The Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the August 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 robust, standing out with positive consumer confidence and steady performance,” said Derek Miller, president and CEO of the Salt Lake Chamber. “August inflation saw the smallest year-over-year increase since February 2021, signaling progress. And while housing remains a key factor in price increases, grocery prices have largely stabilized, offering relief to consumers. In terms of economic resilience, Utah continues to be a standout.”
Three essential insights from the August 2024 Roadmap to Prosperity Dashboard include:
- Inflation experienced the smallest year-over increase since February 2021. August year-over inflation fell to 2.5%, putting it closer to the 2.0% target rate. Housing remains the main driver of price increases, while price increases in goods like groceries have largely moderated.
- Utah taxable retail sales slowed in June. Year-to-date taxable retail sales are up nearly 2% in Utah, but June 2024 sales fell more than 3% relative to June 2023 sales. Data for coming months will indicate if retail spending continues easing or if shoppers return to buying at a growing pace.
- U.S. and Utah consumer sentiment increased in August. While sentiment in both regions rose, Utah’s consumer sentiment increased by a higher amount, widening the gap between the two measures. The gap between sentiment in Utah and the U.S. now stands at its largest since early 2022.
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.
“Consumers experienced some relief in recent weeks, with August year-over inflation falling closer to the 2.0% target rate ahead of a likely interest rate cut by the Federal Reserve next week,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “While concerns over high housing costs and slowing job growth remain, Utah’s economy continues to perform well heading into the final quarter of the year.”
To view the Roadmap to Prosperity Dashboard, click here.
