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 see where Utah’s economy stands. This tool provides data on the state’s economic outlook and actionable context for decision-makers.
“The new economic dashboard highlights a rebounding consumer confidence and renewed strength in Utah’s economic health,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Couple this with moderating home prices and broad economic participation from travel to construction and Utah’s economy remains in a better state than most. This recent rebound in Utah points to business leaders and public sector cooperation to ensure we remain able to weather economic headwinds.”
Three essential insights from the September 2022 Roadmap to Prosperity Dashboard include:
Utah’s low unemployment rate continues. Utah’s August unemployment rate of 2.0% continues an 18-month trend of an unemployment rate below 3.0%.
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 $500,000 in August 2022.
Consumer confidence rises. Utah’s consumer confidence rose in August after three consecutive months of decline. National confidence also increased.
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.
“The record low unemployment and high labor force participation continue to stabilize our economic recovery,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “In addition, the housing market continues to see growth in supply with prices stabilizing. Utah remains poised to be an economic leader with strong fundamentals acting in our favor across all industries.”
To view the Roadmap to Prosperity Dashboard, click here.