What’s Keeping Utah’s Real Estate Market Hot in the Time of COVID?
September 15, 2020 by admin
Housing
by: Dejan Eskic, Senior Research Analyst, Kem C. Gardner Policy Institute
The recent global health pandemic has shaken the foundation
of our everyday lives and likely forced cultural shifts that will
stay with us for a long time. Every part of the economy has been
impacted to different degrees. While the economy fell into a
record recession and experienced all-time high unemployment,
Utah’s construction industry set a record for the first six months
of the year.
The recent release of the Ivory-Boyer Second Quarter
Construction Report, which measures Utah’s construction activity
through the first six months of the year, shows that overall
permitted construction value slightly increased over last year.
While both residential and nonresidential construction value
decreased slightly, the 19.0% increase in additions, alterations,
and repairs made sure construction value for the first two
quarters of 2020 remained nearly identical to 2019. Total
permitted residential units also remained similar to 2019, with
13,792 units between January and June of 2020. Apartment
activity decreased by 25.8%, but single-family units increased by
9.6%, and condos, townhomes, and duplexes increased by 17.5%.
While the decrease in apartment permits can be attributed to the
impacts of the public health crisis, with a shift toward more space
for both social distancing and work-from-home purposes, it is
important to note that the number of dwelling units approved
through the middle of 2020 ranks as the highest on record.
Read the full report here: C19RealEstateBrief-Sep2020
Recent News
- » Award Spotlight: Tooele County General Plan Update
- » Ballpark NEXT Design Competition
- » Can a freer market solve the housing crisis?
- » President’s Message
- » Award Spotlight: Lehi City General Plan Update
- » Utah Hazard Mitigation Plan Update!
- » APAUTAH 2022 Award Ceremony
- » APA Utah’s 2022 Awards Ceremony
- » Homes on the Range: A Series on Housing Demand, Underproduction, and a Call for Action to Meet Housing Needs in the West to 2030
- » How Hurricane Sandy Changed the Way We Respond to Disasters
- » Call For Sessions, Spring Conference 2023
- » Utah Land Use Institute Videos Now Available – CM Approved
- » Request for Comments on the Draft APA Equity in Zoning Policy Guide
- » PLANNING FOR A GNARLY FUTURE ONLINE LEARNING SERIES
- » Five+ Federal Infrastructure Programs Every Planner Should Know
- » Whatever Happened to the Starter Home?
- » Why Does the Catholic Church Care About Utah’s New Gondola?
- » Election Results and President’s Message
- » APAUT Special Achievement Award
- » Utah picks a key partner on its massive ‘The Point’ development at former prison site in Draper
- » Wasatch County’s development plans expected to bring 30,000 new residents to area in coming years
- » 2023 Trend Report for Planners
- » Looking For Someplace To Stay?
- » What Is Zoning Reform and Why Do We Need It?