The Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the March 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.
“At the end of this first quarter, we see Utah’s economy continuing to advance,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Our particularly strong labor market allows Utah’s unemployment rate to remain low and increased capacity offered at the airport enables more individuals to travel to and from Utah, driving our economy upward.”
Three essential insights from the March 2024 Roadmap to Prosperity Dashboard include:
- Utah’s unemployment rate remains low. Although up from an all-time low in early 2022, Utah’s unemployment rate remains low at 2.8%. A strong labor market continues to buoy Utah’s employment growth and keep unemployment low.
- Utah’s consumer sentiment dips below national sentiment. Utah’s consumer sentiment fell to 78.0, and national sentiment increased to 79.4. While this represents the first time Utah ranked lower than the nation by this measure since Utah’s consumer sentiment survey first began in 2020, the difference between both values is not statistically significant.
- Salt Lake City International Airport passengers increased 7.0% year to date. During the first two months of 2023, airport passengers totaled 4.1 million. Yet in the first two months of 2024, airport passengers reached 4.4 million, a 7.0% increase. Increased capacity allows more passengers to fly in and out.
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 resilient economy remains strong, anchored by low unemployment, record visitation, and a strong labor market,” said Natalie Gochnour, director of the University of Utah’s Kem C. Gardner Policy Institute. “While declining consumer sentiment is concerning, the caveat is that it’s only one month of data, and a prudent course for decision-makers is to keep a steady eye on the data and see if long-term trends develop.”
To view the Roadmap to Prosperity Dashboard, click here.
