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Our View of the Quarterly Economic Overview
Following the trend that originated last summer, employment growth in Utah is still showing a gradual decline. Over the course of the last 12 months, the state managed to add 52,600 new jobs, reflecting an annual growth rate of 3.2%. While this marks the slowest percentage increase in jobs since Utah began its post-COVID recovery, there is some improvement compared to the previous quarter, thanks to annual data adjustments that positively impacted early 2023 figures.
The counties included in this report contributed to the job growth, adding more than 38,600 new positions in the past year, showcasing a growth rate of 2.8%. Among these counties, Summit experienced the most rapid employment expansion at 4.8%, whereas Morgan County had the slowest growth, with job levels rising by just 0.7%.
Utah’s unemployment rate in February remained steady at 2.4%, matching the rate observed at the end of 2022. One remarkable aspect is that despite the continuous growth of the labor force, the jobless rate has not seen an increase, which is a highly impressive feat.
Utah Home Sales
Home Sales in the First Quarter of 2023:
- Total of 5,251 homes sold.
- Declined by 21% compared to Q1 2022.
- Sales were 0.2% higher than Q4 of last year.
Year-Over-Year Sales Analysis:
- Across the board, sales experienced a decline.
- Sales rose in Utah and Weber counties compared to Q4.
- In other market areas covered, sales fell.
Home Inventory Impact:
- The number of homes for sale dropped by one third compared to Q4 2022.
- This makes any increase in sales particularly impressive.
Pending Sales and Future Projections:
- Pending sales increased by 38.3% from Q4.
- This suggests potential further rise in closings during Q2 2023.
TER’s real estate reports, data, forecasts, and market trends for Utah are offered for informational use; we strive to and will attribute with a link if found helpful if needed to verify information. Areas include Northern Utah, SLC, Wasatch Front, and Park City.
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