The Salt Lake Chamber’s Roadmap to Recovery Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated the Economic Dashboard for June to help business leaders know where Utah sits in the overall recovery. This tool tracks the state’s path to a complete economic recovery from the pandemic recession and provides context for decision-makers.
“Utah’s economic metrics continue to impress, most notably when it comes to job gains these past two years — even through the pandemic — as well as the state’s consumer confidence, which is significantly higher than national trends,” said Derek Miller, president and CEO of the Salt Lake Chamber and Downtown Alliance. “With unemployment this low there is a battle for talent and challenges associated with growth. But challenges related to progress are always better than challenges associated with decline, and I could not be more pleased about the progress Utah is making.”
Three essential insights from the June 2021 Roadmap to Recovery Dashboard include:
Utah’s unemployment rate remains the lowest in the nation. Utah’s April 2.8% unemployment rate ties for lowest in the nation with several other states. This unemployment rate mirrors pre-pandemic levels, and this month marks the eighth consecutive month of decline.
Utah sees two-year job growth. Job growth for April 2021 is compared to April 2019 due to the large declines seen in April 2020. Utah is one of only two states to see job growth by this comparison at 2.5%.
Utahns increase air travel. March and April 2021 show a significant jump in SLC International airport passengers. While not yet matching pre-pandemic travel, April 2021 surpassed 1.5 million passengers compared to less than 200,000 in April 2020.
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 provides leaders with critical and timely information to make informed decisions.
“This economic rebound continues to impress analysts and onlookers alike,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “The mammoth jump in air travel compared to last April shows a travel industry that is on the cusp of recovery. As air travel returns, the derivative industries such as retail trade, restaurants and bars, lodging, and vehicle rentals will also ‘take flight.’ Coupled with falling unemployment numbers, Utah is in a position to place additional focus on an inclusive recovery, including investment in education, childcare, and small businesses.”
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.