Rising consumer confidence and moderating employment growth highlight the December “Roadmap to Prosperity Economic Dashboard.
Released by the Salt Lake Chamber, in partnership with the Kem C. Gardner Policy Institute at the University of Utah, the dashboard is designed to support business leaders’ understanding of Utah’s economy. The tool prioritizes key data on the state’s economic status and provides actionable context for decision-makers. It is updated monthly, providing insights, tracking timely and leading measures, and sharing pertinent indicators.
“As we conclude a robust 2023, Utah’s economic landscape reflects strength and resilience,” said Derek Miller, president and CEO of the chamber. “The surge in consumer confidence and steady employment growth signal a strong economy. We are positioned well for continued success in 2024. Our economic outlook is bright.”
Among the insights in the December dashboard are:
- Utah consumer sentiment jumped to highest level in over two years. Consumers expressed more optimism in December, both in Utah and nationally. Utah’s consumer sentiment rose 8.4 percent, while national sentiment grew 13.7 percent from November to December.
- Utah and U.S. employment growth continued to moderate. Year-over job growth reached unprecedented highs during the post-pandemic economic recovery and continued to moderate throughout 2023. Job growth nationally and in Utah remains strong by historical standards.
- Airport passengers increased 5 percent from the prior year. Salt Lake City International Airport served 2.1 million passengers in November, a drop from July’s peak of 2.5 million passengers. Despite a decrease from summer numbers, November’s passenger count represents a 5 percent year-over growth rate.
“Utah’s economy remained remarkably resilient in 2023, buoyed by increased consumer sentiment, moderating inflation and historically strong job growth,” said Natalie Gochnour, director of the Gardner Institute. “Looking ahead to 2024, some key questions remain, including whether inflation will continue downward, interest rate declines will follow suit and labor markets will remain tight.”