Among large metro markets, Salt Lake City has zoomed ahead in terms of job creation with a 4.2 percent gain from one year ago. Increasingly, more cities are now topping a three percent job growth rate as the economy continues to expand. The following markets can therefore expect continued rises in home sales and increases in commercial leasing activity.
Among small towns, the following markets have a very fast five percent or better job growth rate.
Utah’s economy is highlighted in this week’s The Economist. What the article sadly did not mention is that Governor Gary Herbert was a former president of the Utah Association of REALTORS®. Electing a person who understands the real world and the importance of real estate to the economy is paying off in Utah. RPAC (REALTOR Political Action Committee) is also making a difference in winning elections.
The Economist notes that student performance at schools throughout the state is also well above average despite spending very little money for public schools. Several Utah REALTORS® have told me that they simply turn-off TV at home so their kids can study. Now that’s a cheap way to boost educational performance.
Lawrence Yun is Chief Economist and Senior Vice President of Research at NAR. He directs research activity for the association and regularly provides commentary on real estate market trends for its 1 million REALTOR® members.