The Salt Lake Chamber’s Roadmap to Prosperity Coalition, in partnership with the Kem C. Gardner Policy Institute, has updated the Economic Dashboard for May to help business leaders know where Utah’s economy stands. This tool provides data on the state’s economic outlook and actionable context for decision-makers.
“Utah’s high labor force participation and economic diversity continue to provide stability to our economy,” said Derek Miller, president and CEO of the Salt Lake Chamber and Downtown Alliance. “Despite inflation and challenges associated with booming growth, Utah’s consumer confidence remains higher than national sentiment.”
Three essential insights from the May 2022 Roadmap to Prosperity Dashboard include:
- Utah’s unemployment rate is lowest in the nation. Utah’s April unemployment rate of 1.9% is the lowest in the nation, tied with Nebraska.
- Utah home prices continue to rise. Utah’s home prices have risen drastically over the last year with a median home sale price of $525,000 in March 2022.
- Airport passengers rise significantly. The Salt Lake City airport served 2.2 million passengers in March, nearly 400,000 more than February, showing an uptick in travel as we head into summer.
The Dashboard is updated monthly, providing essential insights, tracking ten timely and leading measures, and sharing pertinent indicators. This provides leaders with critical and timely information to make informed decisions.
“Global uncertainty continues to have an impact on Utah’s economy,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “Despite these concerns, the rebound in travel bodes well for our tourism industry. As air travel returns, with SLC Airport having served nearly one million more passengers in March 2022 than March of last year, it’s clear that increases in derivative industries, such as retail, lodging and restaurants are soon to follow.”
To view the Roadmap to Prosperity Dashboard, click here.