Utah: Economic Opportunity in Real Estate
Utah is a Powerhouse of Economic Opportunity in Real Estate
Utah has developed quite the reputation in recent years as a place of prosperity, even during tough times. There are few other states that have received national recognition for opportunity and growth as Utah has, and there are several reasons why. If you are looking for a place to invest in real estate, it’s difficult to find a state that is performing well on all cylinders the way Utah has been:
Fastest Growing State and Fastest Growing Cities
When considering any investment opportunity, there’s always looking at supply and demand. Investors like the fact that Utah was ranked by CBS and others as being in the top ten fastest growing states in the U.S., coming in at #2. They also love that the State’s largest city, Salt Lake, is ranked by Forbes as being ranked at #5 as the fastest growing city in the country. Whenever more people are moving in than moving out, you can count on the real estate market to expand and grow exponentially.
Best Environment for Businesses to Come and Grow
Utah has always done well when it comes to supporting its businesses. The different communities have advocated supporting products that are made locally. The State legislature has had a strong record when creating laws that are business friendly and allow for businesses of all sizes to prosper. Utah’s business record has been reported by some of the most reputable business organizations, including Forbes and Beacon Hill as the number #1 place for business. That slot at the top is just one of the many reasons Utah and Salt Lake have seen ongoing growth, but it’s a big component for those looking to find profitable commercial real estate opportunities. It’s hard to find a safer place to put your money in business-related properties than in the number one business State.
Housing Market is Booming Again
Thanks to the State’s growth rate and business interest, the housing market has fully recovered from the recession. In fact, it’s back to where it was eight years ago. Although the trend upward will likely have plateaus, it’s back to a healthy place. The good news for investors and for home buyers wanting to move to Utah is that there are still good deals available. If you don’t want to pay maximum market price, you can still find something that meets your needs and price range. The steady trend in growth, supply and demand, and business interest make home investments a unique opportunity in Utah.
Unemployment Rate Has Stayed Well Below National Average
Aside from all of the reasons above for why people like Utah. It’s important to mention why people stay. The unemployment rate is under five percent, and it’s been among the lowest throughout the recession. People stay not only because Utah is a great place, but it’s a place that has been able to create new jobs and keep jobs even in tough times. Whenever you are considering investing in real estate, low unemployment rates factor how many people are able to buy homes and keep the market going when the going gets tough. Utah has proven it knows how to weather the storm.
Although there has been some job recovery nationally, and although some states have seen growth and prosperity, there are few places that are doing even close to as well as Utah. If your interest is in safe real estate investing, or even home flipping or other, more risky ventures, Utah has the fundamentals you are likely looking for in an investment environment. It’s a place many people have had a lot of success investing in the past few decades, and worth looking into.