Housing, Construction & Real Estate
The Kem C. Gardner Policy Institute provides leading real estate and construction research for the State of Utah. Our research provides decision makers with critical information about residential and non-residential construction trends and issues. In addition to construction research, our work focuses on housing research related to affordability and market stability. Our team works closely with real estate professionals, planners, economists, researchers and business, and community leaders to make informed decisions about the Utah economy.
Salt Lake City: Utah’s Thriving Urban Center
Salt Lake City is the foremost flourishing center for commerce, sports, entertainment, culture, and education in the Mountain West. Utah’s capital defies the trends of many urban centers as the forces of decentralization pull people, jobs, and commerce away from the urban core, resulting in urban decay. In the next decade, even as Utah’s capital city grapples with growth challenges, Salt Lake City will welcome thousands of new residents who will benefit from a new Temple Square, may secure a new professional sports franchise(s), will host a second Olympic and Paralympic Winter Games, and will grow entertainment, cultural offerings, and[...]
State of the State’s Housing Market, 2022-2024
The pandemic years created unmatched volatility in Utah’s housing market. The volatility in these past two years surpassed 50 years of housing history. Building permits for residential units increased by 26% in 2021, only to fall by 26% in 2022. These COVID-19 pandemic years now join the Great Recession as one of those unique moments in Utah's housing market. The Great Recession produced 16 consecutive quarters of declining housing prices, while the pandemic produced the shortest and steepest homebuilding expansion and contraction on record.
A Comparison of State-Funded Affordable Housing Programs
Utah policymakers have significantly expanded affordable housing programs in response to the housing crisis. As this effort continues, a comparison of state housing programs provides valuable policy insight.
Utah’s Rental Market
Utah’s renters, like much of the renters across the country faced dramatic increases in housing costs throughout the pandemic. For the renters across the four Wasatch Front counties, average asking rents increased more in the two-year period between 2020 and 2022 then they increased between 2010 and 2020. At an annualized rate, between 2010 and 2020, asking rents increased 2.6% in Salt Lake County, between 2020 and 2022 the rate of change was 11.0%
Policy Brief: Housing Prices and Affordability
In 2022, higher home prices and a doubling of the mortgage rate combined to erode housing affordability. Thus, homeownership has become more difficult for many of Utah’s 333,000 renter households.
Ivory-Boyer Construction Report, Second Quarter 2022
During the first six months of 2022, total permitted construction value reached $7.23 billion, a 1.8% decrease over the same time period from 2021 (see Table 1). However, when controlling for inflation, the construction value decreased 6.0% (see Figure 1). This is the first decrease in inflation-adjusted construction value activity since 2012.
The Changing Dynamics of the Wasatch Front Apartment Market
The demand for rental housing increased during the COVID-19 pandemic, resulting in higher rental rates across the Wasatch Front.
Ivory-Boyer Construction Report, 1st Quarter 2022
After three years of increases, permitted construction value decreased between 2021 Q1 and 2022 Q1. During the first three months of 2022, total permitted construction value reached $3.46 billion, a 2.2% decrease over the same time period from 2021.
Policy Brief: Short-Term Rental Inventory
The rise of short-term rental (STR) properties exploded globally over the last decade. Listing platforms such as AirBnB, Booking.com, and VRBO became readily accessible to individuals to list their properties to generate additional income and provide services to out-of-town visitors.
Ivory-Boyer Construction Report Fourth Quarter 2021
The continued record breaking pace of permitted construction activity reached new milestones in 2021. The rebound in commercial activity in 2021 put the year total on the second highest in terms of construction value. The residential market also reached into new territory.