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2021-01-12
Utah's Extraordinary Growth in Jobs and Population

What’s behind the remarkable performance of Salt Lake County’s housing market? The short answer: the state’s extraordinary growth in jobs and population. Keep in mind that nearly half of all jobs in the state and 40% of the state’s population are located in Salt Lake County. Since 2010, Utah has had the most rapidly growing job market in the country (Table 1). In just ten years, the number of non-farm jobs in Utah increased by nearly 30%, an increase of 290,000 jobs. Utah is almost an outlier in the rate of job growth. The state’s growth rate is far above other high-growth states such as Arizona, Florida, and Texas. In 2020, during the pandemic, Utah’s job market’s strength and resiliency have been on full display. The number of jobs in the state declined by just over one percent in 2020. Of all 50 states, only Idaho had a lower rate of decline. Nationally, the rate of decline is expected to be around six percent.

Utah also ranks first among all states in the rate of population growth from 2010 to 2019. The state’s population increased by 15.5% in nine years, an increase of 450,000 people (Table 2). Population and employment growth are key drivers of the demand for housing. The state’s rapid growth has had a widespread impact on Salt Lake County’s housing market, creating a housing shortage, pushing up home prices, and leading to a record level of sales for residential real estate.

Welcome to our Blog!
2021-01-12
Utah's Extraordinary Growth in Jobs and Population

2021-01-12
Salt Lake County’s Housing Shortage

2021-01-12
2020 Single-Family Home Prices up 11.8%

2021-01-12
Growing Concern for Housing Affordability

2021-01-12
Utah's 2021 Economic Forecast

2021-01-12
Outlook for Mortgage Rates

2021-01-12
Salt Lake County Housing Forecast for 2021

2020-01-29
Median Single Family Home Prices in Salt Lake County increase to $378,000 in 4th quarter 2019

2019-01-28
The Gamble of Overpricing Your'e Home

2017-10-30
Salt Lake County single-family home median price reaches $330,000

2017-08-28
Most Salt Lake County Homes Sell for Under $350,000

2017-08-07
Median Single Family Home Prices Reach $327,000 in Salt Lake County

2017-02-07
Is There a Housing Bubble?

2017-02-07
Predictions for 2017: Total Residential Home Sales

2017-01-31
Q 4 Housing Report

2016-02-11
2016 Forecast for Salt Lake area Housing Market

2016-01-25
Local Home Sales Data 4th Quarter 2015

2015-04-27
Mistakes people make when selling a home

2015-04-27
Save for down payment or buy a home now?

2015-04-27
Salt Lake Home Sales Climbed 16% in the First Quar

2015-02-06
Salt Lake County housing market positive for 2015

2015-01-15
FHA Mortgage Insurance Premiums Reduced by 0.50%

2014-02-05
Salt Lake Housing Prices Returning near 2007 Highs

2014-01-27
Salt Lake home sales in 2013 are highest on record

2013-10-31
Condo sales at a 7 year-high

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