Salt Lake City — The Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the January 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.
“Utah’s strength lies in its resilience – in the face of recent economic pressures, Utahns continue to display perseverance and determination to succeed,” said Derek Miller, president and CEO of the Salt Lake Chamber. “While home values remain strong, economic challenges like rising bankruptcies and persistent inflation create uncertainty. As we navigate these headwinds, it will be crucial to support legislative policies and solutions that promote stability and long-term growth.”
Three essential insights from the January 2025 Roadmap to Prosperity Dashboard include:
- U.S. CPI inflation increased for the fourth consecutive month, with year-over price increases reaching 3% in January. January’s year-over inflation sets a new eight-month high, reinforcing concerns that price pressures may persist. Month-over inflation in January reached the highest level since August 2023. With uncertainty remaining high, the Federal Reserve faces added risk as it considers future interest rate decisions.
- Utah’s median home sales price equaled $500,000 in December, up from $474,000 in December 2023. While still below the $535,000 monthly peak in May 2022, prices remain high, making it difficult for first-time homebuyers to afford a home. Limited supply continues to keep prices elevated.
- Total annual bankruptcy cases filed in Utah increased roughly 13% in 2024. After falling two consecutive years, total annual bankruptcy cases increased more than 17% in 2023 and another 13% in 2024. Coming off of stimulus years likely contributed to the increase, as well as economic pressures including higher interest rates.
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.
“The Utah and U.S. economies appear to be moderating, slowed by continuing inflation, rising home prices and high interest rates,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “Despite these economic headwinds, Utahns continue to express high consumer sentiment, even amid uncertainty at the national level.”
To view the Roadmap to Prosperity Dashboard, click here.
MEDIA CONTACT:
Marisa Bomis | Salt Lake Chamber
Director of Marketing & Communication
(m) 734.732.8167 | mbomis@slchamber.com
ABOUT THE SALT LAKE CHAMBER
The Salt Lake Chamber is Utah’s largest and longest-serving business association. A statewide chamber of commerce with members in all 29 Utah counties, the Chamber represents the broad interests of the state’s 63,000- plus employers, which employ more than 1.4 million Utahns. This includes thousands of Chamber members and their employees. With roots that date back to 1887, the Chamber stands as the voice of business, supports its members’ success and champions community prosperity.
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 in the Utah economy, and specialists in public policy and survey research. We are an honest broker of INFORMED RESEARCH, which guides INFORMED DISCUSSIONS and leads to INFORMED DECISIONS™. For more information, please visit gardner.utah.edu or call 801-587-3717.