UNITED STATES EMPLOYMENT FACTS September 2016

JOBS ADDED: 156,000

EMPLOYMENT GROWTH: 1.7%

UNEMPLOYMENT: 5.0%

Sources: U.S. Bureau of Labor Statistics

PERCENT CHANGE IN EMPLOYMENTAugust 2015—August 2016

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

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

Q3 2015 Q4 2015 Q1 2016 Q2 2016

2.0% 0.9% 0.8% 1.4%

Source: Bureau of Economic Analysis

UTAH TOTAL NONFARM EMPLOYMENTAugust 2016

-92,000jobs from

2007-2009

+253,000 jobs since

2009

Total Employed: 1,426,000

Employment Growth: 3.1%Rank: 4th

Umemployment Rate: 3.7%Rank: 7th

UTAH EMPLOYMENT CHANGES BY INDUSTRY

August 2015 - August 2016

INDUSTRYGrowth

RateTotal

Change

Natural Resources & Mining -8.7% -900

Construction 6.0% 5,300

Manufacturing 3.4% 4,200

Trade, Trans., Utilities 3.2% 8,600

Information 0.0% 0

Financial Activity 8.3% 6,600

Professional & Business Services 1.4% 2,800

Education & Health Services 4.8% 8,600

Leisure & Hospitality 4.3% 6,000

Other Services 2.5% 1,000

Government 1.2% 2,600

TOTAL 44,800

Source: Utah Department of Workforce Services

Utah’s economic health continues to excel with a strong employment situation, high income growth, a robust housing market and an increase in consumer attitude. At 3.1 percent, Utah’s yearly employment growth for August was the fourth highest in the nation, while the unemployment rate of 3.7 percent was among the lowest in the U.S. Consequently, Utah also experienced the highest level of personal income growth this year from first to second quarter at 1.4 percent compared to the national average of 1.0 percent. Utah’s housing market continues to strengthen with a median home sales price approaching pre-recession levels at $263,404. Consumer confidence is also on the rise with August’s Utah’s Consumer Attitude Index reporting a 3.2 jump to 113.2. The exception to Utah’s expanding economy continues to be natural resources and mining, as the industry works to recover from past weakness in the energy sector.

Highlights

Source: U.S. Bureau of Labor Statistics; seasonally adjusted total nonfarm employmentNote: jobs added in thousands; Totals rounded to nearest thousand.

4.0% or more

3.3% to 3.9%

1.0% to 3.2%

0.0% to 0.9%

Loss

OCT 2016

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

deborah.speed@zionsbank.com (801) 844-7887www.zionsbank.com/economy

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A division of ZB, N.A. Member FDIC As of October 7, 2016

UTAH United States

7.7% increase HOME PRICE INDEX (Aug 2015 - Aug 2016)

6.2% increase

0.11% FORECLOSURE RATE

(Aug 2016)0.07%

1.3% increaseCONSUMER PRICE INDEX

(Aug 2015 - Aug 2016)1.1% increase

Sources: Home price indexes from CoreLogic. Foreclosure rates from RealtyTrac.com. CPI from U.S. Bureau of Labor Statistics.

POPULATIONUtah 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

INCOMEPersonal Income Growth: Q1 2016 - Q2 2016

Source: Bureau of Economic Analysis

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

U.S. CCI: 104.1 Utah CAI: 113.2

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

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

• Per Capita Personal Income: $39,045 (2015) 43rd

• Personal Income (% Change): 5.5% (2014-2015) 3rd

• Population Growth Rate: 1.7% (2015: 2,995,919) 6th

• Total Fertility Rate: 2.33 (2013) 1st

• Median Age: 30.6 (2015) 1st

• Household Size: 3.17 (2015) 1st

Above 110 indicates economic prosperity

Source: 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)

HOUSINGMedian Home Sale Price: June 2016

U.S.: $218,175; Utah $263,404

Source: Graphiq.com reporting data from CoreLogic

2,995,919

15,744

35,934

1.2% or more 1.0% to 1.1% 0.6% to 0.9% 0.0% to 0.5%

U.S.: 1.0%; Utah 1.4%; Rank 1st

Total Population Natural Increase Net Migration