sources: Bureau of Labor Statistics

UTAH COUNTIES’ JOB LOSSES MODERATE June 2019 - June 2020

Source: Utah Department of Workforce Services; Not Seasonally Adjusted, Nonfarm

Source: U.S. Bureau of Labor StatisticsNote: Shaded area represents recession

AUGUST 2020

CONSTRUCTION BOUNCES BACKJune 2019 - June 2020

INDUSTRY12-Month

Total Change12-Month% Change

Natural Resources & Mining -1,000 -10.4%

Construction 9,700 8.7%

Manufacturing -1,900 -1.4%

Trade, Trans., Utilities 1,400 0.5%

Information -600 -1.5%

Financial Activities 600 0.7%

Professional & Business Services -8,400 -3.7%

Education & Health Services -1,100 -0.5%

Leisure & Hospitality -32,400 -20.7%

Other Services -1,800 -4.2%

Government -7,600 -3.0%

TOTAL -43,100

Source: Utah Department of Workforce Services

UTAH’S LABOR MARKET CONTINUES RECOVERYJune 2020

TOTAL EMPLOYMENT: 1,516,100EMPLOYMENT LOSSES: -2.7%UNEMPLOYMENT: 5.1%

ECONOMY SHRINKS FOR FIRST TIME IN 10 YEARSChange in U.S. Gross Domestic Product

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

2.0% 2.1% 2.1% -5.0% -32.9%

Source: Bureau of Economic Analysis

Utah’s economy continued its comeback in June, with the state adding 35,600 jobs month to month. Although the state added jobs month to month, the state still lost jobs year to year, albeit at a nationally low rate of 2.8%. Utah’s unemployment rate also improved in June, dropping to 5.1% – the 2nd lowest rate in the nation. Utah lost 43,100 jobs over the past year, with only the construction (+8,000); trade, transportation, and utilities (+1,400); and financial activities (+500) sectors gaining jobs. Leisure and hospitality (-32,400); professional and business services (-8,400); and government (-7,600) lost the most jobs year over year. Housing price growth shows no signs of slowing down, growing 6.5% year over year.

UTAH

ROBERT SPENDLOVEEconomic and Public Policy Officer

Contact our team for more information or to schedule a speaking engagement.

robert.spendlove@zionsbank.com (801) 560-5394

drew.maggelet@zionsbank.com (801) 844-8244www.zionsbank.com/economy

• Median Household Income: $77,067 (2018) 9th

• Annual Mean Wages & Salaries: $44,130 (2015) 28th

• Per Capita Personal Income: $45,340 (2018) 41st

• Personal Income (% Change): 6.3% (2017-2018) 2nd

• Population Growth Rate: 1.7% (2019: 3,205,958) 2nd

• Total Fertility Rate: 2.03 (2018) 4th

• Median Age: 31 (2018) 1st

• Household Size: 3.12 (2018) 1st

Sources: Census Bureau, Bureau of Economic Analysis, Bureau of Labor Statistics, National Center for Health Statistics, statista.com

STATE FACTS (VALUE & RANK)

As of July 30, 2020

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UTAH HOME VALUES HIGHER THAN NATIONJune 2020 Utah: $364,604 U.S.: $252,178

Source: Zillow Research, Zillow Home Value Index

Utah United States

$364,6041 MEDIAN HOME VALUE(June 2020)

$252,1781

6.5%1 % CHANGE IN HOME VALUE (June 2019 - June 2020)

4.3%1

0.01%2 FORECLOSURE RATE (June 2020)

0.01%2

UTAH HOUSING PRICE GROWTH STILL STRONGHome Prices and Foreclosures

INTEREST RATES

3.25% - Prime Interest Rate (Current)

3.09% - 30-Year Fixed Rate Mortgage (As of July 30, 2020)

Sources: Wall Street Journal

Sources: 1Zillow Research and 2RealtyTrac

Source: U.S. Bureau of Economic Analysis

Source: U.S. Bureau of Economic Analysis.Note: Left axis = total population; Right axis = components of population change

PERSONAL INCOME GROWTH STRONG IN UTAHPersonal Income Growth by State, Q1 2020

UTAH GDP CONTRACTED AT BELOW AVERAGE RATEGDP Growth by State, Q1 2020 Utah: -3.1% US: -5.0%Utah: 3.8% US: 2.3%