The Salt Lake Chamber’s Roadmap to Prosperity Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated the Economic Dashboard for June to help business leaders know where Utah’s economy stands. This tool provides data on the state’s economic outlook and actionable context for decision-makers.
“The Roadmap to Prosperity dashboard continues to show current growth, despite concerns of a future slow down entering the picture,” said Derek Miller, president and CEO of the Salt Lake Chamber. “While our unemployment rate and labor participation continue to stand out, consumer confidence has taken a dip. This comes as inflation remains high and uncertainty continues due to supply chain and commodity reserves disruption. Despite these national and international headwinds, Utah’s economy remains strong and the Wasatch Front continues to drive the economic engine in our state.”
Three essential insights from the June 2022 Roadmap to Prosperity Dashboard include:
- Utah’s unemployment ranks second in the nation. Utah’s May unemployment rate of 2.0% is the second lowest in the nation, tied with Minnesota and closely trailing Nebraska.
- Utah home prices continue to rise. Utah’s home prices have risen drastically over the last year with a median home sale price of $535,000 in April 2022.
- Consumer confidence falls in Utah. With some minor fluctuations, the consumer confidence trend in Utah has been declining over the last several months. May’s consumer confidence is the lowest since data collection began in October 2020.
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.
“Utah’s economic performance continues to be a bright spot in the country and has stabilized with growth in nearly all sectors,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “Despite the drop in consumer confidence and broader economic conditions pointing to a slowdown, Utah’s strong labor force and diversified economy leave us favorably positioned to weather the headwinds sweeping the nation.”
To view the Roadmap to Prosperity Dashboard, click here.