BUSINESS + ECONOMY

Utah’s unemployment rate remains one of the lowest nationally

Mar 24, 2023, 3:00 PM | Updated: 3:52 pm

Utah capitol -- Utah lawmakers are tackling the high costs of adoption, proposing changes that coul...

(Adobe stock)

(Adobe stock)

SALT LAKE CITY — The Salt Lake Chamber updated its Roadmap to Prosperity Dashboard to show business leaders where Utah’s economy stands in regard to the unemployment rate. 

The dashboard provides data on the state’s economic outlook and actionable context, as of Feb 2023, for decision-makers.

“While discussions around bank stress and a looming economic recession continue, Utah remains a safe haven for business and opportunity,” said Derek Miller, president, and CEO of the Salt Lake Chamber.

According to the February 2023 roadmap, Utah’s unemployment rate remained at 2.4%, the third lowest rate of any state nationally.

The second main takeaway from the roadmap is inflation slowing but staying stubbornly high, remaining at 6%. 

“The current rate is three times greater than the target inflation range, indicating ongoing efforts to moderate price increases,” said a release from the chamber. 

Last takeaway, home prices continue to moderate. 

“The current median home price of $455,000 is about $80,000 lower than May’s peak,” said the release. 

To view the roadmap, click here

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Utah’s unemployment rate remains one of the lowest nationally