The Salt Lake Chamber’s Roadmap to Recovery Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated the Economic Dashboard for May to help business leaders know where Utah sits in the overall recovery. This tool tracks the state’s path to a full and complete economic recovery from the pandemic recession and provides context for decision-makers.
“We have now rebounded with our job gains reaching a year-over growth threshold and unemployment flashing a signal that we are reaching peak employment. This envious position must not be taken for granted, nor forgotten on how we arrived here working together, said Derek Miller, president and CEO of the Salt Lake Chamber and Downtown Alliance. “The previous challenges of workforce development and securing top talent are returning with this accelerating economy. We must now double down on efforts to develop our employees, shore up the innovation gains during the pandemic, and ensure that all Utahns are included in this recovery.”
Three essential insights from the May 2021 Roadmap to Recovery Dashboard include:
Utah’s unemployment rate drops below 3.0%. For the first time since the pandemic began, Utah’s unemployment rate dropped below 3.0%. Utah’s March unemployment rate of 2.9% is the lowest in the nation, tied with several other states. This marks the seventh consecutive month of decline.
Utah sees year-over job growth. Utah sees slight job growth of 0.9%. Moving forward, year-over job growth will be compared to early-pandemic months with large job losses. Job growth will likely be high as it is compared to these months with large losses.
Consumer confidence continues to rise. Utah’s March consumer confidence of 96.4 is the highest since the measure’s inception in October 2020. Utah’s consumer confidence exceeds the nation’s (84.9) by more than ten points.
The Dashboard is updated consistently, providing essential insights, tracking 10 timely and leading measures, and sharing pertinent indicators since the start of the pandemic. This will give leaders the backdrop for them to make informed decisions.
“Utah’s job growth and low unemployment are key factors in moving our economy back to stable ground. Consumer and executive confidence are both cresting toward highs that show Utahns are ready to fully re-engage in commerce,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “As our economy continues to recover, women in the workforce and hard-hit sectors will continue to require focus.”
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 Mikelle Moore, SVP and Chief Community Health Officer, Intermountain Healthcare, and Scott Parson, CEO, Staker Parson Materials & Construction. Investors of the Coalition include Mountain America Credit Union, WCF Insurance, Clark and Christine Ivory Foundation, Deseret Management Corporation, Intermountain Healthcare, Staker Parson Materials & Construction, and Rio Tinto Kennecott.