Utah is experiencing a population boom that is hasn't seen in nearly 20 years. Wasatch, Utah and Iron (surprisingly!) counties saw the largest increases all 3.5% or above!
Interestingly, 62% of new residents are people who moved into the state, while 38% are babies born to current residents. This accounts for the lowest natural increase since the 1970s. With steady increases over the past several years, the University of Utah's Kem Gardner Policy Institute is projecting the state's population to top 5.5 million in the next 30 years. U.S. News has even ranked Utah the No. 1 economy nationwide.
However, as the demand for homes has dropped over the past 6 months statewide, this has greatly affected home builders, adding to the pressing housing shortage. At this time, we are not currently building or repurposing enough housing to support the future population. Governor Cox has even noted it as Utah's No. 1 issue.
While these stats seem daunting, the state has been implementing measures to help combat many of the housing issues the state has come up against in recent years. Earlier in 2022, $70 million was approved for homelessness and affordable housing initiatives. While this number fell short of what was expected, steps are beginning to be made.
It is critically important for us as Realtors to not only be informed of housing issues in our state and local market but to help tackle them. While donations to local charities that help solve these issues are incredibly important, we find it most important to get involved at the local community level. Join your next city council meeting to better understand what is going on in your area. Nothing will be solved if your voice isn't heard!
For more information on affordable housing initiatives and information in the state of Utah, please check out some of the resources below:
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