- Utahns continue spending despite inflation concerns with taxable sales up nearly 5%, a new report said.
- Inflation rose to 2.7% in June, possibly due to tariff impacts on prices.
- Utah's economy still shows strong job growth and GDP, outperforming national trends.
SALT LAKE CITY — Despite concerns about tariffs and an uncertain economy, Utahns continue to spend money.
Taxable sales in Utah grew nearly 5% year-to-date through May, according to the July 2025 Roadmap to Prosperity Economic Dashboard produced by the Salt Lake Chamber and the University of Utah's Kem C. Gardner Policy Institute.
Anticipation of tariff-related price increases may have also prompted some consumers to buy ahead of potential price increases.
"Strong job creation and resilient consumer spending are fueling Utah's economic momentum," said Derek Miller, president and CEO of the Salt Lake Chamber.
"While inflation pressures do add some uncertainty, current trends point toward continued economic strength in the near term. Maintaining flexibility and foresight will help us weather potential headwinds, and we will continue to take proactive steps to address these challenges."
After signs of moderating price growth early in the year, inflation rose to 2.7% in June, stoking ongoing concerns of tariff-related price pressures, according to the dashboard. The increase might reflect the first signs of trade tariffs impacting consumers.
In addition to rising costs of basic necessities like groceries and housing, tariff-sensitive goods including appliances, toys, electronics, apparel and sporting goods also saw increases.
Utah continues to outperform the rest of the country on inflation, job growth and state gross domestic product or GDP.
Employment in the state grew 2.3% year-over-year in June, outpacing the nation's 1% growth. Utah and U.S. employment growth trends began largely diverging in January, with national job growth slowing and Utah's gains continuing to accelerate, per the report.
Utah's growth in June ranks No. 4 nationally.
"Utah's economy continues to demonstrate strength, as indicated in higher-than-average job growth and increased taxable sales," said Natalie Gochnour, director of the Gardner Policy Institute.
"However, consumer sentiment data is mixed, likely influenced by concerns over tariffs and broader economic uncertainty, as is also reflected in the recent slight uptick in inflation. Despite these concerns, Utah's economic fundamentals remain strong, positioning the state for continued but moderating growth," she said.
The chamber and the Gardner Institute update the dashboard monthly to provide economic insights, track timely and leading measures and share pertinent indicators.
Utahns weigh in on economic picture
A July Deseret News/Hinckley Institute of Politics poll found Utahns have more confidence in the state economy than the national economy.
The survey found that 49% of Utah voters believe the economy is on the wrong track, while 40% say the nation's economy is headed in the right direction. As for the Utah economy, 51% say state is on the right fiscal path, while 32% said Utah is on the wrong economic track.
Asked about their personal financial situation, 26% say it's improving, 34% it's getting worse and 38% it's holding steady.
Utahns' sentiment about the U.S. and Utah economies as well as their personal finances hasn't changed much since earlier this year. Responses to those questions in July were almost identical to what pollsters found back in February.
