BUSINESS + ECONOMY

Housing and interest rates to be big in Utah’s 2023 financial forecast

Jan 13, 2023, 6:00 AM

Housing interest rates...

Housing and interest rates will play a big part in Utah's financial forecast for this year, according to the annual "Economic Report to the Governor. (Ben B. Braun, Deseret News)

(Ben B. Braun, Deseret News)

SALT LAKE CITY — Housing and interest rates will play a big part in Utah’s financial forecast for this year. That’s according to the annual “Economic Report to the Governor.”

The report comes from the Utah Economic Council and it shows the state’s biggest problem is housing. Utah issued 40,000 new housing permits in 2021, however, only 23,000 are expected to be issued this year and the next.

However, much of our economy is reliant on what the Fed does to reverse inflation. The report said that if the interest rate hikes stabilize, we could have “continuing growth.”

Alternatively, we could be in for a “shallow recession” because prices begin to reduce slowly.

Or, the third option is “decelerating growth.” That’s where interest rate hikes continue and we get layoffs in sensitive areas like construction.

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Housing and interest rates to be big in Utah’s 2023 financial forecast