The Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the May 2025 Roadmap to Prosperity Economic Dashboard to inform business leaders’ understanding of Utah’s economy. This tool prioritizes key data on the state’s economic outlook and actionable context for decision-makers.
“Despite economic uncertainty during the opening months of the year, Utah’s economy remains resilient, with job growth outpacing the national average and rising housing construction value signaling strong demand,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Our strength in the labor and housing markets reflect Utah’s desirability as a place to live, work and play, and is a shining example of our state’s economic resilience and power.”
Three essential insights from the May 2025 Roadmap to Prosperity Dashboard include:
- Utah’s year-over job growth outpaces the U.S. While both the U.S. and Utah saw slower year-over job growth in March 2025, both rebounded in April. The U.S. rate rose modestly from 1.1% to 1.2%, whereas Utah’s growth accelerated more significantly – from 1.8% in March to 2.1%. Utah’s April performance ranked third-highest among all states, highlighting its continued strength in the labor market.
- Utah’s residential housing value climbs despite supply concerns. In March 2025, Utah’s residential housing construction value reached $690 million, its highest point since August 2023 of $732 million. This recent increase suggests ongoing demand even amid persistent housing supply challenges.
- Job gains concentrated in health, leisure and construction; slower growth in natural resources and government. Education and health services led all sectors with a 5.9% year-over increase in April 2025, up from 5.2% in March 2025. Construction also posted gains, rising from 5.2% to 5.3% over the same period. In contrast, leisure and hospitality, while still below last year’s levels, improved from -2.0% in March to -0.2% in April. Natural resources slowed from 4.5% to 2.6% and government growth eased modestly from 3.6% to 3.4% between March and April.
The Dashboard is updated monthly, providing essential insights, tracking timely and leading measures, and sharing pertinent indicators. This provides leaders with critical and timely information to make informed decisions.
“Utah consumer sentiment broke a three-month decline and increased slightly in May despite continued economic uncertainty,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “Other key indicators appear favorable, with state job growth outpacing the U.S. and residential housing values climbing amid supply and affordability constraints.”
To view the dashboard, click here.
