Forbes magazine named Utah #1 “Best State for Business” for the third consecutive year. Whether you are looking for a place to buy, sell, relocate or invest, Utah is the place to be. Utah has one of the strongest economies in the nation, including a robust real estate market that is attracting the attention of a new generation of home buyers. Millennials and boomers coming in strong – they are expected to power demand for at least next ten years.
In Utah you can get a lot for your money, home prices are still great for buyers/investors, but they are going up in steady stream. Now is the time to buy real estate in Utah!
Here are some reasons why you should pay close attention to this state especially if you are interested about investments and making money –
- If you have never heard the term “Silicon Slopes” before, it won’t be very long before you do. Utah is shaping itself to be a key player in the national and international business scene. For starters, some of the world’s largest tech companies are either headquartered or have key offices in the area. These include names like – eBay, Adobe, Novell, Omniture, EAsports, Vivint Solar.
Reasons, why big companies are moving to Utah, are – low taxes, low energy cost, highly educated workforce that is loyal to the area and exceptional quality of life among the citizens.
As more attention is bought to Utah’s growing technology sector and business development opportunities, we are seeing more high net worth individuals and big-money investors flocking to the area.
- Utah has a stable and predictable business friendly climate. It consistently receives recognition for its low operating costs, high economic growth, and excellent governance. The Pew Center called Utah the” Best managed state in the nation.” The Pollina Corporate Top 10 Pro- business states report ranked Utah #1 in the country for business and careers.
- Utah is globally connected. Per Capita, Utah is the most linguistically diverse state in the U.S. with more than 130 different languages spoken in the business daily.
- Utah offers steady employment which is the primary ingredient of profitable real estate investment. Utah has the youngest population in the country with a median age of 29.
- Tourism is another factor in this state’s success and increasing prominence. It’s not only boasts 16 ski resorts and is the yearly home for the Sundance Film Festival, but its natural beauty and myriad activities make it a popular destination for tourism all over. Ski magazine has named Utah’s Deer Valley Resort “North Americas top overall ski resort” five of the last six years. Park City Mountain Resort was ranked “#1 Family Destination”. Skiing means a steady stream of tourism dollars coming in for many hospitality and winter sports – related businesses. Utah is also popular destination during summer, the mountains, lakes and widely varied geography of the state attracts many visitors. Utah has five national parks (Arches, Bryce Canyon, Canyonlands, Capitol Reef and Zion), seven national monuments and 43 state parks. Outdoors offer numerous recreation activities including camping, hiking, mountain biking, ATV riding, rock climbing, fishing and hunting in some of the most varied and spectacular scenery on earth.
- Utah has ten public and three Utah-based private universities and colleges. More than one out of every three Utahns has a college degree. Many residents have lived and worked abroad. Parents and children can depend on Utah to deliver world – class public education. Utah students regularly score above the national average on standardized tests. Wallet Hub study ranked Provo the 4th most educated city in the country, out of the 150 largest U.S. metropolitan areas. Salt Lake City came in at no. 46.
- The overall cost of living in Utah’s capital, Salt Lake City, is below the national average.
- Salt Lake City is in the top 20% when it comes to financial responsibility, according to a Wallet Hub study. Out of 150 biggest U.S. cities, Salt Lake City tied for 29th based on income, employment, economic mobility, house prices, commute time, credit scores, emotional and physical wellbeing. Utah has the second – lowest unemployment rate in the nation, according to the Bureau of Labor Statistics.
- Utah real estate market has also remained steady in a highly fluctuating environment. While neighboring Nevada and California experienced booms followed by devastating losses, Utah real estate saw steady growth.
- Since 2006, Utah’s economy has expanded at an annual rate of 2,3% versus 0,5% for the nation as a whole. Utah has doubled its international trade over the past five years, and this year it is up nearly 40%.
- 15 000 people reportedly moved to the state last year in need of housing. This along with Utah’s healthy overall economy leaves the state poised for another good real estate year. Utah has the second – highest level of millennial home ownership in the country, a trend which shows no sign of slowing.
Of course, everyone has their idea of what makes a city great, but whether you like prudent spenders, educated neighbors, employed workers, small communities or good weather, Utah has it all.