Chamber’s dashboard: Utah’s economy optimistic heading into fourth quarter

September highlights of Utah’s economy included a continued low unemployment rate, moderate inflation and the median home sales price peaking at $520,000. 

Those were a taste of the statistics released in the September 2025 Roadmap to Prosperity Economic Dashboard sponsored by the Salt Lake Chamber in partnership with the University of Utah’s Kem C. Gardner Policy Institute.

The dashboard, released each month by the chamber, is designed to inform 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 has a powerful and reliable workforce, which serves as a massive benefit to our communities and employers. That impact is showing in stable unemployment indicators,” said Derek Miller, president and CEO of the Salt Lake Chamber. “It’s a challenge to balance hiring amidst price and inflation increases, but Utah’s unemployment rate remains among the lowest in the nation. This is foundational in supporting an optimistic outlook for the state’s economy heading into the fourth quarter.”

The dashboard reports that Utah’s unemployment rate remains among the lowest in the nation at 3.3 percent. Despite signs of slower hiring nationally, the Utah unemployment rate remains steady. Utah’s unemployment rate matched its level from one year earlier. The national unemployment rate increased only slightly during September, rising from 4.2 percent to 4.3 percent.

The report found that price increases continue to grow moderately, with inflation up 0.6 percentage points since April. Purchasing power remains under pressure, as inflation persists above the 2 percent annual target. Policy changes and broader economic uncertainty continue to influence price changes, with many forecasts predicting further increases in the months ahead, according to the dashboard.

The median home sales price in Utah reached $520,000 in August. Utah’s monthly median home sales price rose 3.6 percent year-over-year, while closed sales increased modestly by 1.3 percent from a year earlier. Supply-and-demand imbalances, as well as higher borrowing costs, continue to drive housing market trends.

“Utah’s economy remains among the strongest in the nation, supported by steady job growth and one of the lowest unemployment rates,” said Natalie Gochnour, director of the Gardner Institute. “While inflation and housing affordability continue to present challenges, key indicators remain in check and reinforce the state’s economic resilience.”

The Roadmap to Prosperity Economic Dashboard can be viewed at https://slchamber.com/resources/roadmap-dashboard/.