utah · utah united states $364,6041 median home value (june 2020) $252,1781 6.5%1 % change in home...
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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.
[email protected] (801) 560-5394
[email protected] (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%