The Salt Lake Chamber’s Roadmap to Prosperity Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated the Economic Dashboard for August to help business leaders see where Utah’s economy stands. This tool provides data on the state’s economic outlook and actionable context for decision-makers.
“The most recent dashboard shows the impact record inflation and interest rate hikes have had on our economy,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Thankfully, most industries in Utah have prevailed with steady job growth and labor force participation that is well above the national average. We remain optimistic that the state’s economy will stabilize further and ensure our continued prosperity.”
Three essential insights from the August 2022 Roadmap to Prosperity Dashboard include:
Utah’s unemployment ranks second in the nation. Utah’s July unemployment rate of 2.0% is the second lowest in the nation, tied with Nebraska and New Hampshire and closely trailing Minnesota.
Home prices begin to stabilize. After rapid housing increases over the last year, Utah’s median home sales price has begun to stabilize falling slightly from $535,050 in May to $530,000 in June 2022.
Consumer confidence lowest on record. Utah’s July consumer confidence fell again and is the lowest since data collection began in October 2020. National confidence increased slightly from June to July.
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.
“Utah’s low unemployment rate and positive job growth remain a bright spot for our economy,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “In addition, our housing market has begun to stabilize as more inventory has arrived and rates have begun to level off. With these two areas in mind, Utah is well-positioned to remain a top place for talent and business.”
To view the Roadmap to Prosperity Dashboard, click here.