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 County’s Historic Apartment Boom: Past, Present, and Future Presentation
Salt Lake County’s housing shortage and high home prices have led to the “tightest” apartment market in the county’s history. In 2021, the vacancy rate dropped below 2%, and rental rates increased by double-digits. Builders and developers responded with a record number of rental units under construction and proposed.
Salt Lake County’s Historic Apartment Boom: Past, Present, and Future
Salt Lake County’s housing shortage and high home prices have led to the “tightest” apartment market in the county’s history. In 2021, the vacancy rate dropped below 2%, and rental rates increased by double digits.
Ivory-Boyer Construction Report, 3rd Quarter 2021
Construction activity continued its record-breaking momentum into the third quarter of 2021. While concerns over inflation and monetary policy bring a level of uncertainty into the real estate world, Utah’s construction activity continued at a record pace.
The State of the State’s Housing Market
Utah's housing market faces a severe imbalance that creates record price increases for homeowners and renters. The COVID-19 pandemic made the housing shortage worse by disrupting supply chains for building materials and distorting demand through lower interest rates and increased liquidity. For renters, the path to ownership narrowed further. Rental vacancy rates dropped to record levels and rental rates increased dramatically in the large Wasatch Front counties. Analysts expect price acceleration and production to remain positive in 2022. A housing bubble looks unlikely.
Ivory-Boyer Construction Report, 2nd Quarter 2021
Construction activity continued its record-breaking momentum into the second quarter of 2021. As the economy recovered, the rebound in commercial activity added to the record-setting residential market. The total permit-authorized construction value in Utah during the first half of 2021 was $6.71 billion, an increase of 35.2% over last year and a year-to-date record.
Ivory-Boyer Construction Report, First Quarter 2021
Construction activity continued its record-setting pace in an unconventional economic environment. Through the first three months of 2021 total permitted construction value reached $3.4 billion, a record and a 37.1% increase over the same time period from 2020. The record-breaking quarter was led by a surge in residential construction activity. Residential construction value reached $2.0 billion in the first quarter of 2021, surpassing last year’s record by 32.2%. Nonresidential construction value surged by 47.1% from Q1 2020 to $0.8 billion. Additions, alterations, and repairs permitted values increased 41.5% from 2020 to $0.6 billion, also a record.
Ivory-Boyer Construction Report, Fourth Quarter 2020
The year 2020 was record-breaking for construction in the state of Utah. Total permitted construction value reached $11.0 billion for the year, a number that doesn’t reflect the economic challenges faced by the rest of the economy. The record-breaking year was led by a surge in residential construction activity. Residential construction value reached $6.7 billion in 2020, surpassing the previous 2006 record. Nonresidential construction value declined 3.4% from 2019 to $2.5 billion. Addition, alteration, and repair permitted values increased 31.2% from 2019 to $1.9 billion, also a record
Ivory-Boyer Construction Report, Third Quarter 2020
Construction activity continued its momentum into the third quarter. Total permitted construction reached $8.01 billion for the period of January through September, a record and an increase of 9.4% from the same time period last year (Table 1). Residential construction values also set a record, increasing 10.7% from 2019 to $4.9 billion. Nonresidential construction overcame its slump in the first half of the year.
The Impact of High-Density Apartments on Surrounding Single-Family Home Values in Suburban Salt Lake County
New, dense housing continues to be a point of conflict in growing communities as concerns over negative impacts to home values dominate the discussion. This study quantifies how new apartment construction has impacted single-family home price acceleration over the last decade.
Housing Affordability: What Are Best Practices and Why Are They Important?
A survey of leading housing practitioners identified five “best practices” for meeting the housing affordability challenge in Utah. This study examines why these practices are “best practices,” the implementation of the practice, and the outcomes produced.