Governors Herbert, Huntsman, Walker, Leavitt have been very pro-business and have been
successful attracting new business to Utah.
Unemployment rate in Utah is 3.2% which is one of the best in the country and under the
national average of 4.1%
Utah’s Birth Rate: In 2016, there were 50,242 live births to Utah residents. Utah’s birth rate
continues to be the highest in the nation with 16.5 live births per 1,000 total populations.
Normal Housing Needs from young adults moving out of their parent’s homes including college
students, single adults and newlyweds.
Net Migration: To make housing even more difficult last year 25,000 new families moved into
our state.
New Construction: Collectively Builders were only able to build 20,000 new homes. This
includes all housing units from new apartments to estate homes. This means in Utah we’re
5,000 homes short to keep up with net in-migration not to mention normal housing needs.
Bottle Neck: A lack of construction workers is limiting the ability of builders to build new homes
2.6% Rental Vacancy: Along the Wasatch front rental vacancy is very low at 2.6%. People
looking for rentals, especially affordable rentals, are having extreme difficulty finding suitable
housing to rent.
Supply is very Low: Currently there about 11,000 homes for sale in the entire state. To slow the
rapid appreciation, we’d like to see the housing supply double but because of the construction
labor shortage builders cannot keep up with the demand.
Demand is very High: We’re selling about 4,000 homes per month. We would sell more homes
per month if there were more homes for sale. Finding homes in buyer’s geographical area and
price range is extremely difficult. Most good homes sale with multiple offers.
Result: 10% average appreciation over the last two years. Experts forecast we’ll experience an
additional 30% average appreciation over the next 5 years.
SUMMARY: Business is good, companies are hiring, unemployment is low, people are moving
to Utah. Demand is high and inventory is low. Largely in part to the labor shortage, builders
can’t build homes fast enough.