Chamber dashboard: Economic indicators show cautious optimism for growth

Utah’s economy has rebounded a little and now indicates more optimism for resumed growth. That’s according to the Salt Lake Chamber’s June Roadmap to Prosperity Economic Dashboard, produced in partnership with the Kem C. Gardner Policy Institute at the University of Utah.

The chamber’s dashboard reports on key data concerning the state’s economic outlook and actionable context to increase business leaders’ understanding of Utah’s economy.

“As we move into summer, Utah is showing signs of optimism and growth, including year-over-year gains in airport travel as the travel season kicks off,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Utah’s rising consumer sentiment, while still lower than it was at the close of 2024, signals cautious optimism as Utahns adjust to the changing economic environment. Post-pandemic new construction highs, combined with these other signs, display the resilient nature of Utah’s economy.”

Among other indicators the dashboard had these insights:

• Consumer confidence rebounds but remains below December 2024 levels. Utah’s consumer sentiment index rose 1.5 percent (from 81.1 in May to 82.3 in June) while the U.S. consumer sentiment increased 16.3 percent (from 52.2 in May to 60.7 in June). These remain 9.8 percent and 18 percent below their respective levels in December 2024, illustrating ongoing concerns related to uncertain U.S. trade policy, inflation expectations and global geopolitical risks.

• New construction reaches a post-pandemic high in May. Construction activity in Utah reached its highest point since March 2020, driven by a new construction project in Lehi by Texas Instruments. Non-residential construction permit value totaled about $850 million in May 2025, more than three times the value in May 2024.

• Summer travel season begins with solid passenger growth. Salt Lake City International Airport recorded 2,424,843 total passengers in May 2025 — up 9.1 percent from April and 1.33 percent higher than the same period over the previous 12 months. This year-over gain signals sustained recovery in travel demand as the summer season takes off.

“Utah’s economy continues to demonstrate resilience, with consumer sentiment rebounding and new construction reaching post-pandemic highs,” said Natalie Gochnour, director of the Gardner Institute. “Summer air travel has also started strongly, showing a sustained recovery in demand. While these are positive signs, concerns such as uncertain trade policy and increased inflation expectations remain.”

The Salt Lake Chamber Roadmap to Prosperity Economic Dashboard can be accessed at https://issuu.com/saltlakechamber/docs/roadmap_to_prosperity_economic_dashboard.