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Utah has one of nation’s fastest growing labor forces and economy, leading to robust CRE expansion

  • ​Utah’s economy continues its rapid expansion with the third fastest labor force growth of any state in the nation and 2.9% unemployment, well below the national 4.1% rate. Each of the five MSAs in Utah are outperforming the U.S. with labor force growth rates significantly higher than the 0.5% national average and sub 3.2% unemployment. This indicates jobs are plentiful and continued growth is possible with the rapidly expanding labor force. ​
  • To accommodate and keep pace with the expanding economy the commercial real estate market has correspondingly grown. In the three MSAs of Salt Lake, Ogden-Clearfield, and Provo-Orem the office inventory added 9.3% of new space while increasing lease rates by 20.6% over the last three years. The industrial market grew 4.3% with a 13.6% increase in lease rates over that same period. As indicators point to continued economic growth Utah’s commercial real estate will benefit and continue to strengthen. ​

Source: JLL Research, Bureau of Labor Statistics​

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