CALL INFO LINE: 801-859-6555
 Welcome to the FreeUtahHomeSearch.com Blog

2017-04-16 09:49:01
State’s economy fueling population growth

Ravell Call, Deseret News

State’s economy fueling population growth

By Jasen Lee  |  Posted Apr 15th, 2017 @ 8:03pm


 

SALT LAKE CITY — After topping 3 million residents in 2016, the Beehive State's population is expected to continue its steady climb for years to come, and researchers predict growth will be driven in large part by Utah's economy — one of the strongest in the nation.

According to data from the University of Utah's Kem C. Gardner Policy Institute, the state’s population is projected to increase from 3 million last year to 5.5 million in 2065. In the meantime, the next major population milestone Utah is expected to eclipse is the 4 million mark in 2034 — less than 20 years from now.

'Last year, we had the most rapidly growing state in the nation,' explained Pam Perlich, director of demographic research at the institute. While the rate of growth will likely moderate in the coming years, Perlich said a solid rate of population increase is expected for the foreseeable future.

'We are part of a growth region, and Utah is leading the way right now,' she said.

The Utah population reached the 3 million mark just 20 years after reaching 2 million in 1995. Current projections have the state achieving 4 million people during 2034 and 5 million people in 2054, just 20 years later, Perlich said.

She d the pace of growth as a 'sustainable, more manageable rate of growth.' Much of the growth comes from new people moving into the state for employment opportunities, she noted.

'Right now, the state is creating jobs at a pretty rapid rate,' she noted. 'We've got people moving here from out of state and we have labor shortages.'

Currently, Utah's unemployment rate registers at 3.1 percent, according to the Utah Department of Workforce Services. That extremely low level of joblessness has created an attractive situation for prospective job seekers, but also resulted in a significant labor deficit, said Robert Spendlove, senior vice president and economic and public policy officer for Zions Bank.

Over the past five years, annual net in-migration in Utah has increased dramatically, he said. Net in-migration is the amount by which the number of people moving into the state is greater than the number of people leaving the state.

 

 

 
Blog Archive
2017-04-16 09:49:56
Population Growth Shifting Out of SL To UT County

2017-04-16 09:49:01
State’s economy fueling population growth

2017-03-10 16:03:59
CNBC ranks Utah No. 1 state for business

2017-03-08 10:24:12
Toughest & Easiest States for 1st Time Home Buyers

2017-01-04 10:39:50
Housing Market 2017: The Positives & Negatives

2016-06-14 10:31:17
Salt Lake Monthly Housing Report

2016-05-20 15:42:35
Who Pays the Highest Property Taxes?

2016-03-31 15:49:40
Cities to Watch: 2016's Fastest-Growing Places

2016-03-29 13:19:08
Salt Lake Quarterly Housing Report

2016-01-28 08:37:27
Park City 2015 Year-end Statistics Press Release

2016-01-18 10:50:31
5 Things to Never Say When Selling a Home

2016-01-11 11:46:49
The ‘Missing Link’ in Housing

2015-12-23 12:08:43
5 Real Estate Trends That Will Dominate 2016

2015-12-15 10:56:50
How Will Higher Rates Affect Housing?

2015-12-04 10:39:02
Big Expectations for Housing in 2016

2015-12-01 10:07:30
6 ‘Tacky’ Home Décor Trends

2015-11-10 11:31:23
Home Buyers Don’t Need to Fear

2015-10-28 09:48:58
Home Prices Rising at Faster Pace Than Inflation

2015-10-20 15:23:54
Scammers Using New Chip-Based CCs as Fresh Phishin

2015-10-09 10:13:25
3 Home Inspection Deal-Breakers

2015-10-06 14:42:40
The Next Three Months: Best Time to Buy

2015-09-17 10:30:01
How High Will Mortgage Rates Actually Climb?

2015-09-11 14:14:05
Best Day of the Year to Buy a Home

2015-08-24 08:28:04
Home Resales at 8-Year High as Buyers Act Before M

2015-07-31 11:21:43
Utah Economy Newsletter June 2015 Now Available

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.