Comparable Market to SLC - SLC Market Analysis
According to some recent reports, Salt Lake City has a population of 200,544 people. In addition, construction in the area is driven by the increased economy, demand for collaborative and co-working office spaces, and lack of housing. The service industry in Salt Lake employs the most people in comparison to other industries.
SALT LAKE CITY POPULATION
- According to the most recent census, in 2017, Salt Lake City had a population of 200,544 people.
- In 2018, the estimated population in Salt Lake is 200,591.
- The Salt Lake metropolitan area has an estimated 1.14 million people.
- The Larger Salt Lake-Orem-Provo area combined has an estimated population of 2.4 million people.
- Salt Lake proper accounts for 6.75% of the Utah population and 18% of Salt Lake County's population with a population density of 1,689 people per square mile.
- In 2018, Salt Lake City built three times the national average houses and apartments.
- Between 2017 and 2018, the number of housing units in Utah increased by 2.2% with a total of 23,897 units, with 6,497 of the new units being in Salt Lake City.
- The overall goal of the construction boom is to relieve the housing crisis since the recession. According to a survey, between 2011 and 2018, the average vacancy rate of apartments in the Salt Lake City area is 3%, or essentially full.
- In terms of commercial construction, the Salt Lake City area has increased building of office spaces meant for collaborative use in order to meet the high demand of the city's economy.
- In addition, large companies, including Amazon, UPS and local colleges, have been expanding manufacturing spaces as well.
- In May 2019, the overall spending for all types of construction in Salt Lake was $156.65 million.
- Across Utah, the most multifamily construction permits in the first quarter of 2019 were issued in Salt Lake City and apartment construction was the driving factor behind that. In total, 578 such construction permits were issued in the city (577 were for apartments).
- There were 585 "new dwelling units" being constructed in the city during the first quarter of 2019. The valuation for new residential construction in Salt Lake City during that time period was $80,050,500, while the valuation for new non-residential construction was $36,680,800.
- In Salt Lake City, the service industry supplies the most jobs.
- Salt Lake experienced .3% growth in employment for the trade, transportation, and utilities sector, 3.5% growth in the professional and business services sector, 1.9% growth in the education and health services sector, and 6.4% growth in the leisure and hospitality sector.
- According to the 2019 Area Economic Summary, there were 143,900 employees in the trade, transportation, and utilities sector, 128,900 employees in the professional and business services sector, 86,500 employees in the education and health services sector, and 66,400 employees in the leisure and hospitality sector.