The Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the September 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 continues to provide a solid foundation for business prosperity, despite a slight increase in the unemployment rate,” said Derek Miller, president and CEO of the Salt Lake Chamber. “While there was some job growth in the construction and education/health services sectors, a few areas saw decline. We must remain vigilant in addressing our workforce challenges and adapting our strategies to ensure we are prepared.”
Three essential insights from the September 2024 Roadmap to Prosperity Dashboard include:
- Utah’s median home sales price remained relatively stable throughout the summer. Higher mortgage rates tampered housing price increases through the summer, with median sales prices hovering between $502,000 and $510,000 from May to August. Recent interest rate reductions will likely impact housing prices in coming months.
- Utah’s unemployment rate ticked up. After ranking 9th lowest in August 2023 at 2.7%, Utah’s unemployment rate ranked 17th lowest this August at 3.3%. Although Utah’s unemployment rate remains relatively low by historical standards, the labor market shows signs of softening.
- Construction and education/health services industries represent the largest drivers of Utah employment growth. Employment growth by industry varies widely in Utah. Year-over percent change in construction ranked highest, growing 6.4% in August, followed by education/health services (6.3%). Financial activities, leisure/hospitality, and trade/transportation/utilities experienced year-over declines.
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.
“Labor markets continue to soften in Utah and across the nation heading into the fourth quarter,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “While the economy remains fundamentally sound, uncertainty looms due to international conflicts and the pending U.S. election.”
To view the Roadmap to Prosperity Dashboard, click here
