Utah’s Building Economy Will Finish 2016 Strong
- 1. Hard Rock Homes 9378 S. 2350 W. West Jordan, Utah 84084 (801) 508-4025 Utah’s Building Economy Will Finish 2016 Strong
- 2. Amid concerns that the US economy might crash for various reasons, industries in Utah, specifically the construction businesses, have remained thriving overall. In fact, due to the national economy operating at a stable and positive pace, the local economy is also doing pretty well. According to the discussion from the recently concluded Cache County Economic Summit, “Unemployment levels in Cache, Rich and Box Elder counties are very low. The national rate is 4.4%, but Cache County's at 2.8%, the lowest in the state. Unemployment rates for Box Elder and Rich counties are also very low.” These economic trends, together with the stronger national spirit heralded by the recently concluded election theme, Make America Great Again, deeply encourages millions of Americans to work their way to a better future.
- 3. All Hands in Building a Greater Country The construction industry in Utah is extremely active that there’s actually a shortage of skilled technicians, workers, and operators. Robert Spendlove, senior economist for Zions Bank states, “Overall, the construction industry has been one of the strongest drivers of the Utah economy over the past year. Over 3,100 construction jobs were added in the state, which signifies a 3.5% growth rate. Median home sale prices are also approaching pre-recession highs. “ The Cache Valley Daily, in support, reported, “The median home sale price in Utah is around $260,000 and the all-time high was at $270,000. He says foreclosures throughout the state are also down significantly.” Apart from commercial and business building projects, residential construction activities are also high, like the pre-recession numbers, but still at manageable levels.
- 4. Resources: http://www.hardrockhomes.com/ http://www.cachevalleydaily.com/news/local/article_cc1f96c8-a57c-11e6-9c3c- ab915228ce1c.html http://business.utah.gov/wp-content/uploads/Complete_Final_full_lowres_webversion.pdf Not Going to Burst Again While the economy is great, analysts always consider the possibility of recession due to the influx of demand. But the rest of the business persona and political leaders in Utah firmly believe that this will not be the case. “Our fundamentals are there. Our household formation is strong, our population growth is strong, our economic growth is strong.”