Utah’s economy remains strong, despite low consumer confidence, according to the latest economic report by the Kem C. Gardner Policy Institute. The monthly report provides recent data on the state’s economic outlook and actionable framework for business and government decision-makers.
Unemployment in Utah currently ranks third in the nation. Utah’s 2 percent unemployment rate is tied with New Hampshire and close behind Minnesota and Nebraska, ranked second and first, respectively. The unemployment rate in Davis County, Utah, where Layton City resides, currently remains at a low 2 percent — well below the U.S. unemployment rate of 3.6 percent.
The Policy Institute reported that homebuyers would be pleased to learn home prices have actually begun to stabilize. After rapid housing increases over the last year, the median home sales price in Utah fell slightly from $535,000 in May to $530,000 in June, 2022. The report indicates that along with sustained air travel and retail sales, Utah remains positioned for moderate growth, despite the economic interruption other states are experiencing.
Several studies have detailed how states responded to the COVID-19 pandemic and how Utah has been able to come out on top. The National Bureau of Economic Research released its final COVID-19 report earlier this year on how pandemic health, economy, and policy varied across the 50 states. Utah earned the top spot for its overall response to the pandemic. For individual categories, Utah ranked fourth for economy and fifth for education.
Layton City boasts major employment sectors such as composites, advanced manufacturing, healthcare, education, finance, hospitality, manufacturing, retail, and wide array of additional employers. With consistent growth in businesses, transportation and population, Layton continues to lead regionally and strengthen economically.