The Salt Lake Chamber’s Roadmap to Prosperity Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated the Economic Dashboard for October to help business leaders see where Utah’s economy stands. This tool provides data on the state’s economic outlook and actionable context for decision-makers.
“Utah’s economy is showing warning signs with consumer sentiment stalling due to persistent inflation,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Additionally, declining job growth and industry contraction are starting to spread. While Utah’s position remains better than most states, it is time for businesses to develop a playbook for a slowing economy. Utah has many advantages to rely upon, such as our low unemployment and entrepreneurial spirit, that can help guide us through a potential downturn.”
Three essential insights from the October 2022 Roadmap to Prosperity Dashboard include:
- Utah’s low unemployment rate continues. Utah’s September unemployment rate of 2.1% continues a 19-month trend of an unemployment rate below 3.0%.
- Home prices decline. While Utah home prices have risen year-over, Utah’s median home sales price has fallen from $535,050 in May to $490,000 in September of 2022.
- Consumer confidence remains low. While consumer confidence has fluctuated mildly, it has remained low for the past several months both in Utah and nationwide.
The Dashboard is updated monthly, providing essential insights, tracking ten timely and leading measures, and sharing pertinent indicators. This provides leaders with critical and timely information to make informed decisions.
“Utah’s stable unemployment rate of roughly 2% is a bright spot for our economy,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “As the national economy begins to show signs of a slowdown, we are feeling the ripple effects in Utah, with stagnant consumer confidence and a decline in home prices. Fortunately, we are operating from a position of strength in The Beehive State as a result of effective leadership and economic diversification.”
