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tah’s permit-authorized construction set more records in 2005. Value of the permits issued topped $6.5 billion, an |
increase of 23.9 percent over 2004, according to the Utah Construction Report, published by the Bureau of Economic and Business Research, David Eccles School of Business, University of Utah.
A record 28,285 permits were issued, including residential and non-residential,
new construction and additions, repairs & renovations. The new residential housing sector again led the industry, valued at $4.66 billion, 31.2 percent above last year. Residential permits reached a new high of 25,618, with single-family homes (20,912 permits) far above last year’s record 17,724. Condominiums held steady at 12 percent of the residential market and more than half of all multi-family units. Non-residential construction permits (valued at $1.22 billion) rose 11.7 percent over 2004.
The same four counties lead new single-family residence permits: Along the Wasatch Front (centered on Salt Lake City), Salt Lake County had 5,336 new homes; Utah County had 4,319 new homes; Davis County had 2,782 new homes, and, in Utah’s Dixie, Washington County (centered on St. George) saw 2,826 new homes authorized.
Realty Times reports on Salt Lake City were all positive. Sales and prices were up in 2005; the average home county-wide sold for $224,480; and sold faster, averaging only 37 days on the market in the fourth quarter of 2005 compared to 64 days just four years ago.
Though a relatively small county (population still under 1 million), Salt Lake offers downtown |
, urban, suburban, and semi-rural neighborhoods varying from brand new homes with all the bells and whistles to century-old classic restorations. Salt Lake City continues to bask in the glow of the 2002 Winter Olympics and “the city has grown and developed into a popular tourist and ski destination as well as a great place to live,
learn, and do business” according to @Home Realty Network.
The area boasts nationally ranked schools (public and private); large shopping malls; lower than average crime rates; and longer than average life spans. Residents enjoy world-class music, dance, and theater; five major and minor league sports teams; and housing that runs from affordable cottages to mega-buck mansions. Within one day’s drive are 11 national parks and uncountable year-round outdoor recreation opportunities.
Strong population growth also continues to be a major factor in the housing market. The Beehive State has topped 2.5 million residents, according to the Utah Population Estimates Committee—an increase of 3.2 percent over 2004, the largest increase in 14 years, and, though Utah’s natural birth rate has declined to less than half of total growth, it remains high and bodes well for the State’s receiving a fourth Congressional seat in 2010.
Predictions for 2006 by Utah Construction Report are all positive: New residential units should exceed, both in number and value, the levels of 2005—perhaps reaching $5 billion; mortgage rates should average around 6.5 percent; net in-migration and employment levels will probably also set new highs. |
