The Salt Lake Chamber’s Roadmap to Prosperity Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated the Economic Dashboard for April to help business leaders know where Utah stands economically. This tool provides data on the state’s economic outlook and actionable context for decision-makers.
“Utah’s labor force participation is a shining star, coming in over 5% higher than the national average,” said Derek Miller, president and CEO of the Salt Lake Chamber and Downtown Alliance. “While the prior divergence in consumer confidence from national trends shifted in March, the state’s dip in confidence is now more in line with current macro trends. Overall, Utah’s position remains one of relative strength with low unemployment, continued growth and broad economic diversification.”
Three essential insights from the April 2022 Roadmap to Prosperity Dashboard include:
Utah’s unemployment rate is lowest in the nation. Utah’s March unemployment rate of 2.0% is the lowest in the nation, tied with Nebraska.
Utah home prices continue to rise. Utah’s home prices have risen drastically over the last year with a median home sale price of $501,000 in February 2022.
Consumer confidence drops significantly. Utah’s consumer confidence dropped to the lowest level since its creation in October 2020. U.S. consumer confidence also hit a low point, even lower than during pandemic onset.
The Dashboard is updated monthly, providing essential insights, tracking ten timely and leading measures, and sharing pertinent indicators. This provides leaders with critical and timely information to make informed decisions.
“This month’s dashboard is beginning to show the economic impacts of Russia’s war of choice in Ukraine and continued supply chain disruptions,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “The dip in Utah consumer confidence and continued housing inflation, which has led to a multiyear median home price now exceeding $500,000, indicate a still-shifting economy. However, Utah’s 4% job growth rate and high labor force participation point to economic stabilization. In short, while global uncertainty is having an impact on Utah and our economy, we remain a bright spot on the national map and continue to consolidate around sustainable growth.”
The Roadmap to Prosperity Coalition is a business-led coalition, supported by the Salt Lake Chamber, focused on implementing and promoting economic prosperity. 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.