Business Facilities magazine – which focuses on corporate expansion and relocation – just issued their annual, much respected State Rankings report. As expected, Utah and Salt Lake came away with some serious plaudits. Here are some the rankings for our state and metro:
Economic Growth Potential: #1 Employment Leaders: #3
Best Business Climate: #5
Broadband Leaders: #6
Best Infrastructure: #8
Best Business Tax Climate: #9
Job Growth Leaders: Provo – #2
Fastest Growing Metros: St. George – #5
Top Medical Device Hubs: Salt Lake – #6
Tech Jobs Leader: Salt Lake – #6
Economic Growth Potential: Salt Lake – #7
STEM Leader: Provo - #9
Utah and its dominant metros are growing at a clip. With the arrival of companies like Netflix, Adobe, Domo, Rakuten, Alliance Health, Overstock, Goldman Sachs, American Express, Skullcandy, Vivint, Backcountry, and others, we now boast one of the most robust state-level economies in the U.S. Further, we are poised to grow at a rate above domestic projections.
What does this mean for real estate?
New housing. More housing. Influx of capital. Stability.
Our market remains complex and amounts to a patchwork of micro-markets with divergent trends and pricing, but overall northern Utah is in a moment of unprecedented, but measured growth. Our low employment rate and strong economy mean higher consumer confidence, which translates into a generally healthy real estate market.
Reach-out to your BHHS Utah Properties professional for guidance with regards to our market.