Chamber Dashboard: Continuing economic pressures test Utah’s fortitude

Economic headwinds continue to plague Utahns but the state continues to show strength in facing those challenges, according to data from the Salt Lake Chamber’s January Roadmap to Prosperity Economic Dashboard. Developed and released in partnership with the University of Utah’s Kem C. Gardner Policy Institute, the dashboard is designed to increase business leaders’ understanding of Utah’s economy. The 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.”

The Gardner Institute highlighted three essential insights from the January dashboard, including:

1. U.S. Consumer Price Index inflation increased for the fourth consecutive month, with year-over price increases reaching 3 percent in January. January’s year-over-year inflation set a new eight-month high, reinforcing concerns that price pressures may persist. Month-over-month 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.

2. 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.

3. Total annual bankruptcy cases filed in Utah increased roughly 13 percent in 2024. After falling two consecutive years, total annual bankruptcy cases increased more than 17 percent in 2023 and another 13 percent in 2024. Coming off of stimulus years likely contributed to the increase, as well as economic pressures including higher interest rates.

The Roadmap to Prosperity Economic Dashboard is updated monthly.

“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.”

The full dashboard can be seen at https://slchamber.com/resources/roadmap-dashboard/.