According to a new report from NIA Excel, a commercial real estate firm operating in much of the western United States, 2017 was a notable year for construction in Southern Utah. Records were made in both money spend and square footage created.
This won’t come as a surprise to locals who have been seeing new retail shops and housing developments popping up the last several years, but in 2017 there was a notable increase.
Additionally, vacancy rates are low across Southern Utah. Vacancies in multi-family units are below one percent, and single family homes booming. In July, The Spectrum reported, that halfway through the year asking prices had never been higher and homes were selling fast. In 2018, two large apartment complexes are expected to be completed, which should help the area’s affordable housing problems.
The new development is creating jobs and opportunity throughout Southern Utah. The Department of Workforce Services reported a 2.9 percent job growth in the state of Utah making it among the fasted growing in the country.
As we head into 2018, we can expect to continue to see growth in Southern Utah.