It’s a pretty amazing time to be a Utahn. For those of us that have lived here for any extended amount of time, you don’t have to do much to convince us that it’s a remarkable place to call home – and it seems like the rest of the world is just catching up to realize what Utah has to offer.
Did you know that Utah ranks No. 1 among the states for its population growth in this decade? This is due both to the high birthrate as well as the increased number of people who have decided to move here and call Utah their home. We’re not surprised, of course, it’s a pretty amazing place to call home – but what is the sudden draw that sees not only our population and housing market on the rise, but also our economy? Well, there’s a lot to said about whats going on it Utah, and a bunch piece of that comes back to the strong economic growth we’ve seen developing over the past few years. The economy is on the rise. That means people are moving here to meet the need for more workers. THAT means that the housing market is expanding to meet the need for all those new workers. It’s math, really. And for the most part, pretty good math.
Utah has become a hotbed of tech start-ups and establishments who have seen what Utah has to offer and has decided it’s a pretty solid place to build or expand their businesses. And can you blame them? Dubbed ‘Silicon Slopes’, this seemingly overnight pop up digital hub that stretches from SLC down through Utah County, borrowing the ‘silicon’ title from the ever popular Silicon Valley startup hub in california, with a new twist because of the bevy of available ski slopes in our fair state. According to FORBES in 2016, Utah is the best state to do business, and it seems that people are taking that to heart. the economy is on the rise and people are choosing to do business in the family and adventure friendly state. And because of all the new transplants? Well, we find ourselves with the need for new housing opportunities.
Thousands of new housing opportunities seem to be popping up all over the wasatch front, everywhere from massive new neighborhood developments to smaller housing projects fit in established neighborhoods. If you’ve spent any amount of time in Utah lately, you’re aware of the constant stream of construction that just can’t seem to meet the demand. We’ve run into an interesting problem in the last few years – the supply just hasn’t been able to meet the demand. That seems to be slowing down just a bit (thank heavens for buyers!), but that doesn’t mean that the need for housing is going anywhere anytime soon. In fact, the forecast for this coming year shows things to be healthy and steady.
So … what else?
Well, on top of the attention and growth on Utah in the recent years, we’re also seeing a healthy development in other ways as well. We’ve got the potential for another Winter Olympics (didn’t hear? Well, head on over here and find out more!) Besides that, there’s all kinds of things that are happening! We’ll be sending out a monthly happenings notification so that YOU make sure you don’t miss a beat! Want to make sure you’re on that list?