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.
Ivory-Boyer Construction Report, Year End 2018
Utah’s construction activity in the fourth quarter of 2018 tapered off. However, due to a strong start in the beginning of the year, the statewide value of construction totaled nearly $8.5 billion, a 3.3 percent increase from 2017. Residential construction remained the driving force behind Utah’s construction industry, comprising 61 percent of the state’s total construction value in 2018. This year saw a 5.5 percent increase in the total number of residential units, with 24,241 units, the highest number of units in 12 years. Nonresidential construction remained above $2 billion for the year, for the fourth year in a row,[...]
Ivory-Boyer Third Quarter Construction Report 2018
Utah’s construction activity remains strong through September 2018. The year-to-date statewide value of construction in 2018 eclipsed $6.5 billion, a five percent increase over third quarter 2017. Residential construction remains the principle driver at $4 billion statewide, 61 percent of total construction value, a share not seen since 2006 (Figure 1). Year-to-date, 18,761 permits have been issued for residential units, over 1,000 more units than this time last year. Third quarter permits for residential units in 2018 are eight percent less than third quarter 2017. It is likely the state will see more growth in 2018 than 2017 and
Ivory-Boyer Second Quarter 2018 Construction Report
The value of all permit authorized construction in Utah during the first half of 2018 was $4.3 billion. Residential construction has been the principle driver at $2.7 billion, a 15.9 percent increase from mid-year 2017. Similarly, the number of building permits for new residential permits is up 13.7 percent from 2017, with 12,772 permits issued statewide (Figure 1). Condominium, townhome, and duplex permits led the state in residential growth with a 25 percent increase in units from January through June 2018. Nonresidential construction experienced a 15.4 percent drop in value compared to mid-year 2017. Additions, alterations, and repairs experienced a[...]
Salt Lake City’s Current Apartment Boom: An Analysis of Salt Lake City’s Record Apartment Growth
Salt Lake City continues to add new residents and surpassed the 200,000 resident milestone in 2017. Much of this increase is the result of the recent and significant construction of apartments. Strong demand for rental units in recent years has evolved Salt Lake City into a rental dominated market, with rentals accounting for over half of housing units. Salt Lake City’s population growth from 1990 to 2010 was primarily new populations of large, younger families moving into existing housing on the city’s west side, replacing aging smaller households. In contrast, population growth since 2010 has primarily been enabled by strong[...]
Ivory-Boyer First Quarter Report 2018
The value of all permit authorized construction in Utah during the first quarter of 2018 was $2 billion. This is a 7.5 percent increase from first quarter 2017. This rise was led by an increase in residential construction which represented 64 percent of total construction value this quarter. Overall, construction values rose after two consecutive quarterly declines in 2017.
Gardner Business Review: What Rapidly Rising Prices Mean for Housing Affordability
Since 2010, Utah has led the country in employment and demographic growth. This growth has produced exceptionally strong demand for housing, which in turn has put upward pressure on housing prices.
Informed Decisions Seminar on Housing Affordability
Gardner Business Review: What Rapidly Rising Prices Mean for Housing Affordability PowerPoint: Housing Affordability The Kem C. Gardner Policy Institute has released a landmark report on the rapid appreciation of housing prices in Utah and the threat to affordability. Researchers found that Utah’s rapid employment and demographic growth has produced exceptionally strong demand for housing, which in turn has put upward pressure on housing prices. A housing shortage has ensued, with the supply of new homes and existing “for sale” homes falling short of demand. The research links on this page includes the full Gardner Business Review that details the rise[...]
Research Brief: Housing Prices and the Threat to Affordability
Utah business and community leaders wisely pay close attention to housing affordability. Since 1991 Utah housing prices have outpaced every state but Colorado, Oregon and Montana. The rate of housing price increases and challenges created by higher prices are on the minds of many decision-makers. Consequently, the Salt Lake Chamber, Utah’s largest business association, contracted with the Kem C. Gardner Policy Institute to collect, organize, and review housing affordability data and produce the following report. […]
Ivory-Boyer Fourth Quarter Report 2017
The value for all types of permit authorized construction totaled $8.21 billion, a 3.9 percent decrease from 2016 (inflation adjusted dollars) (see Figure 1). The decline in total construction value can be attributed to Salt Lake City issuing a permit for $566 million in 2016 for the redevelopment of the Salt Lake City International Airport. Without this permit, the total construction value for 2017 would be approximately 3 percent higher than in 2016.
Ivory-Boyer Third Quarter Report 2017
Utah’s construction industry is on pace for a very good year. The total value of construction for the first three quarters of the year rose to $6.3 billion, a nine percent increase over 2016. Through the third quarter the number of permits issued for residential dwelling units was 17,681, a 26 percent increase over 2016 and the highest level since 2007.