The Salt Lake Chamber’s Roadmap to Prosperity Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated the Economic Dashboard for September 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.
“We continue to see robust gains in several important sectors of Utah’s economy like construction, financial services, manufacturing, and trade,” said Derek Miller, president and CEO of the Salt Lake Chamber and Downtown Alliance. “Despite a headwind against consumer confidence created by the rapid rise of the Covid Delta variant over the summer, our economy remains stable and on pace to continue a growth trajectory. Nationally, Utah has fared better than most states as shown by unemployment numbers and job growth. We must continue to encourage labor force participation and employee vaccination to continue the good happening across our state.”
Three essential insights from the September 2021 Roadmap to Prosperity Dashboard include:
Utah ranks second for lowest unemployment rate and highest job growth. Utah’s July unemployment rate of 2.6% and two-year job growth of 3.5% both rank second in the nation and are the best values Utah has seen since the pandemic began.
Consumer confidence falls. Consumer confidence climbed steadily from October 2020 to April 2021. For the past few months, consumer confidence has fallen with July 2021 declining to the same level as October 2020.
Utah air travel exceeds 2019 average. In June 2021 there were 2.25 million SLC airport passengers, surpassing the 2019 average for the first time since the onset of the pandemic.
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. Again, the Coalition will adapt to the new economic reality and focus on charting our way towards prosperity.
“The lag in consumer confidence emphasizes how important public health factors are to maintaining strong demand for goods and services,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “The rebound in travel bodes well for our tourism economy and our strong position in job creation shows Utah is poised to continue leading the nation out of the pandemic recession. Coupled with stable construction and booming retail sales tax revenue, unemployment claims steadily declining position our state to weather remaining challenges with strength.”
The Roadmap to Prosperity 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.