Salt Lake City, UT

Salt Lake continues to see an expected slide in construction volume, which has been seen more as a “right-sizing” of the market than a mini recession.

The residential sector has been responsible for a big portion of this decline. Interestingly, infrastructure is expected to reduce in Salt Lake City, although statewide Utah is expected to spend a reported $2.1 billion on over 169 projects. Education is expected to see positive growth for 2019 and into 2021. Much like the rest of the country, unemployment remains low with a rate of 3.0% across Utah, and 2.8% in Salt Lake City  which equates to just under 19,000 people unemployed. This has kept the pressure on skilled labor and led to subsequent cost increases. The data center market in Utah remains very active, with DataBank recently announcing a new project at their Granite Point campus. The new TRAX stationare assisting the market with new mixed-use developments springing up around these locations. There still remain a number of large development opportunities in the downtown area, from parking lots to vacant propertiesso there is still a lot of potential for Salt Lake City to continue its growth. 

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* Other structures include religious buildings, amusement, government communications, and public recreation projects.
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