Economic outlook in Salt Lake City improves
Dubbed as one of the fastest growing cities in the United States by Forbes, Salt Lake City is seeing steady improvement in key market indicators. Houses for sale in Salt Lake City are attaining higher closing costs, employment is up in a wide variety of industries and the population is expected to grow.
Employment opportunities increase
According to the news source, Salt Lake City’s projected economic growth rate from 2011 to 2016 is 4.4 percent. This gives the 186,440 people living within the city’s limits in 2010 ample chances to find employment in many sectors.
Utah’s nonfarm wage and salaried job count increased by 2.1 percent compared to employment levels from April 2011 to April 2012, reports Utah Business. During the year, an estimated 25,200 jobs were created and total wage and salary employment improved to 1,231,300.
Industries in Salt Lake City that saw new growth
Certain industries saw particular growth in the past year in the Salt Lake City Metropolitan Statistical Area (MSA). Professional and business services employment increased from 98,800 in April 2011 to 102,700 one year later. The news source states that the majority of these new jobs are in scientific and technical fields. These largely require extensive higher education. As a result, workers may receive wages that are substantially higher than average.
The jobs available in the leisure and hospitality industry also increased significantly, from 59,200 in April 2011 to 63,200 in April 2012.
The median income for the area is $65,405, according to MSN.com.
Home prices improve
Purchasing a house is an investment for the future, which is why many potential buyers look for a property that will most likely retain its value. Increasing home prices is indicative of improving property values - a good thing for sellers and buyers alike. The median single-family detached home price for North Salt Lake was $274,247 as of May 20, 2012. This is up from March 1, 2012, when the median price was approximately $247,000, according to ALTOSResearch.
The median price paid per square foot for a house in North Salt Lake was approximately $106 as of May 20, 2012.
Salt Lake City residents may find themselves riding the wave of an improving economic climate. Check out the MLS listings in Salt Lake City and consider making it your new home.