When you buy a home you want to make sure that you are moving to an economically stable or thriving. Our neighborhood experts live in the communities where they sell homes; this way they can provide a good understanding of the local economic stability. As a whole Utah's economy is thriving! Especially when it comes to job growth.
In Utah, we have had more than 33,000 new jobs created over the past year. That's almost 3,000 new jobs every month! This astonishing job creation has placed Utah as the No. 2 state in the nation for job growth. There are approximately 1.3 million people employed and the unemployment rate is at 4.7% (5th lowest in the nation).
Where are all of these jobs being created? The largest increases are in the following industries:
- Trade, transportation and utilities (10,500 new jobs)
- Leisure and hospitality (6,800 new jobs)
- Education and health (5,500 new jobs)
As home values continue to rise, housing affordability goes down. This will become even more apparent when interest rates rise. These new jobs will become increasingly critical for maintaining Utah's economy, and the housing expansion. Where there are jobs, there are less foreclosures and less short sales, further increasing your home's value.
About the Author:
Utah Dave - Daybreak Neighboorhood Expert and Local Resident
My friends nicknamed me Utah Dave in high school because they said it didn't matter where we went in Utah, I would know how to get there and who we needed to talk to. The name sticks today as UtahDave has formed into a professional real estate network of Neighborhood Experts all across the state. I live in Daybreak with my wife and 4 amazing children. I enjoy dancing (which is how I met my wife Dawn) as well as traveling, coaching, and learning.
