The Salt Lake Chamber’s Roadmap to Prosperity Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated the Economic Dashboard for February 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.
“While discussions around bank stress and a looming economic recession continue, Utah remains a safe haven for business and opportunity,” said Derek Miller, president and CEO of the Salt Lake Chamber. “We have broken the downward trend of job contraction and started adding jobs this winter with the majority of industry sectors expanding. In addition, home prices are returning to sustainable levels. Overall, the state’s economy has many shining examples of what prudent fiscal policy and collaborative governance can achieve.”
Three essential insights from the February 2023 Roadmap to Prosperity Dashboard include:
- Utah’s unemployment rate is 3rd lowest in the nation. Utah’s unemployment rate remained unchanged at 2.4%, among the lowest rates of any state nationally. The U.S. unemployment rate edged slightly higher from February to March, up to 3.6% from 3.4%.
- Inflation slows but remains stubbornly high. Since peaking in June at 9.1%, inflation has lessened each month but remains high at 6.0%. The current rate is three times greater than the target inflation range, indicating ongoing efforts to moderate price increases.
- Home prices continue to moderate. Utah’s median home sales price reached an all-time high last May but has fallen 7 of the last 8 months as rising interest rates have tampered demand. The current median home price of $455,000 is about $80,000 lower than May’s peak.
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 national economy is feeling the stress of high inflation and record monetary tightening, but Utah remains stable in growth and consumer confidence,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “It is reassuring to see our economy returning to job growth and maintaining an extremely low unemployment rate. Utah has much to be optimistic about with inflation cooling and home prices moderating, indicators that make our state a bright spot in the west.”
To view the Roadmap to Prosperity Dashboard, click here.