Confidence dips on economic uncertainty in Utah
Salt Lake City — 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 know where Utah stands in the overall recovery. This tool tracks the state’s path to a complete economic recovery from the pandemic recession and provides actionable context for decision-makers.
“Utah’s economic engine continues to expand, reaching near our employment limits,” says Derek Miller, president and CEO of the Salt Lake Chamber and Downtown Alliance. “The dashboard now shows we have reached our lowest ever recorded unemployment rate while at the same time consumer confidence taking a hit due to national challenges. Executive confidence has slipped with the broader concerns of persistent inflation and hampered supply chains. Notwithstanding these challenges, Utah’s growth leads the nation with construction, business services, trade, and transportation pushing our economy upwards.”
Three essential insights from the February 2022 Roadmap to Prosperity Dashboard include:
- Utah’s two-year job growth is the highest in the nation. Utah’s December two-year job growth of 3.7 percent is the highest in the nation and one of only four states showing positive job change.
- Utah’s unemployment rate drops to an all-time low. Utah’s December unemployment rate of 1.9 percent is the lowest ever recorded and ranks second in the nation.
- Consumer Confidence falls in Utah. For the first time since data collection began, Utah’s consumer confidence fell while the nation’s rose. Consumer confidence has been in decline since September 2021.
The Dashboard is updated monthly, providing essential insights, tracking 10 timely and leading measures, and sharing pertinent indicators since the start of the pandemic. This provides leaders with critical and timely information to make informed decisions.
“The economic dashboard shows our state is not only leading the nation in key areas but also redlining our growth potential,” says Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “The economy is reaching its current limit, with unemployment hitting all-time lows at under 2 percent and workforce shortages capping off our ability to grow. This healthy rebalancing within the economy – as people continue to rejoin the labor force and industry sectors recalibrate – are positive signs overall. Larger concerns with supply chains, persistent inflation, and pandemic-related challenges are still impacting Utah, but to a lesser extent than other states. I am optimistic that we will continue to adjust and lead the nation as we exit the pandemic.”
The Roadmap to Prosperity Coalition is a business-led coalition, supported by the Salt Lake Chamber, focused on implementing and promoting economic prosperity. The Coalition is co-chaired by Mikelle Moore, SVP and Chief Community Health Officer, Intermountain Healthcare, and Scott Parson, CEO, Staker Parson Materials & Construction. Investors of the Coalition include Mountain America Credit Union, WCF Insurance, Clark and Christine Ivory Foundation, Deseret Management Corporation, Intermountain Healthcare, Staker Parson Materials & Construction, and Rio Tinto Kennecott.
To view the Roadmap to Prosperity Dashboard, click here.