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Utah has fastest growing job market in nation

Utah’s economy continues to steam ahead with the highest job growth rate in the nation (3.3%) over the last twelve months. This job growth rate is 22.2% faster than the next two States of Florida and Nevada. In fact, the Salt Lake metro, comprised of Weber, Davis, Salt Lake, and Utah counties, shows even greater momentum with a 12.0 % job growth rate that spreads across all industries over that same period.

This job growth has stimulated a flurry of new commercial construction, especially in the office and industrial sectors.
Currently, the Salt Lake metro has over 4.7 million square feet (m.s.f.) of industrial product under construction with over 3.8 m.s.f. delivered since the start of 2016. New office under construction measures at 1.6 m.s.f. with new deliveries reaching over 3.9 m.s.f. for that same period. One of the great strengths of Salt Lake’s commercial real estate market is the robust tenant demand that should continue with sustained job growth.

Source: JLL Research, Bureau of Labor Statistics

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