The Salt Lake Chamber, in partnership with the Kem C. Gardner Policy Institute at the University of Utah, has released the November 2023 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 economy remains strong,” said Derek Miller, president and CEO of the Salt Lake Chamber. “All but two Utah industries experienced job growth in the past month, showcasing the enduring strength and stability of our economy in the face of evolving national trends.”
Three essential insights from the November 2023 Roadmap to Prosperity Dashboard include:
- All but two Utah industries experienced employment growth in October. “Financial Activities” and “Trade, Transportation and Utilities” experienced negative year-over job growth, while Utah employment grew 2.1% overall.
- Utah’s median home sales price falls for second consecutive month in October. The housing market continues to face high interest rates, constraining home buyers’ purchasing power and edging prices slightly downward from $491,000 in August to $485,900 in October.
- U.S. and Utah labor force participation rates fall slightly in October. Despite two months of decreases, Utah’s labor force participation rate remains above pre-pandemic levels. The U.S. rate ticked down slightly in October and has yet to reach pre-pandemic levels.
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 ends the year with economic resiliency,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “The state economy remains strong ahead of 2024, bolstered by steady job growth, low unemployment, receding inflation, and high labor force participation.”
To view the Roadmap to Prosperity Dashboard, click here.
