In 2023, the resilient U.S. economy defied recession predictions, navigating challenges like rising interest rates with strong labor markets and consumer spending. Utah mirrored this trend, maintaining robust economic performance throughout the year, marked by its highest labor force participation rate since 2010. However, high housing costs posed challenges for renters and prospective homebuyers, potentially impacting Utah's middle-class prosperity. As 2024 unfolds, the U.S. economy faces uncertainties in inflation, interest rates, labor markets, household wealth, federal debt, geopolitical events, and consumer sentiment. Despite these challenges, Utah's Economic Council projects continued growth in 2024, anticipating slowing inflation, moderate job market expansion, and potential residential construction rebound.
Blog from Matthew Simmons