Utah
Inflation causing struggle for Utah small businesses
SALT LAKE CITY – Derek Miller, the president and CEO of the Salt Lake Chamber, said that inflation has become an un-ignorable problem for many people. However, Utah small businesses get hit the most.
“About 37%, roughly four in ten, rate inflation as their number-one concern,” said Miller. He added that the same amount was reflected by small businesses.
“In the past, not many people were talking about inflation around the dinner table. But they’re talking about it now… The things they are eating are costing a lot more,” said Miller.
Economic backing for Utah small businesses
Inflation increases the cost of inputs, lowers sales, and raises interest rates for small businesses. Miller called the effects a perfect storm for a state where small business is the backbone of the economy. Fortunately, he said, the economy is still strong.
According to Miller, there are three fundamental principles to make sure the economy remains strong.
First, Utah needs a workforce that continues building small businesses and spending money.
“We are a consumer-led economy, and so the fact that people have jobs is important,” Miller said. He added that Utah needs to continue its strong business environment.
Miller said that businesses “crave predictability,” pointing to low and stable tax rates.
Second, Utah’s reasonable regulations need to continue. Miller said the same regulator reform should be adopted at the federal level. For example, updating business licenses by email instead of mail.
Third, Miller said Utah small businesses need market access.
“We do really well in Utah at expanding outside our own borders, including outside the borders of the United States.” Despite being landlocked, midsized, and in the mountain west, Miller said Utah is a top export state.
“Exporting goods and services is just importing money.”
Improvement timeline
If Utah can follow those three principles, then Miller hopes inflation will begin going down.
“There was a goal by the Federal Reserve to get it down to 2%…. I would say coming down from 9% to 3.4%, as of April, we probably have two wheels of the airplane that have landed softly,” said Miller.
He admitted inflation is not where the Federal Reserve wants it to be. However, inflation has gone down enough to avoid a recession. Even then, Miller thinks we can hit the goal of 2% by the end of the year.
“I’m hopeful that we can. All the indicators show we can,” said Miller.
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Summit County Health Director Phil Bondurant said the early 2026 survey found men are suffering with significant mental and behavioral health challenges between the ages of 10 and 44. In the U.S., Bondurant said, suicide is the second leading cause of death, behind unintentional injury.
“It’s the eighth leading cause of death nationally across all ages of men,” he said on KPCW’s “Local News Hour” June 8. “When we look at this in Utah, we are two times the national average in suicides, and when you look at men, three of the four suicides in the state of Utah are men.”
He said that’s disproportionate to women. Roughly 31 out of 100,000 suicide deaths in Utah are men while less than 9 deaths per 100,000 are women.
FULL INTERIVEW: Summit County Health Department Phil Bondurant
Bondurant said those statistics are related to men feeling isolated, experiencing depression and uncertainty about the future. But, he said the health department has worked to develop programs to break the stigma around men’s mental health and help people access care.
“It’s important that we remember that connection, conversation, help and support, just like our physical health, when we’re not feeling well or we break a bone, we go to the doctor, and they do what they do to help us get better and help our bodies mend,” he said. “Our mental health is the same way, we need to take care of it.”
He said uninsured residents that need help can call the health department and speak with the behavioral health team.
There is also a 24-hour 988 crisis hotline for people who need help or know someone who needs help. Utahns can also download the SafeUT app to speak with licensed counselors, submit safety tips and confidential help.
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