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2013-08-04 08:10:55
Utah: Strong Economic Growth, Great Investment

So, why invest in Park City real estate versus some other ski town.  Utah's economic strength is a prime reason.

Utah’s impressive economic growth has been observed with keen interest both by economists and other states. Forbes has ranked the state of Utah as the number one state for business and careers. This is no flash in the pan, as the magazine ranked the state similarly in the preceding years of 2010 and 2011 as well. Similarly CNBC ranked the state number 2 in terms of ease of doing business in the US. Business Facilities had ranked it at the number one spot for the most conducive business climate in 2011. Pollina Corporate too ranked it as the top pro business state in the US. All these accolades don’t come easilyand Utah is doing things that the other states could learn from.

With a Gross State Product (GSP) of $124 billion and a steady annual GSP growth rate of 2.3%, against the national average of 0.5%, Utah inspires admiration from all quarters. So, what factors are behind Utah’s steady economic performance. The most obvious (and sometimes overlooked) is the ease of doing business, a fact borne out in the results of the surveys quoted above. This has been achieved largely due to three competitive advantages that the state of Utah provides its business community - a low flat corporate tax rate of 5%, the youthfulwork force profile (the state’s low median age is 29) and a favorable regulatory framework.

Then there are other factors like the lower cost of energy (29% below the national average), and an AAA bond rating from the top three rating agencies-- something which even the national government couldn’t quite maintain. Perhaps the state’s attitude to business can be best summarized in Gov. Garry Herbert’s motto that, “Government should get off of your backs and out of your wallets.”

Going forward Utah’s economic growth prospects continue to be bright. For the year 2013 the expected growth rate is pegged at 3.5% which is above the long term average of 3.1% and significantly above the national average of 1.4%. The unemployment rate is expected to further reduce to 5.4%. An important factor in this will be the resurgence of the construction employment which is expected to grow at 9.4%. Residential construction in particular will see a healthy 25% growth with the number of units under construction climbing up to 15,000. And, 2013 personal income growth is expected to be 4.5% -- a full 1.6% above the expected national figure of 2.9%. Taxable sales are expected to increase by 6.2% to 47.1 billion.

All in all Utah’s economic success story is a comprehensive one, and there is no doubt about the fact that Utah is fast emerging as a prime investment destination with its healthy track record of growth as well as its equally good future prospects.

So, if you're going to choose an area to invest in real estate ... choose one that has strong economic underpinning.  Park City certainly meets that criteria and make sense as a real estate investment location.

Nick Coleman, Park City Realtor

By Nick Coleman
Call 435-640-7781 or email [email protected] 
to find your Dream Park City Home.

Follow Nick on Twitter @ParkCitySold for regularly updated Park City Happenings or 
Join us at the I Love Park City Google+ community.

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