The Salt Lake Chamber’s Roadmap to Prosperity Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated the Economic Dashboard for December 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 labor market is strong, with unemployment at historic lows, despite recent layoffs in the tech sector,” said Derek Miller, president and CEO of the Salt Lake Chamber. “This is in line with the slowdown in financial and business services activity brought about by rising interest rates to slowing demand. Thankfully, Utah remains a safe haven for business with good governance and wise policy in a globally slowing economy.”
Three essential insights from the December 2022 Roadmap to Prosperity Dashboard include:
- Utah’s unemployment rate lowest in the nation. Utah’s November unemployment rate of 2.2% is the lowest in the nation. November continues a 21-month trend of an unemployment rate below 3.0%.
- Inflation declining but remains high. Inflation peaked at 9.0% in June and still remains high at 7.1% in November. Year-over Inflation has now fallen for five consecutive months showing signs that price increases may be moderating.
- Home Prices Moderate. After record-breaking price increases over the last two years, Utah’s median home sales price fell every month from May to September. October prices moderated with a slight increase from $490,000 in September to $492,000 in October.
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.
“While inflation remains higher than the Federal Reserve’s target rate of around 2%, other signs are pointing in the right direction with rising rates slowing demand and inflation,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “Consumer confidence in Utah is higher than the national average and a cooling housing market is helping to rebalance the overheated market along the Wasatch Front. Our enviable labor participation and record unemployment will continue to buoy the state economy.”
To view the Roadmap to Prosperity Dashboard, click here.