Home Critical engine Utah economic scorecard shows strong industry expansion

Utah economic scorecard shows strong industry expansion

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Salt Lake City – The Salt Lake Chamber Coalition’s Roadmap to Prosperity, in partnership with the Kem C. Gardner Policy Institute, has updated the Utah Economic Scorecard for June to help leaders business to know where Utah’s economy is doing. This tool provides data on the state’s economic outlook and actionable context for policy makers.

“The Roadmap to Prosperity scorecard continues to show current growth, despite fears of a future downturn entering the picture,” said Derek Miller, president and CEO of the Salt Lake Chamber. “While our unemployment rate and labor force participation continue to stand out, consumer confidence has fallen. This comes as inflation remains elevated and uncertainty persists due to supply chain disruption and commodity reserves. Despite these national and international headwinds, Utah’s economy remains strong and the Wasatch Front continues to be the economic engine of our state.

Three key insights from the June 2022 Roadmap to Prosperity Dashboard include:

  1. Utah’s unemployment rate ranks second in the nation. Utah’s unemployment rate of 2.0% in May is the second lowest in the nation, tied with Minnesota and behind Nebraska.
  2. Utah home prices continue to rise. Home prices in Utah have risen significantly over the past year with a median home sale price of $535,000 in April 2022.
  3. Consumer confidence plummets in Utah. With some minor fluctuations, consumer confidence trend in Utah has been declining over the past few months. Consumer confidence in May is the lowest since data collection began in October 2020.

The dashboard is updated monthly, providing essential insights, tracking ten timely and advanced metrics, and sharing relevant metrics. 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 every sector,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “Despite declining consumer confidence and broader economic conditions indicating a slowdown, Utah’s strong workforce and diverse economy positions us well to weather the headwinds sweeping the nation. “

To view the Roadmap to Prosperity dashboard, click here.

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ABOUT THE SALT LAKE ROOM

The Salt Lake Chamber is Utah’s largest and oldest trade association. A statewide Chamber of Commerce with members in all 29 counties of Utah, the Chamber represents the general interests of the state’s more than 63,000 employers, who employ more than 1.4 million workers. ‘Utahns. This includes thousands of House members and their employees. With roots dating back to 1887, the Chamber is the voice of business, supports the success of its members and champions the prosperity of the community.

ABOUT THE KEM C. GARDNER POLICY INSTITUTE

The Kem C. Gardner Policy Institute serves Utah by preparing research on the economic, population, and public policies that help the state prosper. We are Utah demographic experts, Utah economic leaders, and public policy and survey specialists. 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.