The Salt Lake Chamber’s Roadmap to Recovery Coalition, in partnership with the Kem C. Gardner Policy Institute, has released a new economic tool for the business community — the Road to Recovery Dashboard — to track the state’s path to an economic recovery from the COVID-19 recession.
“While the effects of COVID-19 will be felt for years to come — and we are concerned by the current increases in the number of Utahns testing positive with the virus — from an economic perspective we know that in Utah, we have a solid foundation upon which to rebuild,” said Derek Miller, president and CEO of the Salt Lake Chamber and Downtown Alliance. “Salt Lake Chamber’s primary objective with the new Roadmap to Recovery is to empower the private sector to create jobs and opportunity for individuals and families throughout Utah. In that effort, we are just beginning. We need to see beyond the horizon to view opportunities as they are manifest, so our businesses can make decisions accordingly. The Roadmap’s dashboard will be interactive and dynamic — updated monthly — with actionable information and analysis.”
The dashboard will be updated consistently, providing essential insights, tracking 10 timely and leading metrics and sharing indicators since the start of the pandemic.
Three essential insights from the September 2020 Roadmap to Recovery Dashboard include:
1. The Utah economy continues to improve but has a long way to go. Continued weekly unemployment claims peaked at 126,192 on May 2 and have now declined for 19 consecutive weeks. Continued claims for the week of Sept. 12, 2020 tallied 35,649, showing the Utah economy still has a long way to go. Average weekly claims in 2019 were 8,856.
2. Utah’s unemployment rate of 4.1 percent is the lowest in the country. This positive news means many furloughed and laid- off Utahns are returning to work. Pay close attention, however, as it’s likely during COVID-19 that many Utahns have dropped out of the labor market and are not included in this rate. Economists also warn about estimation difficulties during a pandemic and an economic shock.
3. Construction employment surges as leisure and hospitality jobs suffer. Job change by industry varies dramatically. Year-over job growth for August shows the leisure/hospitality industry suffering through a 16.8 percent contraction and natural resources (energy and mining) declining by 11.5 percent. Utah’s construction industry, which increased by 7.4 percent, continues to be Utah’s fastest- growing major industry over the past 12 months.
“While government performs a critical role in responding to COVID-19, private-sector leadership is essential,” said Salt Lake Chamber chief economist Natalie Gochnour. “The Salt Lake Chamber’s Roadmap to Recovery Coalition provides this leadership and will ultimately accelerate a full economic recovery for our state.”
The Roadmap to Recovery Coalition is a business-led coalition, supported by the Salt Lake Chamber, focused on implementing and promoting economic recovery. The coalition is co-chaired by Brandon Fugal, chairman of Colliers International; Mikelle Moore, senior vice president and chief community health officer for Intermountain Healthcare; and Scott Parson, CEO of Staker Parson Materials & Construction. Investors of the coalition include WCF Insurance, Deseret Management Corp., Intermountain Healthcare and Staker Parson Materials & Construction.
The Roadmap to Recovery Dashboard is available at slchamber.com/roadmap-dashboard.
