News Release

2024 Economic Report to the Governor highlights resilient Utah and U.S. economies

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 whe