The Salt Lake Chamber’s Roadmap to Prosperity Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated the Economic Dashboard for January to help business leaders know where Utah stands in the overall recovery. This tool tracks the state’s path to a complete economic recovery from the pandemic recession and provides actionable context for decision-makers.
“Utah’s economy continues to lead the nation demonstrating the resilience of our startup culture and entrepreneurial spirit in the face of adversity,” said Derek Miller, president and CEO of the Salt Lake Chamber and Downtown Alliance. “The new dashboard continues to show the benefits of diversified economic planning and taking immediate action at the start of the pandemic. Our three bright spots in construction, professional services, with trade and transportation following close show an economy on the move. The remarkable growth and attraction of Utah continues to bring talent and new ideas to the state, all of which make us a destination economy and growth magnet.”
Consumer confidence continues to lag as each new variant brings a wave of uncertainty to the market and shakes confidence. Executive confidence remains above baseline but has seen dips as well. The three main challenges facing Utah and the country are well known with rising inflation, labor shortages broadly, and continued supply chain disruptions from China to California. However, Utah maintains its focus on innovation through these headwinds and remains leader of the economic pack.
Three essential insights from the January 2022 Roadmap to Prosperity Dashboard include:
Utah’s two-year job growth is highest in the nation. Utah’s November two-year job growth of 3.6% is the highest in the nation and one of only four states showing positive job change.
Utah’s unemployment rate drops to all-time-low. Utah’s November unemployment rate of 2.1% is the lowest ever recorded and ranks second in the nation.
Job change is uneven across industries. While Utah has seen two-year job growth overall, not all industries have expanded. Jobs have declined in the Leisure & Hospitality, Government, and Natural Resources industries.
The Dashboard is updated monthly, 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.
“The economic dashboard shows how robust our state response to the pandemic was when compared to the national landscape,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “The omicron variant continues to act as a governor on economic expansion, but Utah’s relative strength in confidence exceeds national trends. Maintaining a consistent public health response and economic dynamism will continue to serve us as we manage through this challenge and seek a better future for all Utahns.”
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.
To view the Roadmap to Prosperity Dashboard, click here.