UTAH SEPTEMBER 2020

Utah’s economic recovery is still near the best in the nation. Only Idaho is closer to returning to its 2019 economic levels than Utah, where employment declined only 1.8% over the last year. The state currently has the second-lowest unemployment rate in the nation at 4.1%. Utah lost 25,300 jobs over the past year, with the construction (+8,400); trade, transportation, and utilities (+5,200); and financial activities (+1,400) sectors gaining the most jobs. Leisure and hospitality (-26,600); professional and business services (-6,000); and government (-4,000) lost the most jobs year over year. Annual housing price growth continues to accelerate, rising from 7.2% in July to 7.9% in August.

UTAH’S LABOR MARKET CONTINUES RECOVERY UNITED STATES EMPLOYMENT FACTS August 2020 September 2020

TOTAL EMPLOYMENT: 1,538,500 MONTHLY JOBS ADDED: 661,000 EMPLOYMENT LOSSES: -1.8% UNEMPLOYMENT: 4.1% EMPLOYMENT CHANGE: -6.4%

UNEMPLOYMENT: 7.9%

Sources: Bureau of Labor Statistics

LARGEST ECONOMIC CONTRACTION ON RECORD Change in U.S. Gross Domestic Product

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Source: U.S. Bureau of Labor Statistics 2.0% 2.1% 2.1% -5.0% -31.4% Note: Shaded area represents recession Source: Bureau of Economic Analysis

UTAH COUNTIES’ JOB LOSSES MODERATE ANNUAL INDUSTRY GROWTH MIXED August 2019 - August 2020 August 2019 - August 2020

12-Month 12-Month INDUSTRY Total Change % Change Natural Resources & Mining -1,100 -11.5% Construction 8,400 7.4% Manufacturing -1,200 -0.9% Trade, Trans., Utilities 5,200 1.8% Information -1,600 -3.9% Financial Activities 1,400 1.5% Professional & Business Services -6,000 -2.6% Education & Health Services -1,300 -0.6% Leisure & Hospitality -26,600 -16.8% Other Services 1,500 3.4% Government -4,000 -1.7% TOTAL -25,300

Source: Utah Department of Workforce Services; Not Seasonally Adjusted, Nonfarm Source: Utah Department of Workforce Services UTAH PERSONAL INCOME GROWTH BELOW AVERAGE UTAH GDP CONTRACTED AT BELOW AVERAGE RATE Personal Income Growth by State, Q2 2020 Utah: 31.9% US: 32.4% GDP Growth by State, Q2 2020 Utah: -22.4% US: -31.4%

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 UTAH HOUSING PRICE GROWTH STRENGTHENING Home Prices and Foreclosures

UTAH HOME VALUES HIGHER THAN NATION Utah United States MEDIAN HOME VALUE August 2020 Utah: $373,049 U.S.: $256,663 $373,0491 $256,6631 (August 2020) % CHANGE IN HOME VALUE 7.9%1 5.1%1 (August 2019 - August 2020) FORECLOSURE RATE 0.01%2 0.01%2 (August 2020)

Sources: 1Zillow Research and 2RealtyTrac

INTEREST RATES 3.25% - Prime Interest Rate (Current) Source: Zillow Research, Zillow Home Value Index 2.90% - 30-Year Fixed Rate Mortgage (As of September 29, 2020)

Sources: Wall Street Journal

STATE FACTS (VALUE & RANK) ROBERT SPENDLOVE • Median Household Income: (2018) $77,067 9th Economic and Public Policy Officer • Annual Mean Wages & Salaries: $49,420 (2019) 28th Contact our team for more information • Per Capita Personal Income: $45,340 (2018) 41st or to schedule a speaking engagement. • Personal Income (% Change): 6.3% (2017-2018) 2nd [email protected] • Population Growth Rate: 1.7% (2019: 3,205,958) 2nd (801) 560-5394 [email protected] • Total Fertility Rate: (2018) 2.03 4th (801) 844-8244 • Median Age: 31 (2018) 1st www.zionsbank.com/economy • Household Size: 3.12 (2018) 1st

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

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A division of Zions Bancorporation, N.A. Member FDIC As of September 29, 2020