- May 28, 2012
Utah’s development and construction market recorded a substantial upswing in 2011, according to a report from NAIOP. The state’s $3.6 billion in spending on direct investment on all categories of commercial real estate ranked sixth nationwide. That
investment propelled Utah from 26th place in 2010, a jump second only to West Virginia’s leap from 48th to third place.
Last year Utah trailed only Texas (ranked first with $7.9 billion), New York, West Virginia, California and Arizona. Leading the resurgence is the $1.5 billion City Creek project in Salt Lake City (pictured), which opened in March.
Thanks in part to its accelerated development activity, Utah will come out of the recession earlier han expected, the NAIOP study predicted. Besides spurring development in the office, industrial and retail sectors, the investment also produced an estimated 77,550 jobs.
Major employers like Ebay, EMCCorp and Adobe are choosing to expand in Utah rather than higher-cost locations like California.
These firms are also creating a workforce of young professionals that will continue
the momentum of residential and commercial development in Utah.
For additional insights regarding the Salt Lake City real estate market, click here.
Photo courtesy of shopcitycreekcenter.com