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.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Utah Utes mailbag: What might Cam Rising’s availability be for the 2023 season?A new Utah Utes mailbag, led off with what Cam RIsing's status for 2023 might be after he left the Rose Bowl injured
Read more »
Housing, gun violence top Gov. Inslee's 2023 agendaMaking housing available to everyone and addressing gun violence are the top priorities for Gov. Jay Inslee.
Read more »
From ‘brutal’ to ‘boring:’ Puget Sound housing market projected to mellow out in 2023“We’re finally going to have a normal, boring year in the housing market,” said Zillow Economist Jeff Tucker.
Read more »
Utah again rejects Utah Lake islands projectThe state has once again rejected a proposal to dredge Utah Lake and build islands on it with the material as a way to restore habitat to the water body.
Read more »
University of Utah announces plan to build 5,000 units by 2030, doubling amount of student housingThe University of Utah announced Tuesday that it is planning to build 5,000 additional student housing units over the next several years — a number that would double its current amount of housing.
Read more »
Car insurance rates to rise 8.4% in 2023: ReportCar insurance rates are expected to increase by 8.4% across the U.S. in 2023, the largest rate increase in six years, a new report finds.
Read more »