The Salt Lake Chamber, in partnership with the Kem C. Gardner Policy Institute at the University of Utah, has released the December 2023 Roadmap to Prosperity Economic Dashboard to support business leaders’ understanding of Utah’s economy. This tool prioritizes key data on the state’s economic status and provides actionable context for decision-makers.
“As we conclude a robust 2023, Utah’s economic landscape reflects strength and resilience. The surge in consumer confidence and steady employment growth signal a strong economy,” said Derek Miller, president and CEO of the Salt Lake Chamber. “We are positioned well for continued success in 2024. Our economic outlook is bright.”
Three essential insights from the December 2023 Roadmap to Prosperity Dashboard include:
- Utah consumer sentiment leaps to highest level in over two years. Consumers expressed more optimism in December both in Utah and nationally. Utah’s consumer sentiment jumped 8.4% while national sentiment increased 13.7% from November to December.
- Utah and U.S. employment growth continues to moderate. Year-over job growth reached unprecedented highs during the post-pandemic economic recovery and continued to moderate throughout 2023. Job growth nationally and in Utah remains strong by historical standards.
- Airport passengers increases 5% from year prior. Salt Lake City International Airport served 2.1 million passengers in November, a drop from July’s 2.5 million passenger peak. Despite a decrease from summer numbers, November’s passenger count represents a 5% year-over growth rate.
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 remained remarkably resilient in 2023, buoyed by increased consumer sentiment, moderating inflation and historically strong job growth,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “Looking ahead to 2024, some key questions remain, including whether inflation will continue downward, interest rate declines will follow suit and labor markets will remain tight.”
To view the Roadmap to Prosperity Dashboard, click here.
