SALT LAKE CITY (ABC4) – As a means to help residents and local business owners understand where Utah’s economy stands, the Salt Lake Chamber’s (SLChamber) Roadmap to Prosperity Coalition teamed up with Kem C. Gardner Policy Institute to update the Economic Dashboard with last month’s data.
“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.”
According to representatives of the SLChamber, essential highlights from the May 2022 Roadmap to Prosperity Dashboard include:
- Utah’s unemployment rate is lowest in the nation. Utah tied with Nebraska as the U.S. state with the lowest unemployment rate of 1.9%.
- Utah home prices continue to rise. Utah’s home prices rose with a median home sale price of $525,000 in March 2022.
- Airport passengers rise significantly. The Salt Lake City airport accommodated nearly 2.2 million passengers in March, surpassing the number of February passengers by roughly 400,000. This statistic reveals an uptick in travel as summer approaches.
“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.