The Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the April 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 economy remains strong but moderating. Business leaders will continue to keep a keen eye on inflation and interest rates,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Though we face challenges posed by higher mortgage rates, Utah’s median home sales price has remained steady, demonstrating our capacity to weather fluctuating market conditions. These trends further confirm Utah’s economic resiliency.”
Three essential insights from the April 2024 Roadmap to Prosperity Dashboard include:
- Inflation slows in April after March’s uptick. April’s inflation fell to 3.4%, remaining higher than the Federal Reserve’s 2% target rate. This reading is welcome news after a 3.5% year-over inflation rate in March. The Federal Reserve’s interest rate decisions will largely hinge on inflation data in the coming months.
- National and Utah employment growth continue moderating. Utah’s employment growth ranked 10th highest nationally in April, yet employment growth has slowed relative to recent years. The post-pandemic recovery largely impacted strong gains in the past several years; longer-term trends will determine if this moderation will continue.
- Utah’s median home sales price stays relatively flat. Higher mortgage rates still contribute to limited supply and overall activity in the housing market. Utah’s median home sales price remains relatively flat in response, although the median sales price experienced marginal increases for three consecutive months through March.
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.
“The Utah economy remains resilient, but fragile with the lagged effects of relatively higher interest rates still taking hold,” said Natalie Gochnour, director of the University of Utah’s Kem C. Gardner Policy Institute. “Flashpoints such as housing affordability, inflationary pressures, and interest rates require a watchful eye from business leaders and policymakers heading into the summer months.”
To view the Roadmap to Prosperity Dashboard, click here.
