BUSINESS + ECONOMY

Which Utah businesses have recovered from the pandemic?

Dec 20, 2021, 6:16 PM | Updated: Dec 21, 2021, 12:36 pm
At least two small businesses in Salt Lake City are closing their doors, while another has set up a...
The Downtown Alliance blames inflation, the cost of labor, and the overall cost of doing business as reasons for the closures.(Canva)
(Canva)

SALT LAKE CITY — Utah businesses are in good shape as 2022 approaches. The jobless rate is ultra-low. But still some businesses are struggling.

Salt Lake Chamber President and CEO Derek Miller joined Inside Sources host Boyd Matheson to talk about the latest Road to Prosperity Dashboard.

The Road to Prosperity Dashboard tracks Utah’s path to a full and complete economic recovery from the COVID-19 recession. The Dashboard, which is updated monthly, provides essential insights, tracks timely and leading measures, and shares salient indicators since the start of the pandemic.

From the Dashboard: Utah’s October two-year job growth of 3.7% is the highest in the nation and one of only four states showing positive job change.

Miller said the dashboard comprises 10 timely indicators of the economy. He said the dashboard provides important data for employers and employees to see how the economy is faring.

“So far those indicators are looking good,” Miller said.

Job growth for Utah businesses

The Dashboard shows Utah with a job growth rate of 3.7% in October, the latest available numbers, followed by Idaho and Arizona. All other states are registering negative growth.

“[The numbers] speaks to the strength of both employers and employees. They’re the ones that make it happen and it’s happening better [in Utah] than anywhere else,” Miller said.

Unemployment, the good and the bad

When the pandemic descended on Utah in the winter of 2020, Utah’s unemployment rate was 2.5%. It is now 2.1%.

“That is the historic low ever since we started measuring the unemployment rate in Utah. 2.1% is the lowest it’s ever been,” Miller said, adding the low number is a mixed bag.

With help wanted signs popping up all over Utah, the low unemployment rate can constrain economic growth.

“We do believe that it’s dangerously low for our overall economy’s health,” Miller said.

Because of the very competitive nature of the jobs market, some businesses are winning, and some are losing.

According to the dashboard, the construction industry in Utah is growing at a rate of 9.5% in October, the latest numbers available, whereas the natural-resources industry is shrinking at minus 12.6%.

“The good news is that those decreases in those industries have been more than made up for in the increases in other industries,” he said.

In addition to construction, trade and transportation are solid at 7.1%. Professional and business services, including banking, are moving forward at 6.8%.

 

Inside Sources with Boyd Matheson can be heard weekdays from 1 p.m. to 3 p.m. on KSL NewsRadio. Users can find the show on the KSL NewsRadio website and app. 

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories

Business + Economy

Homes line the horizon in Daybreak in South Jordan on Wednesday, July 13, 2022. The world's populat...
Allessandra Harris

South Jordan could see new housing development

Amid Utah's housing crisis, developers are taking advantage of over 200,000 acres in South Jordan for a new housing community.
1 day ago
A hiring sign is displayed in the window of a Panera Bread store in Pittsburgh on Monday, Jan. 23, ...
Paul R. La Monica, CNN

Jobs report to give further clues about where economy is headed

Economists predict that 185,000 jobs were added last month, a slowdown from the gain of 223,000 jobs in December and 263,000 in November.
2 days ago
File**People walk past the entrance to a Bed Bath & Beyond retail store along Sixth Avenue in N...
Paul R. La Monica and Nathaniel Meyersohn, CNN

Bed Bath & Beyond says it can no longer pay its debts

The end could be near for struggling retailer Bed Bath & Beyond, as it warned in a regulatory filing Thursday that it received a notice of default from its lender, JPMorgan Chase.
4 days ago
With 24 other states on board, the Utah Attorney General announced on Friday a lawsuit against a De...
Simone Seikaly

Utah leading a lawsuit against new ESG rule affecting 401(k) plans

Utah Attorney General Sean Reyes said the states in the lawsuit are concerned about the federal government's promotion of ESG investing.
4 days ago
savings system right on the money...
Mark Jones

Economists are worried of a recession in 2023, financial expert weighs in

Many economists are fearing a recession in 2023 despite the U.S. economy ending last year better than expected.
5 days ago
A new service called Cottonwood Connect could address parking problems at the ski resorts in Big an...
Kate Davis and Simone Seikaly

Cottonwood Connect offers a new way to get up Cottonwood Canyons

The goal is to fill gaps left when UTA limited ski bus service. The shuttle will run Thursday through Sunday through mid-April.
5 days ago

Sponsored Articles

Banner with Cervical Cancer Awareness Realistic Ribbon...
Intermountain Health

Five Common Causes of Cervical Cancer – and What You Can Do to Lower Your Risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer, the tests that can warn women about potential cancer, and the importance of vaccination.
Kid holding a cisco fish at winterfest...
Bear Lake Convention and Visitors Bureau

Get Ready for Fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy. This year the event will be held from January 27-29 at the Utah Bear Lake State Park Marina and Sunrise Resort and Event Center in Garden City, Utah. 
happy friends with sparklers at christmas dinner...
Macey's

15 Easy Christmas Dinner Ideas

We’ve scoured the web for you and narrowed down a few of our favorite Christmas dinner ideas to make your planning easy. Choose from the dishes we’ve highlighted to plan your meal or start brainstorming your own meal plan a couple of weeks before to make sure you have time to shop and prepare.
Spicy Homemade Loaded Taters Tots...
Macey's

5 Game Day Snacks for the Whole Family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The Best Tools for Deaf and Hard-of-Hearing Workplace Success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
Which Utah businesses have recovered from the pandemic?