The Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the December 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.
“Utah’s growing role as a hub for business and tourism is evident by the high number of travelers served by the Salt Lake City International Airport in the last few years,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Overall, Utahns are increasingly optimistic about the economy and its future, and while our workforce numbers reflect current stability, our focus remains on sustaining long-term growth and opportunity.”
Three essential insights from the December 2024 Roadmap to Prosperity Dashboard include:
- After 14 months of no growth or decline, Utah’s labor force participation rate returns to its pre-pandemic rate following recent highs in 2023. Utah’s labor force participation rate came in at 68.2% in Feb 2020, peaked at 69.7% in Sept 2023, and returned to 68.2% in Nov 2024. A period of extremely tight labor markets drove up wages and the participation rate, but recent labor market softening contributes to recent declines.
- Both Utah and U.S. consumer sentiment increased in December, with Utah experiencing a greater increase. Utah sentiment grew 3.6%, compared to 3.1% nationally. The gap between Utah and U.S. sentiment reached its highest point since Utah’s sentiment data collection began. Additionally, Utah’s consumer sentiment reached its highest level in roughly 3.5 years.
- Salt Lake City International Airport approaches another record-breaking year in 2024, with passenger numbers expected to exceed last year’s totals. After serving a record number of passengers in 2023 (more than 26.9 million), the Salt Lake Airport will likely reach another record in 2024. Through November, total enplaned and deplaned passengers equaled 26.0 million, driven by continued growth in travel and increased airport capacity.
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.
“Despite challenges, Utah’s economy continues to show signs of resiliency and steady, albeit slowed, growth,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “Entering 2025, ongoing price uncertainty, sticky inflation and potential federal policy shifts will pressure the state’s post-pandemic economic normalization.”
To view the Roadmap to Prosperity Dashboard, click here.
