> UTAH HAS DEMAND FOR HOMES
Utah's population is growing
- In 2007, Utah had population growth of nearly 84,500 people, the highest single year increase in the state's history.
- Utah's population increased 3.2 percent from 2006 to 2007, the highest growth rate Utah has experienced since the early 1990s.
- 25,000 to 30,000 new households were formed in 2007.
- Utah is expected to add another 84,000 people in 2008.
- In 2007, the state added more persons due to natural increase than in any previous year in its history, the result of nearly 54,000 births.
Source: Utah Population Estimates Committee
Source: Economic data chart from the state of Utah
Source: 2008 Economic Report to the Governor
Utah's growth outpaces the nation
- Utah population growth from 2006-07 was 3.2 percent while U.S. population growth was only 0.9 percent during the same time period.
- Utah population growth from 2007-08 is expected to be 3.1 percent. U.S. population growth is only expected to be 0.9 percent for the same period.
- According to the U.S. Census Bureau, Utah ranked third among states with a population growth rate of 2.6 percent from 2006 to 2007. The U.S. rate of growth was 1 percent.
Source: Utah Population Estimates Committee, Global Insight
Source: Economic data chart from the state of Utah
Source: 2008 Economic Report to the Governor
Net migration is at record levels
New jobs are attracting new residents
- From December 2006 to December 2007, about 44,800 new jobs were created in Utah.
- Utah job growth in December was up 3.6 percent compared to U.S. job growth of 0.9 percent.
- Utah's job growth rate in 2007 was estimated at 4.5 percent, compared to 1.3 percent nationally, and no other state in the nation experienced a growth rate that was higher than 4 percent.
- Employment is expected to grow 3.2 percent in 2008.
Source: Utah Department of Workforce Services
Source: 2008 Economic Report to the Governor
> UTAHNS ARE EMPLOYED
Utahns' incomes are rising
- Utah wages and incomes have been increasing between 5 and 10 percent over the past few years.
- Utah wages are expected to increase nearly 5 percent in 2008.
- Utahns' personal incomes are expected to rise almost 8 percent in 2008.
- In 2007, Utah's average annual pay growth increased 5.5 percent from 2006, exceeding inflation for the fourth year in a row.
- Personal income growth was 9 percent in 2007.
Source: Economic data chart from the state of Utah
Source: 2008 Economic Report to the Governor
Unemployment is low
- The Utah unemployment rate has averaged about 2.7 percent over the past year, down from 2.9 percent in 2006.
- The U.S. unemployment rate has averaged about 4.6 percent over the past year.
- Utah unemployment in 2008 is expected to remain low at 2.9 percent.
Source: Utah Department of Workforce Services
> AFFORDABLE LOANS ARE AVAILABLE
- For buyers who qualify for conventional financing, mortgages are available at near historically low rates. Click here to see current and historical rates.
- FHA programs are a viable alternative to subprime mortgages. In fact, the FHA market share is expected to triple over the next three years, from an estimated 7 percent in 2007 to an estimated 12 percent in 2009.
- Even jumbo rates - for loans more than $417,000 - are edging downward.
Source: National Association of REALTORS®
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