Wednesday, February 5, 2020 / by Justin Critchfield & Michelle Aspseter
The unemployment rate is the lowest it's ever been in the state of Utah [stats]
The unemployment rate is down to it’s the lowest level ever in the state of Utah.
As of October 2019, we closed in at 2.4% unemployment rate, which is phenomenal.
Salt Lake County alone added 17,000 new jobs.
Utah County added 8,000 new jobs.
Davis and Beaver county added 3,500 new jobs.
Washington and George County added 3,000+ jobs.
The jobs are coming and being created very fast.
Where are these jobs coming from?
According to the 2020 watchlist for the top 10 markets, Salt Lake City falls on number 10.
It’s been on top, at the position 1, 2 and 3 for the last 10 years. They have dropped down to number 10 as of now but the good news is that it’s still in the top 10.
So many people say that the prices are too high but these coastal people are the ones who are actually looking at Utah, the jobs it offers, the pay Utah offers, the mountains, and the beauty. The people and are recognizing the value.
They want to get rid of their 1 million or 2 million dollar house for something beautiful in Utah. Many want to make that transition today. All this is definitely looking positive for 2020.
The 2020 census hasn’t come out yet. Once it does, you’ll be seeing where the population has gone. But based on everyone’s predictions so far, Utah is seeing the most number of migrations out of anywhere in the entire country.
This is why since October 2019 the rates for properties in Utah have been outstanding.
Interest rates are going great which are causing buyers to get off their feet and get an early start on the year 2020. They need to get up and buy homes because that is something the experts highly recommend today, especially in the first time home buyer range.
Prices are going to continue to go up as there is a housing shortage. Utah will continue to have a bigger housing shortage as the year progresses. Those first-time homebuyers are definitely going want them. So to take advantage of the rates and the prices while you can.