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Utah and Mountain West lead nation in job growth

  • ​Over the last twelve months, Utah has experienced the second fastest job growth rate of any state in the nation at 3.3 percent. That is over double the national 1.6 percent growth rate. In fact, of the top ten fastest employment growth states, the Mountain West boasts five spots (Nevada, Utah, Idaho, Colorado, Arizona), while claiming the top three. This expanding job market also translates to a low 3.1 percent unemployment rate in Utah, compared to 3.9 percent nationally.

  • Spurred by this employment growth, tenant demand for commercial space continues to outpace supply for the Salt Lake metro. Total industrial vacancy sits at a low 3.1 percent, even with 4.6 million square feet (m.s.f.) of new inventory added in 2017. The office market is also experiencing robust demand with a 9.0 percent total vacancy and nearly 1.4 m.s.f. of inventory delivered in 2017. The 1.6 m.s.f. of office space, coupled with 5.2 m.s.f. of industrial space, under construction should provide some breathing room for continued job growth into the future. 

Source: JLL Research, Bureau of Labor Statistics

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