The Salt Lake Chamber's Roadmap to Recovery Coalition, in partnership with the Kem C. Gardner Policy Institute, has released the November Roadmap to Recovery Economic Dashboard, a new tool for the business community to track the state's path to a full and complete economic recovery from the COVID-19 recession.
"Recent news on vaccine success and rapid deployment plans have cast a positive vision for a more permanent solution to the coronavirus," said Derek Miller, president and CEO of the Salt Lake Chamber and Downtown Alliance. "The Salt Lake Chamber will continue to lead efforts in partnership with the Roadmap to Recovery Coalition to chart the course for our economy in the weeks and months ahead. Our perspective is the need to always be forward looking, anticipating risk and seeking to create a durable structure of growth that can withstand any such systemic shock. The Dashboard will continue to inform our community and guide us in making plans for a brighter economic future."
Three essential insights from the December 2020 Roadmap to Recovery Dashboard include:
1. While COVID-19 cases rise, the cumulative case-fatality rate declines. While both Utah and the U.S. have seen an increase in COVID-19 cases over the past several weeks, the cumulative case-fatality rate continues to fall. Utah has a 0.5% case-fatality rate compared to the U.S. rate of 3.0%. It will be important to watch in the weeks ahead to see if an increase in deaths follows the surge in cases.
2. Utah's unemployment ranks 5th in the nation. Utah's unemployment rate reached 10% in April 2020 but declined each month to 4.1% in August. September's unemployment increased to 5.0%, the first increase since April's peak. Utah currently ranks 5th with an unemployment rate of 4.1%.
3. Utah's job change nears neutral. Utah has been seeing a year-over decline in jobs every month since April's 7.0% year-over job loss. October continues to show a decline but of less than 1.0%. Job growth has continued to improve each month and is nearing neutral. If the rate of improvement continues, Utah should see overall job growth soon.
The Dashboard is updated consistently, providing essential insights, tracking 10 timely and leading measures, and sharing salient indicators since the start of the pandemic.
"The COVID-19 recession continues to take its toll, particularly on the important and hard hit leisure and hospitality sector," said Salt Lake Chamber Chief Economist and Gardner Institute Director Natalie Gochnour. "I expect the Utah economy to continue to improve, albeit in a gradual and uneven way. The data included in the roadmap informs decisions and will help Utah achieve a full recovery more quickly."
The Roadmap to Recovery Coalition is a business-led coalition, supported by the Salt Lake Chamber, focused on implementing and promoting our economic recovery. The Coalition is co-chaired by Brandon Fugal, Chairman, Colliers International; Mikelle Moore, SVP and Chief Community Health Officer, Intermountain Healthcare; and Scott Parson, CEO, Staker Parson Materials & Construction. Investors of the Coalition include WCF Insurance, Deseret Management Corporation, Intermountain Healthcare, and Staker Parson Materials & Construction.
To view the Roadmap to Recovery Dashboard, visit slchamber.com/roadmap-dashboar