Utah has Strong Economic Fundamentals

UTAH HAS DEMAND FOR HOMES

In 2007, Utah had population growth of nearly 84,500 people, the highest single year increase in the state's history.
Utah's population increased 3.2 percent from 2006 to 2007, the highest growth rate Utah has experienced since the early 1990s.
25,000 to 30,000 new households were formed in 2007.
Utah is expected to add another 84,000 people in 2008.
In 2007, the state added more persons due to natural increase than in any previous year in its history, the result of nearly 54,000 births.

Utah population growth from 2006-07 was 3.2 percent while U.S. population growth was only 0.9 percent during the same time period.
Utah population growth from 2007-08 is expected to be 3.1 percent. U.S. population growth is only expected to be 0.9 percent for the same period.
According to the U.S. Census Bureau, Utah ranked third among states with a population growth rate of 2.6 percent from 2006 to 2007. The U.S. rate of growth was 1 percent.

From December 2006 to December 2007, about 44,800 new jobs were created in Utah.
Utah job growth in December was up 3.6 percent compared to U.S. job growth of 0.9 percent.
Utah's job growth rate in 2007 was estimated at 4.5 percent, compared to 1.3 percent nationally, and no other state in the nation experienced a growth rate that was higher than 4 percent.
Employment is expected to grow 3.2 percent in 2008.

Utah wages and incomes have been increasing between 5 and 10 percent over the past few years.
Utah wages are expected to increase nearly 5 percent in 2008.
Utahns' personal incomes are expected to rise almost 8 percent in 2008.
In 2007, Utah's average annual pay growth increased 5.5 percent from 2006, exceeding inflation for the fourth year in a row.
Personal income growth was 9 percent in 2007.

The Utah unemployment rate has averaged about 2.7 percent over the past year, down from 2.9 percent in 2006.
The U.S. unemployment rate has averaged about 4.6 percent over the past year.
Utah unemployment in 2008 is expected to remain low at 2.9 percent.

For buyers who qualify for conventional financing, mortgages are available at near historically low rates.
Click here to see current and historical rates.
FHA programs are a viable alternative to subprime mortgages. In fact, the FHA market share is expected to triple over the next three years, from an estimated 7 percent in 2007 to an estimated 12 percent in 2009.
Even jumbo rates - for loans more than $417,000 - are edging downward.

Source: National Association of REALTORS®