The Salt Lake Chamber’s Roadmap to Prosperity Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated its Utah Economic Dashboard for June. Designed to help business leaders know where Utah’s economy stands, the tool provides data on the state’s economic outlook with actionable context for decision-makers, the chamber said.
“The Roadmap to Prosperity dashboard continues to show current growth, despite concerns of a future slow down entering the picture,” said Derek Miller, president and CEO of the Salt Lake Chamber. “While our unemployment rate and labor participation continue to stand out, consumer confidence has taken a dip. This comes as inflation remains high and uncertainty continues due to supply chain and commodity reserves disruption. Despite these national and international headwinds, Utah’s economy remains strong and the Wasatch Front continues to drive the economic engine in our state.”
Miller pointed out three essential insights from the June 2022 Roadmap to Prosperity Dashboard. They include:
1. Utah’s unemployment ranks second in the nation. Utah’s May unemployment rate of 2 percent is the second-lowest in the nation, tied with Minnesota and closely trailing Nebraska.
2. Utah home prices continue to rise. Utah’s home prices have risen drastically over the past year with a median home sale price of $535,000 in April.
3. Consumer confidence is falling in Utah. With some minor fluctuations, the consumer confidence trend in Utah has been declining over the past several months. June’s consumer confidence was the lowest since data collection began in October 2020.
The dashboard is updated monthly, providing essential insights, tracking 10 leading measures and sharing pertinent indicators.
“Utah’s economic performance continues to be a bright spot in the country and has stabilized with growth in nearly all sectors,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “Despite the drop in consumer confidence and broader economic conditions pointing to a slowdown, Utah’s strong labor force and diversified economy leave us favorably positioned to weather the headwinds sweeping the nation.”
The Roadmap to Prosperity Dashboard can be accessed at https://slchamber.com/resources/roadmap-dashboard/.