The Salt Lake Chamber, in partnership with the Kem C. Gardner Policy Institute at the University of Utah, has released the September 2023 Roadmap to Prosperity Economic Dashboard to support business leaders in understanding impacts on Utah’s economy. This tool prioritizes key data on the state’s economic outlook and actionable context for decision-makers.
“Amidst the economic landscape, where concerns about inflation echo in the halls of Washington D.C., Utah stands as a beacon of stability. And while inflation has crept up in recent months, Utah’s economy remains strong with a high labor force participation rate and low unemployment,” said Derek Miller, president and CEO of the Salt Lake Chamber. “These positive trends are a testament to the business community’s ability to navigate uncertainties, including those emanating from Washington D.C., and this dashboard is a great indicator of Utah’s continued economic resilience and strength.”
Three essential insights from the September 2023 Roadmap to Prosperity Dashboard include:
- Inflation increases second month in a row, yet remains low compared to recent highs. Inflation reached 3.7% in August, up from July’s 3.2% but far below the 2022 peak of 9.1%. A surge in energy prices largely contributed to August’s increase.
- Utah’s median home sales price experiences a slight drop in July. After an early summer rebound, Utah’s median home sales prices fell slightly to $487,000. Mortgage rates continue to climb, constraining home buyers’ purchasing power.
- Utah’s labor force participation rate remains high. A higher share of Utah workers participate in the labor force than the nation – Utah’s labor force participation rate continues to rank higher than any other state.
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 elite economy continues to out-perform the nation as a whole, strengthened by balanced unemployment, low inflation and high labor force participation,” said Natalie Gochnour, Director of the Kem C. Gardner Policy Institute. “The positive trends highlighted in the latest dashboard will help fortify Utah’s economic standing as we address challenges such as unaffordable housing and political uncertainty in Washington.”
To view the Roadmap to Prosperity Dashboard, click here.