Salt Lake City, UT

Salt Lake continues to see an expected slide in construction volume.

This has been seen more as a “right-sizing” of the market rather than a mini recession, with the residential sector taking a big portion of this decline. Interestingly, infrastructure is expected to reduce in Salt Lake City, even though statewide Utah is expected to spend a reported $2.1 billion on 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 pools and has subsequently led to 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 stations and developments are boosting the market with new mixed-use projects springing up around these locations. There still remain a number of large development opportunities in downtown — from parking lots to vacant properties — so there is still a lot of potential for Salt Lake City to continue its growth.

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