The Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the January 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.
“The strong start to the year underscores the robust state of the economy,” said Derek Miller, president and CEO of the Salt Lake Chamber. “These insights signal resilience and positive momentum, which is a promising trajectory for the first month of 2024. With these indicators we can expect Utah to experience continued economic growth and stability for the foreseeable future.”
Three essential insights from the January 2024 Roadmap to Prosperity Dashboard include:
- SLC Airport passengers in 2023 topped previous annual record. More than 26.9 million passengers came through the airport in 2023, beating the 2019 record as airport capacity increased and travel continued its strong post-pandemic recovery.
- Year-over inflation falls slightly but remains stubbornly above target rate. January inflation came in at 3.1%, down from 6.4% one year earlier. Inflation continues to slow, indicating progress toward the Fed’s 2% goal.
- Utah’s median home sales price falls to lowest point in 11 months in December. High interest rates and limited supply continue to slow price increases in Utah’s housing market. January 2023 represented the only month during the previous calendar year reporting a lower median home sales price than December.
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 elite economy begins the new year strong and favorably positioned,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “As we look ahead to 2024, economic indicators, elevated by robust travel data, favorable inflation rates, and falling housing prices, reinforce the state’s economic dynamism.”
To view the Roadmap to Prosperity Dashboard, click here.
