The Utah Economic Council issued its annual “Economic Report to the Governor,” and pointed to interest rates as a key factor in how the state will fare. Rising interest rates would intensify what may be Utah’s biggest challenge: housing.
New housing construction pops up in Eagle Mountain on Wednesday, June 29, 2022. Rising interest rates have made it harder to address Utah's housing deficit.and how the next year goes in the Utah economy will largely depend on what happens nationally and globally.
While nothing in the report points to Utah’s economy withering, 2022 saw an increase in uncertainty. The nation danced with a possible recession from rising interest rates, but it also continued to see low unemployment. “Decelerating Growth:” Inflation moderates somewhat. Interest rate hikes continue but slow down. Household financial buffers only partially offset broader economic challenges, including layoffs in interest-rate-sensitive sectors such as construction, resulting in 2023 real GDP growth in the 0% to 2% range.”
Still, Dean thinks the state has some advantages. “I do think there is opportunity for us to increase housing supply when other states might not be able to.”
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