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Salt Lake City, Utah Economic Overview

Atuoma Ezeh

Real Estate Investor

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Salt Lake City Utah and surrounding areas are booming with growth due to the strong economic foundations found in the state. Salt Lake and Utah County especially, are hidden gems that have recently started receiving increased notoriety since the pandemic

Utah contains many signs of a healthy economy, from low unemployment to economic diversification. Companies across various sectors call UT home, including Northrup Grumman, Boeing, Goldman Sachs, Morgan Stanley, Rio Tinto, Qualtrics, SoFi, American Express, just to name a few. The state also boats a strong healthcare sector with Intermountain Health planning numerous new hospital sites and recently completing the construction of a new children’s hospital in Lehi, in Utah County. The University of Utah, Brigham Young University, Utah Valley University, Utah State University, along with various colleges in the southern parts of Utah, ensure a strong recruitment pool for the many strong companies that wish to take advantage of the economic stability here.

This exciting growth period also comes with its challenges. State and city officials are working hard to ensure transportation infrastructure is sufficient to meet the needs of current residents as well as the influx of people moving to Utah from both the east and west coast. Housing affordability is also top of mind for the state. Utah saw some of the highest price growth during the pandemic and though prices have slightly declined since then, many are still feeling the inflationary pressures that remain. According to Redfin, the median sales price for a house in Utah went from approximately $350,000 at the beginning of 2020 to approximately $526,000 today. Efforts to combat affordability issues include the tear down of the former Utah State Correctional Facility to accommodate a new 600-acre multi sector development called The Point, which will include affordable housing units..

As Utah prepares to host the winter Olympics again in 2034, we will see much more development and growth in this already vibrant economy. Utah is a place investors will want to be over the next few decades. There aren’t many places with much more promise or security for your capital.

Salt Lake City Data