Utah’s economic dashboard shows strong industry expansion
Salt Lake City — The Salt Lake Chamber’s Roadmap to Prosperity Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated the Utah Economic Dashboard for June to help business leaders know where Utah’s economy stands. This tool provides data on the state’s economic outlook and actionable context for decision-makers.
“The Roadmap to Prosperity dashboard continues to show current growth, despite concerns of a future slow down entering the picture,” says Derek Miller, president and CEO of the Salt Lake Chamber. “While our unemployment rate and labor participation continue to stand out, consumer confidence has taken a dip. This comes as inflation remains high and uncertainty continues due to supply chain and commodity reserves disruption. Despite these national and international headwinds, Utah’s economy remains strong and the Wasatch Front continues to drive the economic engine in our state.”
Three essential insights from the June 2022 Roadmap to Prosperity Dashboard include:
- Utah’s unemployment ranks second in the nation. Utah’s May unemployment rate of 2.0 percent is the second-lowest in the nation, tied with Minnesota and closely trailing Nebraska.
- Utah home prices continue to rise. Utah’s home prices have risen drastically over the last year with a median home sale price of $535,000 in April 2022.
- Consumer confidence falls in Utah. With some minor fluctuations, the consumer confidence trend in Utah has been declining over the last several months. May’s consumer confidence is the lowest since data collection began in October 2020.
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.
“Utah’s economic performance continues to be a bright spot in the country and has stabilized with growth in nearly all sectors,” says Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “Despite the drop in consumer confidence and broader economic conditions pointing to a slowdown, Utah’s strong labor force and diversified economy leave us favorably positioned to weather the headwinds sweeping the nation.”
To view the Roadmap to Prosperity Dashboard, click here.
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 on 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.