Previous forecasts predicted that Salt Lake City’s booming market would be short-lived. Now, we expect it to last just a little bit longer. Beginning next year, overall volume is expected to decline as the residential sector levels off.
The infrastructure sector is expected to see a lot of attention in the next few years, as the city looks to reclaim some of its wastewater.
Salt Lake City makes up a little more than half of Utah’s GDP, so it is perhaps unsurprising that cost indices here are closely tied to those for Utah. The construction industry here has made a full recovery, and today there are more construction workers than at any point in the last 10 years. Unemployment in the city has also returned to roughly pre-pandemic levels — a testament to the adaptability of the local economy.