Ivory-Boyer Construction Database
The Kem C. Gardner Policy Institute, in partnership with the Ivory-Boyer Real Estate Center, tracks building permit activity across the state, publishing the quarterly Ivory-Boyer Construction Report and maintaining the Ivory-Boyer Construction Database. The construction report provides in-depth analysis of both residential and non-residential trends. The public-use database contains 40 years of detailed monthly permit data for Utah localities. Real estate professionals, planners, economists, researchers, business, leaders, and public officials rely on the report and database to make informed decisions.
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.
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.
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.
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.
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.
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.
Ivory-Boyer Construction Report, 2nd Quarter 2020
The momentum of a record-setting first quarter continued into the second quarter of the year. While COVID-19 ravaged the economy and led to all-time high unemployment, construction activity held on. Total permit-authorized construction value in Utah during the first half of 2020 is $4.8 billion, a slight increase of 0.4% over last year and a year-to-date record (see Table 1 and Figure 1). While both residential and nonresidential construction value decreased slightly, the 19.0% increase in additions, alterations, and repairs made sure construction value for the first two quarters of 2020 remained nearly identical to 2019. Total permitted residential units[...]