News Release

January 12, 2024 (Salt Lake City) – The Kem C. Gardner Policy Institute today presented the 36th Economic Report to the Governor to Utah Gov. Spencer Cox at the 2024 Economic Outlook & Public Policy Summit, hosted by the Salt Lake Chamber. The report highlights the resilience of the U.S. economy in 2023 and projects continued, albeit slowed, economic growth in 2024.

“The remarkably resilient U.S. economy successfully navigated 2023’s choppy waters of rising interest rates, banking turmoil, and moderating-but-still-elevated inflation,” said Phil Dean, chief economist at the Gardner Institute. “Entering 2024 amid full employment, the economy sails into unsettled normalcy. While many economic relationships now follow a path to more normal operation, some still haven’t fully stabilized. Key questions remaining are whether inflation will continue downward, interest rate declines will follow suit, and labor markets remain tight.”

Key highlights include the following:

U.S. Economic Growth: The U.S. economy expanded in all four quarters, buoyed by strong labor markets (with employers resistant to shed scarce employees), continued robust consumer spending, and carryover effects from massive pandemic-era economic stimulus.

Strong Utah Economy: Utah’s strong economic performance continued in 2023, although with some year-end tapering. Preliminary estimates show the highest labor force participation rates since 2010. While interest-rate-sensitive sectors like real estate, banking, and tech felt pressure, many other industries enjoyed healthy growth, including tourism, public construction, oil and gas extraction, and health care.

The Utah Economic Council prepares the Economic Report to the Governor under the direction of the University of Utah’s David Eccles School of Business and Governor’s Office of Management and Budget.

The Economic Report to the Governor and Summary Highlights are now available online.