Shifting Economic Landscape Continues to Put Pressure on Utah’s Economy 

The Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the June 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 job market remains strong with notable growth in the construction, government and education/health services sectors,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Although there is a slight rise in unemployment rates in Utah and across the nation, our state’s unemployment rate remains relatively low. Additionally, we are enthusiastic about the increase in passenger traffic at the Salt Lake City International Airport, indicating continued growth and economic vitality.”

Three essential insights from the June 2024 Roadmap to Prosperity Dashboard include:

1. Unemployment rates tick up in Utah and the U.S. but remain comparatively low. A recently overheated labor market continues to cool, with employment growth slowing and unemployment rates rising slightly. Utah’s current unemployment rate ranks 11th lowest (best) nationally. 
2. Utah’s employment growth varies widely by industry. Employment in Utah’s information and financial activities sectors contracted for the 5th consecutive month through May. In contrast, construction employment grew nearly 5%. Statewide employment growth totaled 2.2%. 
3. Through May, SLC International Airport passengers are up 7% relative to the first five months of 2023. Continued strong demand for travel and increased capacity remain drivers of Salt Lake City’s airport traffic. More gates are set to open later this year, further increasing capacity. 

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.  

“High interest rates, unaffordable housing, and high-but-moderating inflation continue to put pressure on the Utah economy,” said Natalie Gochnour, director of the University of Utah’s Kem C. Gardner Policy Institute. “In the coming months, consumers will also be impacted by an onset of political news that will impact sentiment and add to feelings of unease.”

To view the Roadmap to Prosperity Dashboard, click here.