The Salt Lake Chamber’s Roadmap to Prosperity Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated the Economic Dashboard for January 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 and the national economy continue to experience mixed signals with relative high inflation and strong job growth,” said Derek Miller, president and CEO of the Salt Lake Chamber. “We are seeing shifts with lower housing prices and financial services activity due in part to Federal Reserve monetary policy. But despite larger headwinds, Utah remains in a position of strength with a majority of industries adding jobs and expanding products and services.”
Three essential insights from the January 2023 Roadmap to Prosperity Dashboard include:
- Utah’s unemployment rate lowest in the nation. Utah’s December unemployment rate of 2.2% is the lowest in the nation. December continues a 22-month trend of an unemployment rate below 3.0%.
- Inflation cools slightly. Inflation peaked at 9.0% in June and still remains high at 6.5% in December. Year-over Inflation has now fallen for six 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. While home prices rose slightly in October, they fell again in November and December.
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.
“Economists continue to express concern about high levels of inflation and historic unemployment numbers in the face of record tightening of monetary policy by the Federal Reserve,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “In Utah, consumer sentiment remains strong and housing prices continue to level off as rates temper demand. In addition, Utahn’s strong work ethic and low unemployment rate are expected to help our state through a period of broader economic realignment.”
To view the Roadmap to Prosperity Dashboard, click here.
