Brice Wallace
Upticks in employment and travel and shrinking inflation helped Utah’s economy in July, according to a report from the Salt Lake Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute.
The organizations’ July 2024 “Roadmap to Prosperity Economic Dashboard” highlighted trends in Utah that fared better than those of the nation.
“Utah’s economy continues to show impressive resilience relative to national trends,” said Derek Miller, president and CEO of the Salt Lake Chamber. “Not only has Utah’s inflation position declined, but we’ve also climbed from 11th to sixth in state employment rankings. In addition, our airport traffic reached a monthly high. We are encouraged by these positive trends and will continue to push forward to ensure Utah’s economic success.”
One trend is Utah annual employment growth, which rose to 2.8 percent while the U.S. rate shrunk to 1.6 percent. The year-over-year growth boosted Utah’s ranking among states from 11th in May to sixth in July. On the flip side, the nation’s employment growth has slowed for four consecutive months.
The number of airport travelers at Salt Lake City International Airport attained a monthly high in June with 2,550,178 passengers, up 10.75 percent from the prior-year period and above the previous record of 2,498,993 in July 2023. Increased demand and capacity continue to contribute to the airport’s increased traffic. For the first six months of the year, the passenger total reached 14.2 million, up 8.02 percent from the prior-year period and coming on the heels of a record 26,952,754 passengers the airport saw for the full year 2023.
Meanwhile, year-over-year inflation fell to 2.9 percent in July. While inflation increases were seen earlier in the year, inflation has fallen for four consecutive months, increasing expectations that the Federal Reserve will begin to lower the federal funds rate in coming months.
“With inflation easing, all eyes will be on the Federal Reserve’s next meeting in September and a likely interest rate cut,” said Natalie Gochnour, director of the Gardner Institute. “The expected rate cut, coupled with Utah’s accelerated job growth, will ease anxieties felt by businesses and consumers.”
The dashboard is designed to inform business leaders’ understanding of Utah’s economy by prioritizing key data on the state’s economic outlook and actionable context for decision-makers. The dashboard is updated monthly.