Utah's economy off to strong start in 2024 according to recent report

SALT LAKE CITY — It’s good news for Utah’s economy, as a recent report shows that key indicators for the first month of 2024 hold promise for economic growth and stability.

READ: Utah named best state in America for 2023

Issued by the Salt Lake Chamber and partner University of Utah’s Kem C. Gardner Policy Institute, the “Roadmap to Prosperity” is designed to help business leaders and decision-makers shape their actions for the upcoming year.

“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.”

READ: Salt Lake City home sales, prices inch up, defying national data

Key takeaways include the following:

1. Salt Lake City International Airport is bustling. More than 26.9 million passengers came through the airport in 2023, beating the 2019 record as airport capacity increased and travel continued its strong post-pandemic recovery. 
2. Inflation is under control. January inflation came in at 3.1%, down from 6.4% one year earlier. Inflation continues to slow, indicating progress toward the Fed’s 2% goal. 
3. House prices are falling. High interest rates and limited supply continue to slow price increases in Utah’s housing market, with January 2023 the only month during the previous calendar year reporting a lower median home sales price than December.

READ: SLC Airport breaks passenger records in 2023, rebounding from pandemic

Updated monthly, the Dashboard provides insights and indicators that helps shape state public policy.

“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.”

Go here to see the complete Dashboard findings.