The Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the April 2025 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.
“With ‘on-again-off-again’ tariff concerns and broader economic uncertainty, national consumer sentiment shows a decline,” said Derek Miller, president and CEO of the Salt Lake Chamber. “However, Utah continues to show relative stability. Our state’s unemployment rate is down, and our home prices are largely unchanged. It’s a reminder that while we’re not immune to national changes, our foundational economic indicators hold strong.”
Three essential insights from the April 2025 Roadmap to Prosperity Dashboard include:
- U.S. consumer sentiment falls for the fourth straight month amid tariff concerns. National consumer sentiment dropped to its lowest level since summer 2022, when inflation peaked at 9%. Rising concerns about the effects of increased tariffs, including the potential for higher prices, contributed to the decline. Utah sentiment fell only slightly in April, dipping from 81.1 to 80.0.
- Utah’s median home sales price remains relatively flat. Still-strong demand, limited supply, higher mortgage rates, and ongoing economic uncertainty have kept home prices mostly steady, even as overall market activity continues to slow. Through March, home sales in Utah fell slightly to 8,910, down from 9,059 during the same period in 2024.
- Utah’s unemployment rate edges down in March while the U.S. unemployment rate ticks up. The national labor market remains strong yet shows signs of possible softening, including a slight increase in the national unemployment rate from 4.1% to 4.2% in March. In contrast, Utah’s unemployment rate fell from 3.2% to 3.1%, signaling continued strength in Utah’s labor market.
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 continues to demonstrate resilience with a healthy labor market,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “I recommend keeping a close eye on consumer sentiment, which has dipped now for three consecutive months. Uncertainty remains the watchword as consumers and businesses navigate disruptive U.S. trade policies and other economic challenges.”
To view the dashboard, click here.
