UNITED STATES EMPLOYMENT FACTS May 2017

JOBS ADDED: 138,000

EMPLOYMENT GROWTH: 1.6%

UNEMPLOYMENT: 4.3%

Sources: U.S. Bureau of Labor Statistics

EMPLOYMENT GROWTH BY COUNTYApril 2016—April 2017

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

U.S. GROSS DOMESTIC PRODUCTChange in U.S. Gross Domestic Product

Q2 2016 Q3 2016 Q4 2016 Q1 2017

1.4% 3.5% 2.1% 1.2%

Source: Bureau of Economic Analysis

UTAH CONSTRUCTION SECTOR EMPLOYMENTApril 2017

96,000jobs in

Apr. 2017

105,700 jobs in

Feb. 2007

UTAH EMPLOYMENT CHANGES BY INDUSTRY

April 2016 - April 2017

INDUSTRYGrowth

RateTotal

Change

Natural Resources & Mining -9.2% -800

Construction 3.1% 2,800

Manufacturing 3.0% 3,700

Trade, Trans., Utilities 4.0% 10,700

Information -0.8% -300

Financial Activity 1.6% 1,300

Professional & Business Services 4.6% 9,200

Education & Health Services 3.9% 7,500

Leisure & Hospitality 4.2% 5,800

Other Services 3.6% 1,400

Government 2.2% 5,400

TOTAL 46,700

Source: Utah Department of Workforce Services

Utah posted another solid month of labor market gains in April. The state’s unemployment rate held steady at 3.1 percent and annual employment growth improved to 3.3 percent, up from 3.2 percent in March. The Utah Consumer Attitude Index continues to reflect the state’s solid economic position, with a May reading of 111.9. The March median home price in Utah registered at $282,139, up from $268,850 the month before. The ongoing labor shortage of construction workers and the state’s low housing inventory remains a significant contributor to rising home values. This can be seen in the Utah Home Price Index, which rose by 9.9 percent in March from the year before, besting the national average of 7.1 percent.

Highlights

Source: U.S. Bureau of Labor StatisticsNote: Shaded area represents recession defined by the National Bureau of Economic Research

UTAH | JUN 2017

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

joseph.mayans@zionsbank.com (801) 844-7887www.zionsbank.com/economy

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A division of ZB, N.A. Member FDIC As of June 5, 2017

UTAH United States

$282,139MEDIAN HOME PRICE

(Mar 2017)$219,900

9.9% increase HOME PRICE INDEX (Mar 2016 - Mar 2017)

7.1% increase

0.06% FORECLOSURE RATE

(Apr 2017)0.06%

Sources: Home prices and indexes from CoreLogic. Foreclosure rates from RealtyTrac.com.

DEMOGRAPHICSUtah Population and Components of Change

Sources: Utah Governor’s Office of Management and Budget, U.S. Census BureauNote: Left axis = total population; Right axis = components of population change

CONSUMER CONFIDENCEU.S. Consumer Confidence Index vs. Utah Consumer Attitude Index

Sources: U.S. CCI from The Conference Board and UT CAI from Cicero Group for Zions Bank Wasatch Front CPI from Ciscero Group for Zions Bank

• Median Household Income: $66,258 (2015) 10th

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

• Per Capita Personal Income: $40,744 (2016) 41st

• Personal Income (% Change): 5.6% (2015-2016) 2nd

• Population Growth Rate: 2.0% (2016: 3,051,217) 1st

• Total Fertility Rate: 2.33 (2013) 1st

• Median Age: 30.6 (2015) 1st

• Household Size: 3.17 (2015) 1stSources: U.S. Census Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, National Center for Health Statistics, statista.com. Notes: 1. Ranking are based on the most recent data for all states and may differ from other data. 2. Rank is most favorable to least favorable.

STATE FACTS (VALUE & RANK)

U.S.: 0.7%; Utah: 2.0%; Rank: 1st

Source: U.S. Census Bureau

Total Population Natural Increase Net Migration

CONSUMER PRICE INDEXU.S. vs. Wasatch Front Consumer Price Index: Year-Over Change

Sources: U.S. CPI from National Bureau of Labor Statistics and Wasatch Front CPI from Ciscero Group for Zions Bank

Utah Population Growth: 2015 - 2016

HOUSINGHome Prices and Foreclosures