When you turn on the news each day, it's hard to battle back the wave of bad news. It's unemployment this and pandemic that.
Sure, no place on earth is exempt from the perils of a worldwide pandemic, but certain corners of the country are more immune than others from a tanking economy and hopeless joblessness.
Here in the great state of Utah, we're holding our footing on low unemployment rates and high economic strength. In layman's terms, we're going to outline why Utah was just named #1 in the US economy.
Then, we're going to take a short walk through three of our favorite communities that you just might want to call home. Put on your sunscreen; we're going to show you what this wild desert oasis has to offer.
#1 In the Nation
In the land of the free and the home of the brave, we're pretty proud to be able to say that Utah has the #1 economy in the nation.
24/7 Wall Street is a trusted publication that analyzes and reports on economic data. Recently, they ranked the economies in all 50 states, focusing on important numbers like the 5-year annualized GDP and unemployment.
Their findings on Utah were pretty impressive. Let's take a look at three important bits of information that 24/7 Wall Street uncovered.
Unemployment Rates
Let's start with the unemployment rates. Since COVID, certain states have been plummeting into double-digit unemployment rates.
Meanwhile, Utah has seen an employment growth rate of +2.4%. This puts Utah at the top of the map.
Another way of putting it is Utah's unemployment rate, through June of 2020, was 5.1%. Meanwhile, states like California and Michigan have been increasing above 14%.
Economic Strength
24/7 points out that Utah already had a bustling economy, prior to COVID. We didn't just take the lead when the pandemic hit.
Here are 24/7's numbers: from 2015 - 2020, Utah's economy grew at a rate of 3.4%. Now, this may not sound like much but, comparatively, the rest of the country was only growing at 1.9%.
We'll be honest here. These numbers look promising. 2.4% is certainly higher than 1.9%. But, what does this mean for Utah in particular?
Our trusted friends over at Investopedia put it in layman's terms for us. Economic growth arises when there's an increase in the production of goods and services.
What this often means is that, when there are gains in production, there's usually an increase in household income. (This is about to lead us right into our next point on the poverty rate).
Also, when there's an increase in household income, then consumers are more likely to buy more, creating a higher material quality of life or standard of living.
This is why you'll find so many beautiful homes in Utah that are affordably priced, given the average household income of $68,374.
Poverty Rate
A lesser-known statistic worth considering is the poverty rate. We tend to think about the economy and the unemployment rates, but Utah's poverty rate says something, too.
This figure is the ratio of the number of people whose income drops below the poverty line. It considers half the median household income of the total population. So, if a family's total income is less than the threshold for families' their size, then they're considered to be in poverty.
In Utah, our poverty rate remains at 9.0%. According to 24/7 Wall Street, we're only one of seven states with a rate below 10%. This is a great signal that the workforce continues to supply the demand here in our lovely state.
Median Home Values
So, we know that Utah's average household income is nearly $70,000. But, what does this mean for home buying? Well, the median home value in for single family homes and condos in Utah is $373,049.
Zillow also reports that home values have gone up by 7.7% in the last year. They also expect another rise of 5.5% in the coming year. So, the various streams of income are being provided to afford these homes and the houses are not only reasonably-priced, but also an excellent investment.
Choose Southern Utah
Now, we may be a little biased because we live in Southern Utah. But, there are many reasons that this particular corner of Utah is tops. Washington County, in particular has it in spades.
This is the furthest southwest county in the state, before hitting Nevada or Arizona, and the landscape is, simply put, spectacular. It's also the fifth-most populous county in all of Utah for a reason.
In Washington County, there are many different neightborhoods to choose from. There are also a wide variety of houses, condos, and townhomes available.
You can take your pick between downtown living, life next to a popular community park, or an area with top-rated schools. Here are some of our favorite communities:
St. George
St. George is, in our opinion, one of the most picturesque cities in the United States. It's quintessential Utah with its twisting canoyons, and towering mountains and ridges. You'll see plenty of that gorgeous sandy desert, deep canyons, and towering red rocks.
Living here does a few things. It provides access to beautiful downtown St. George. But, it's also only an hour and a half north of Las Vegas and mere miles from Arizona and Nevada.
The job listings are usually bustling, the housing market is fair game for everyone, and you'll be exceedingly proud to call this place home as you tuck yourself in from a hard days' work each night.
Washington
The city of Washington is one of the most popular cities in the county. It creates a peaceful family community with lovely golf courses and easy access to many of nature's glories, including Quail Creek Reservoir and Zion National Park.
Right now, we only have about 70 listings in the area because it's such an in-demand market. And, again, you'll find something for every style and taste here.
Best of all, no matter what style of home you hone in on, you're always going to be subject to the spectacular terrain that comes with life here in the southwest corridor of Utah.
Santa Clara
If you like the feel of a close-knit community, then Santa Clara may be it for you. It creates a beautiful hometown feel and it was, literally, carved out of desert rock by American pioneers of long ago.
Santa Clara has been dubbed the "garden spot" of Washington County, contributing to its lovely communal feel. Homes come at a little bit of a premium because it's nearly impossible to beat the gorgeous terrain, downtown living, and high quality of life.
Come Join This Great Economy
In these trying times, it's tough to overlook a state that offers ample employment opportunities, uniquely breathtaking terrain, and a host of cities and towns to call home.
Come take a look at our featured listings to see what's in store for you in the Utah economy. Here at Ellis & Co., we scour the land for the finest homes at the best pricepoints.
But, more than that, we've been Washington County residents for over 20 years and know this land like the beat of our hearts. Allow us to open the door to a host of new opportunities and help you build your very own southwest santuary.
Posted by David Ellis on
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