Utah’s Economy Remains Resilient Amid Rising Cost Pressures

SALT LAKE CITY, UTAH (October 16, 2026) – The Utah Chamber, in partnership with the University of Utah’s Kem C. Gardner Policy Institute, has released the September 2026 Roadmap to Prosperity Economic Dashboard to inform business leaders’ understanding of Utah’s economy. This tool prioritizes key data on the state’s economic outlook and actionable context for decision-makers.

“A 26.8% increase in nonresidential construction value reflects real confidence in Utah’s future,” said Derek Miller, president and CEO of the Utah Chamber. “National inflation data shows where that momentum needs support. With energy prices up 20.4% from a year ago, we must continue working with state leaders to advance solutions that keep power affordable, reliable, and sustainable for Utah businesses and families.” 

Three essential insights from the September 2026 Roadmap to Prosperity Dashboard include:

1. Utah’s median home sales price held constant from July to August yet fell 0.4% year-over. Utah’s year-to-date median home sales price rose 1.2%, while August’s year-over median home sales price fell 0.4%. This marks the first year-over decline in nearly three years. Elevated mortgage rates continue to constrain home price growth. 
2. Utah’s nominal nonresidential construction value rose 26.8% year-to-date through July. Nominal residential construction value increased 4.3%, while the value of alterations and repairs grew 6.5% year-to-date. Data center construction contributed to the significant increase in nonresidential construction value. 
3. U.S. inflation increased to 3.7% in September, a four-month high. Energy prices remain elevated. Growing 20.4% over the previous year. Higher energy costs contribute to price increases of other goods and services. Excluding food and energy, prices rose 2.6% over the year. 

The Dashboard is updated monthly, providing essential insights, tracking timely and leading measures, and sharing pertinent indicators. This provides leaders with critical and timely information to make informed decisions.  

“Steady job growth and strong construction activity reflect the underlying resilience of Utah’s economy, even as broader economic uncertainty persists,” said Natalie Gochnour, director of the Kem C. Gardner Policy Institute. “At the same time, many Utahns continue to face financial pressure from elevated housing costs, rising energy prices, and the everyday cost of living. Our economic strength is an important advantage, but decision-makers must also remain mindful of the financial challenges facing Utah households as they work to support long-term prosperity.”

To view the dashboard, click here.

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About the Utah Chamber

The Utah Chamber is a statewide chamber of commerce, representing the diverse voices of the state’s 80,000-plus employers and their employees. The Chamber unites the voices of Utah businesses, local chambers and industry associations to build a stronger business environment, increase healthy job creation and support prosperous communities across the state.

About the Kem C. Gardner Policy Institute

The Kem C. Gardner Policy Institute serves Utah by preparing economic, demographic, and public policy research that helps the state prosper. We are Utah’s demographic experts, leaders in the Utah economy, and specialists in public policy and survey research. We are an honest broker of INFORMED RESEARCH, which guides INFORMED DISCUSSIONS and leads to INFORMED DECISIONS™. For more information, please visit gardner.utah.edu or call 801-587-3717.