From Utah Business – Advisor, “…we got kicked in the face” is how Dejan Eskic, senior research fellow at the Kem C. Gardner Policy Institute, bluntly puts it when describing how Utah has “…utterly failed to meet housing demand.” Per the article, and using statistics from IBISWorld, an industry analytics firm founded in 1971 and based in Melbourne, AUS, Utah ranks first in the nation for economic growth but 36^th in residential construction. The Fed reports Utah housing prices have increased by 40% since 2019, further exacerbating the growing housing problem. An EVP at Colliers puts a finer point on it in saying growth today was based on information stemming from ‘pre-2020’ and ‘it’s a different world now.’ Yes, it is. Per a Utah Legislature-funded study, Utah must add an astounding 27,900 new housing units per year for the next 16 years to meet demand. Staggering. A myriad of challenges and problems face the state, its developers, its legislators, along with a host of folks at city-level government, not to mention the people it dramatically affects the most: those trying to find affordable housing. Watch this space.

 

 

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