Utah Remains Favorably Positioned to Address Economic Challenges

The Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the May 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.

“We are cautiously optimistic about the positive shift in Utah’s consumer sentiment,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Although home prices have risen, the drop in energy costs and overall price stability are still promising signs. We remain dedicated to strengthening our economy and enhancing consumer confidence even more.”

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

1. National consumer sentiment dips while Utah’s tick upwards. After two months of national consumer sentiment marginally surpassing Utah’s, national sentiment dropped 10.5% in May. Conversely, Utah’s consumer sentiment increased by 1.8%, reversing a three-consecutive month trend of declines.
2. Utah’s median home sales price reaches $500K for the first time since August 2022. Utah’s median home sales prices peaked at $535K in May of 2022. From September 2022 to March 2024, statewide median home sales price remained below $500K as mortgage rates increased, but in April, it again reached $500K despite still-raised mortgage rates.
3. May year-over inflation falls to 3.3%. Year-over inflation as measured by CPI declined in two consecutive months through May. Overall prices remained essentially unchanged from April to May, yet shelter costs increased and energy prices fell month over.

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.  

“Utah’s economy, like the U.S., continues to grapple with high inflation, interest rates and unaffordable housing,” said Natalie Gochnour, director of the University of Utah’s Kem C. Gardner Policy Institute. “Despite these challenges, the state remains favorably positioned to address slowing economic growth thanks to high levels of labor force participation, economic diversification and underlying demographic momentum.”
To view the Roadmap to Prosperity Dashboard, click here.