Economic Indicators
The Gardner Institute provides economic indicators for the U.S. and Utah, publishes an economics dashboard, administers the monthly consumer sentiment survey, produces Utah Informed, and prepares the annual Economic Report to the Governor.
U.S. and Utah Economic Overview: 2023 Summary and 2024 Outlook
The U.S. and Utah economies remain deeply interconnected. Even with some minor differences in composition and in particular indicators such as unemployment or GDP growth, the state and national economies generally move in tandem. This policy brief summarizes the 2023 performance in the U.S. and Utah economies and provides a 2024 outlook.
2024 Utah Economic Report to the Governor Highlights
The Utah Economic Council projects continued economic growth in 2024, albeit at a decelerated pace compared to 2023.
2024 Economic Report to the Governor
The Kem C. Gardner Policy Institute 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.
2024 ERG Tables
The Kem C. Gardner Policy Institute 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.
2024 ERG Figures
The Kem C. Gardner Policy Institute 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.
December 2023 Utah Consumer Sentiment
Utah’s consumer sentiment rose 8.4% in December (from 73.6 in November to 79.8), according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment. A similar survey by the University of Michigan found that sentiment rose 13.7% among Americans as a whole during the same time (from 61.3 to 69.7).
Utah Economic Council Forecast, December 2023
The Utah Economic Council, convened by the David Eccles School of Business and Governor’s Office of Planning and Budget, publishes regular economic forecasts related to the Utah and U.S. economies. This includes potential risks to both the state and national economies that the council assesses and weighs.
November 2023 Utah Consumer Sentiment
Utah’s consumer sentiment rose 6.4% in November (from 69.1 in October to 73.6), according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment. A similar survey by the University of Michigan found that sentiment fell 4.0% among Americans as a whole during the same time (from 63.8 to 61.3).
October 2023 Utah Consumer Sentiment
Utah’s consumer sentiment fell 9.4% in October (from 76.3 in September to 69.1), according to the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment. A similar survey by the University of Michigan found that sentiment fell 6.0% among Americans as a whole during the same time. Utah Consumers appear to be uncertain about economic conditions. Relatively high interest rates and unaffordable housing have to be balanced with a labor market that remains strong.
State of the State’s Housing Market, 2022-2024
The pandemic years created unmatched volatility in Utah’s housing market. The volatility in these past two years surpassed 50 years of housing history. Building permits for residential units increased by 26% in 2021, only to fall by 26% in 2022. These COVID-19 pandemic years now join the Great Recession as one of those unique moments in Utah's housing market. The Great Recession produced 16 consecutive quarters of declining housing prices, while the pandemic produced the shortest and steepest homebuilding expansion and contraction on record.