Utah's
Economic Rankings and the Housing Market
August, 2008
Utah continues to rank high with
its economic indicators. These
high marks and optimistic
forecasts bode well for Utah's
housing market compared with the
rest of the nation. A summary of
Utah's rankings, the source and
the criteria is displayed below:
Salt Lake City Ranked #3 for
Home Sellers.
A Forbes study
released April 7, 2008 cited
strong job growth, a sharp drop
in new construction and a
declining home inventory as
criteria for Salt Lake City's
high ranking.
Salt Lake City Ranked #1 for
Home Bargains.
Another
Forbes study released earlier
this year in February ranked
Salt Lake City as the best
bargain in the country for house
hunters. Factors included low
foreclosures, job growth, high
inventory and property owner's
willingness to negotiate the
sale of real estate.
Utah Ranked #1 for Economic
Competitive Advantages.
The
Beacon Hill Institute of Boston,
ranked Utah as the most economic
competitive state in the nation.
Criteria for this evaluation
included fiscal policy,
security, infrastructure, human
resources, technology, business
incubation, and openness.
Utah Ranked #3 for Business.
CNBC ranked Utah just below
Texas and Virginia as the top
states in the country for
business for two consecutive
years - 2007 & 2008. Factors
used in the analysis included
the economy, workforce,
education, quality of life, cost
of doing business and business
friendliness.
Utah Ranked #1 for Economic
Outlook.
The American
Legislative Exchange Council
ranked Utah in the number 1
position in the U.S. for
economic outlook in December,
2007. This forecast gauged
Utah's economic future on
criteria such as security,
infrastructure, business
incubation, fiscal policy,
minimum wage, tax policy and
education.
Provo-Orem Ranked #1 for Best
Performing Cities.
The
Milken Institute
ranked Provo-Orem top in the
county for job creation,
retention and economic growth.
The report was released
September 10, 2008. Salt Lake
City is ranked #3 and
Ogden-Clearfield is ranked #18.
St. George, Utah is ranked #4
among small metropolitan areas.
With so many Utah cities
achieving top economic
performance in the country,
Utah's forecast for growth is
very high.
Often as go the economy, so goes
the real estate market. Utah is
in a good position for its
housing market to weather the
current national economic storm.
Barry J. Preusz
Realtor® | Residential Specialist
7090 South Union Park Center, Ste 650
Midvale, Utah 84047
Office: (801) 253-6771
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