The Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the July 2024 Roadmap to Prosperity Economic Dashboard to inform business leaders’ understanding of Utah’s economy. This tool prioritizes key data on the state’s economic outlook and actionable context for decision-makers.
“Utah’s economy continues to show impressive resilience relative to national trends,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Not only has Utah’s inflation position declined, but we’ve also climbed from 11th to 6th in state employment rankings. In addition, our airport traffic reached a monthly high. We are encouraged by these positive trends and will continue to push forward to ensure Utah’s economic success.”
Three essential insights from the July 2024 Roadmap to Prosperity Dashboard include:
- Utah annual employment growth accelerated to 2.8% while U.S. employment growth slowed to 1.6%. Utah’s strong year-over employment growth increases the state’s ranking from 11th in May to 6th highest employment growth in July. Conversely, U.S. employment growth has slowed for four consecutive months.
- Salt Lake City airport passengers reached a monthly high in June with nearly 2.6 million travelers. Salt Lake City airport travel continues to rise. July 2023 set the previous record, yet increased demand and capacity continue to contribute to the airport’s increased traffic.
- Year-over inflation fell to 2.9% in July. After inflation upticks earlier in the year, inflation has fallen for four consecutive months, increasing expectations that the Federal Reserve will begin to lower the federal funds rate in coming months.
The Dashboard is updated monthly, providing essential insights, tracking timely and leading measures, and sharing pertinent indicators. This provides leaders with critical and timely information to make informed decisions.
“With inflation easing, all eyes will be on the Federal Reserve’s next meeting in September and a likely interest rate cut,” said Natalie Gochnour, director of the University of Utah’s Kem C. Gardner Policy Institute. “The expected rate cut, coupled with Utah’s accelerated job growth, will ease anxieties felt by businesses and consumers.”
To view the Roadmap to Prosperity Dashboard, click here.
