Utah’s Economy Surges Through Summer Months
The Salt Lake Chamber, in partnership with the Kem C. Gardner Policy Institute at the University of Utah, has released the August 2023 Roadmap to Prosperity Economic Dashboard to support business leaders in understanding impacts on Utah’s economy. This tool prioritizes key data on the state’s economic outlook and actionable context for decision-makers.
“Our summer numbers continue to show Utah’s economy surging with record labor participation and consumer spending lifting the economy upward,” said Derek Miller, president and CEO of the Salt Lake Chamber. “As Congress faces the federal fiscal year end, we expect the debate on fiscal responsibility to show why states like Utah stand out and remain strong. This poses some government shutdown risk, but overall sentiment remains positive on how our economy has performed during this corrective cycle. The US is moving towards a soft landing that would benefit the global economy as China sputters and Europe weakens.”
Three essential insights from the August 2023 Roadmap to Prosperity Dashboard include:
- Tight labor market conditions persist in Utah. Utah employment continues to grow at impressive rates as more workers enter the labor force. Utah’s labor force participation rate ranks highest nationally, and the unemployment rate consistently remains among the lowest in the nation.
- Inflation ticks up slightly but stays far below recent highs. The Federal Reserve’s aggressive tightening policies helped bring inflation down from 9.1% to 3.0% from June 2022 to June 2023. Inflation increased slightly in July to 3.2% but remains low relative to last year’s highs.
- Utah’s median home sales price increases steadily in summer months. After peaking in May 2022, Utah’s median home sales price reached an 18-month low in January 2023. Yet home sales prices have climbed gradually in recent months, reaching an 11-month high in June 2023.
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 latest dashboard highlights a strong and balanced economic correction for Utah,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute at the University of Utah. “Despite recessionary talk earlier this year, our national outlook is improving, while our state’s elite economy is marked by balanced unemployment, lower inflation, and increased labor force participation. Though challenges remain, these strong economic indicators will help Utah as we head into the final months of 2023.”
To view the Roadmap to Prosperity Dashboard, click here.