The Road to Recovery Dashboard tracks Utah’s path to a full and complete economic recovery from the COVID-19 recession. The Dashboard, which is updated monthly, provides essential insights, tracks timely and leading measures, and shares salient indicators since the start of the pandemic.
First Dashboard released: September 2020.
“The COVID-19 recession places an uneven impact on people, industries and places. Let’s keep working together to rebuild and restore Utah’s full economic diversity and vibrancy for every Utahn.”
“Utah is leading the country in both health and economic recovery; we must keep working together to ensure we continue to do both!”
“Pandemics do end. I’m confident we will get through this and emerge even stronger.”
Three Essential Insights from the September 2020 Dashboard
The Utah economy continues to improve, but has a long way to go.
The Utah economy continues to improve, but has a long way to go.
Continued weekly unemployment claims peaked at 126,192 on May 2, 2020 and have now declined for 16 consecutive weeks. Continued claims for the week of September 12, 2020 tallied 35,649, showing the Utah economy still has a long way to go. Average weekly claims in 2019 were 8,856.
Utah’s unemployment rate of 4.1% is the lowest in the country.
Utah’s unemployment rate of 4.1% is the lowest in the country.
This positive news means many furloughed and laid off Utahns are returning to work. Pay close attention, however, as it’s likely during COVID-19 that many Utahns have dropped out of the labor market and are not included in this rate. Economists also warn about estimation difficulties during a pandemic and an economic shock.
Construction employment surges as Leisure and Hospitality suffer.
Construction employment surges as Leisure and Hospitality suffer.
Job change by industry varies dramatically. Year-over job growth for August 2020 shows the Leisure/ Hospitality industry suffering through a 16.8% contraction and Natural Resources (energy and mining) declining by 11.5%. Utah’s construction industry, which increased by 7.4%, continues to be Utah’s fastest growing major industry over the past 12 months.