2024 Economic Report to the Governor highlights resilient Utah and U.S. economies
Salt Lake City—The Kem C. Gardner Policy Institute today presented the 36th Economic Report to the Governor to Utah Gov. Spencer Cox at the 2024 Economic Outlook & Public Policy Summit, hosted by the Salt Lake Chamber. The report highlights the resilience of the U.S. economy in 2023 and projects continued, albeit slowed, economic growth in 2024.
“The remarkably resilient U.S. economy successfully navigated 2023’s choppy waters of rising interest rates, banking turmoil, and moderating-but-still-elevated inflation,” said Phil Dean, chief economist at the Gardner Institute. “Entering 2024 amid full employment, the economy sails into unsettled normalcy. While many economic relationships now follow a path to more normal operation, some still haven’t fully stabilized. Key questions remaining are whether inflation will continue downward, interest rate declines will follow suit, and labor markets remain tight.”
Key highlights include the following:
U.S. Economic Growth: The U.S. economy expanded in all four quarters, buoyed by strong labor markets (with employers resistant to shed scarce employees), continued robust consumer spending, and carryover effects from massive pandemic-era economic stimulus.
Strong Utah Economy: Utah’s strong economic performance continued in 2023, although with some year-end tapering. Preliminary estimates show the highest labor force participation rates since 2010. While interest-rate-sensitive sectors like real estate, banking, and tech felt pressure, many other industries enjoyed healthy growth, including tourism, public construction, oil and gas extraction, and health care.
The Utah Economic Council prepares the Economic Report to the Governor under the direction of the University of Utah’s David Eccles School of Business and Governor’s Office of Management and Budget.
ABOUT THE UTAH ECONOMIC COUNCIL
The Utah Economic Council, led by the David Eccles School of Business and the Governor’s Office of Planning and Budget, supports an improved understanding of the Utah economy through informing research activities, sharing economic commentary, and providing peer review to its members. The Council also oversees the content, production, and distribution of the annual Economic Report to the Governor:
- Phil Dean, Kem C. Gardner Policy Institute, Co-Chair
- Nate Talley, Governor’s Office of Planning and Budget, Co-Chair
- Jonathan Ball, Office of the Legislative Fiscal Analyst
- Casey Cameron, Department of Workforce Services
- Sophia DiCaro, Governor’s Office of Planning and Budget
- Richard Fowles, University of Utah
- John Gilbert, Utah State University
- Natalie Gochnour, David Eccles School of Business/Salt Lake Chamber
- Dan Hemmert, Governor’s Office of Economic Opportunity
- Leslee Katayama, Utah State Tax Commission
- Mark Knold, Utah Department of Workforce Services
- Nate Lloyd, Kem C. Gardner Policy Institute
- Adam Looney, University of Utah
- Thomas Maloney, University of Utah
- Carrie Mayne, Utah System of Higher Education
- Darin Mellott, CBRE Leslee Katayama, Utah State Tax Commission
- Jacoba Larsen, Utah State Tax Commission
- Carrie Mayne, Utah System of Higher Education
- Maddy Oritt, Office of the Legislative Fiscal Analyst
- Michael Parker, Ivory Homes
- Robbi Poulson, Governor’s Office of Planning and Budget
- Nate Seegert, University of Utah
- Shawn Teigen, Utah Foundation Robert Spendlove, Zions Bank
- David Stringfellow, Office of the Utah State Auditor
- Juliette Tennert, Utah System of Higher Education
- Richie Wilcox, Governor’s Office of Planning and Budget
- Andrea Wilko, Office of the Legislative Fiscal Analyst
- James A. Wood, Kem C. Gardner Policy Institute
ABOUT THE KEM C. GARDNER POLICY INSTITUTE
The Kem C. Gardner Policy Institute serves Utah by preparing economic, demographic and public policy research that helps the state prosper. We are Utah’s demographic experts, leaders on the Utah economy, and specialists on public policy and survey research. We are an honest broker of INFORMED RESEARCH, which guides INFORMED DISCUSSIONS, and leads to INFORMED DECISIONSTM. For more information, please visit gardner.utah.edu or call 801-587-3717.
ABOUT THE DAVID ECCLES SCHOOL OF BUSINESS
The Eccles School is synonymous with ‘doing.’ The Eccles experience provides a world-class business education with a unique, entrepreneurial focus on real-world scenarios where students put what they learn into practice long before graduation. Founded in 1917 and educating more than 6,000 students annually, the University of Utah David Eccles School of Business offers nine undergraduate majors, four MBAs, eight other graduate programs, a Ph.D. in seven areas and executive education curricula. The School is also home to 12 institutes, centers, and initiatives, which deliver academic research and support an ecosystem of entrepreneurship and innovation. For more information, visit Eccles.Utah.edu or call 801-581-7676.