SALT LAKE CITY — There's good news for Utah's economy with key indicators for the first month of 2024 holding promise for economic growth and stability, according to recent report.
READ: Utah named best state in America for 2023
The Salt Lake Chamber partnered with the University of Utah’s Kem C. Gardner Policy Institute for the "Roadmap to Prosperity," a report designed to help business leaders and decision-makers shape their actions for the upcoming year.
Some of the key takeaways included inflation being brought under control, home prices in Utah falling a bit and record passenger numbers at Salt Lake City International Airport.
"The strong start to the year underscores the robust state of the economy," said Derek Miller, president and CEO of the Salt Lake Chamber.
“These insights signal resilience and positive momentum, which is a promising trajectory for the first month of 2024. With these indicators we can expect Utah to experience continued economic growth and stability for the foreseeable future.”
Diving further into the report showed how January inflation numbers came in at 3.1%, down from 6.4% a year ago, with inflation continuing to slow towards the Fed’s 2 percent goal.
In regards to the state's housing market, the report said high interest rates and limited supply continue to slow price increases with January 2023 the only month during the previous calendar year reporting a lower median home sales price than December.
Salt Lake City International Airport is bustling as it continues to expand. More than 26.9 million passengers came through the airport last year, beating the previous record set in 2019.
“Utah’s elite economy begins the new year strong and favorably positioned,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute.
“As we look ahead to 2024, economic indicators, elevated by robust travel data, favorable inflation rates, and falling housing prices, reinforce the state’s economic dynamism.”
