The Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the November 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 economic resilience is evident as inflation moderates and consumer sentiment reaches its highest level in over two years,” says Derek Miller, president and CEO of the Salt Lake Chamber. “While home prices show stability amid ongoing interest rate uncertainty, the broader trends suggest cautious optimism as households and businesses adapt to evolving conditions.”
Three essential insights from the November 2024 Roadmap to Prosperity Dashboard include:
- Inflation ticked up slightly but remains below elevated levels seen earlier this year. As inflation nears the 2% target rate, some stickiness persists. However, ongoing moderation in price growth and overall economic resilience bolster confidence in a soft landing despite persistent challenges in certain sectors.
- Median home sales price in Utah rebounded to a five-month high in October. Utah’s median home sales price fell slightly through the summer but rose in October, remaining essentially unchanged relative to early summer months. Stability in prices highlights the hesitation of buyers and sellers amid ongoing interest rate uncertainty.
- Utah’s consumer sentiment reaches its highest level since June 2021. A 9.1% month-over increase in Utah’s consumer sentiment further expanded the gap between Utah and U.S. sentiment, with U.S. consumer sentiment rising just 1.8% month-over. This uptick reflects optimism in economic and household financial conditions.
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 demonstrates strength, with key indicators like consumer sentiment showing positive momentum,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “As the economy moves from election uncertainty to policy uncertainty, trade policy, labor shortages, and what appears to be a frothy stock market will likely create headwinds as we begin the new year.”
To view the Roadmap to Prosperity Dashboard, click here.
