Thursday, August 19, 2021

UTAH IS #1

 


New census numbers are staggering. We know Utah is growing.

See by how much and where.

Minorities now make up a quarter of the state’s population.



Utah is in the middle of a historic population boom, and new census numbers released Thursday make it clear no state is transforming at a faster clip.

Its nation-leading population spurt has spurred an impressive rise in new housing. Utah remains the nation’s youngest state and yet it saw the fastest growth in residents 18 and older. Its population is diversifying, particularly in metro areas where the state saw a jump in its Hispanic population.

The Census Bureau released this 2020 data Thursday to help states create new political districts as required by the Constitution, but these numbers also tell a story of a nation that is growing older and less white, and where the West is rising.

The U.S. population now stands at 331,449,281, up 7.4% from 2010 — its second lowest rise in 10 years since the 1930s.

We’re No. 1

(Christopher Cherrington | The Salt Lake Tribune)



Utah added half a million new residents between 2010 and 2020, a combination of people moving here and Utahns having children. That’s an 18.4% growth rate, the fastest in the nation.

And it wasn’t particularly close.

Idaho came in second at 17.3%, followed by Texas (15.9%), North Dakota (15.8%) and Nevada (15%).

Three states lost population. They are West Virginia (minus 3.2%), Mississippi (down 0.2%) and Illinois (minus 0.1%).

Utah now has 3,271,616 million residents.

The population explosion was centered in the metro areas in the north, led by Wasatch County’s eye-popping 47.8% leap in the past decade. Followed, in the south, by Washington County, which grew by 30%.

Salt Lake County’s population rose by 155,583 people to 1,185,238. That’s a 15.1% jump.

Utah County, the state’s second most populous, added 142,835 residents, growing to 659,399. That’s a 27.7% increase in 10 years.

Davis County is now at 362,679, up 18.3% from a decade ago, and Weber County has 262,223 residents, 15.4% more than it did in 2010.

Staying younger

While nobody is getting any younger, Utah is still out in front as the nation’s most youthful state.

The effect of aging baby boomers — folks between 57 and 75 as of 2021 — combined with steady declines in the U.S. fertility rate over the past decade to make the country older as a whole.

U.S. residents ages 18 and over made up 74.3% of the total population in 2000 and 76% in 2010, and with this first detailed look at census trends for 2020, that share has pushed to 77.9%.

That aging effect came against a back of slowing population growth overall between 2010 and 2020. And even though rapidly growing Utah saw the biggest leap of all states in its adult population since 2010 — up 22.8% over the decade — the state still ranks as the country’s youngest, with its share of those over 18 at 71%.

The next youngest state, Idaho, is at 74.8% ages 18 or older.

 

Diversity keeps growing

Utah remains one of the whiter states in the nation. Most states saw its “white, not Hispanic” population decline, but 15 states saw an increase and none topped Utah’s 11%. The District of Columbia did beat Utah, though, seeing its white population swell by 25%.

Still, Utah marked a significant increase in racial and ethnic diversity. In 2010, 19.6% of residents were minorities. In 2020, that rose to nearly a quarter (24.6%). This growth happened during Utah’s nation-leading population surge.

In Salt Lake County, the state’s most populous, the percentage of residents who are minorities went from 26% in 2010 to 32.4% in 2020.

Hispanics make up Utah’s biggest minority group. They account for 15.1% of the state’s population and 19.6% of Salt Lake County residents. The second largest minority group is people who identify as two or more races, not Hispanic. That is 3.7% of Utah’s population. After that, it is Asian at 2.4% and then Black and Pacific Islanders tied at 1.1%.

 

More housing, still not enough

The pace of U.S. housing construction slowed between 2010 and 2020 compared to the decade before, but, again, Utah’s population growth bucked that trend.

Housing units grew by 6.7% for the country as a whole, a growth rate dampened by hangover effects of a mid-2000s homebuilding boom followed by the market crash that led to the Great Recession and an oversupply of housing.

But the West and South regions saw homes go up much faster as they grew, and Utah saw its housing stock surge by 17.5% — nearly triple the national increase.

The state now has 1.15 million single-family homes, town homes, apartments and mobile homes, the census shows, as well as recreational vehicles, vans, houseboats and other nontraditional housing units.

Despite that growth, housing analysts estimate Utah still lacks more than 50,000 rentals and homes for sale even as homebuilders add units at a historic pace — a gap made worse by the pandemic.

Washington, D.C., saw its housing stock grow the fastest over the past decade, up 18.1%, followed by Utah, North Dakota (16.7%) and Texas (16.2%).

Wednesday, August 11, 2021

Forbes Rates Utah #1 in GDP Growth

 


2021 U.S. States By GDP And Which States Have Experienced The Biggest Growth



Written and Published By Forbes, August 4, 2021







Despite renewed uncertainties and struggles regarding the delta variant of Covid-19, the economy of the United States has rebounded immensely from the depths it reached in the first half of 2020. Across the U.S., every state experienced a harsh initial impact on their economies. Since then, however, the recovery has been very uneven, with some states returning to pre-pandemic form and others not so much. Using data from the Bureau of Economic Analysis (BEA), we analyzed percent changes in annual and quarterly GDP data to determine which states have seen their economies grow the fastest over the last two decades — from 2000 to 2020 — as well as over the last 10 years, five years, and year-over-year growth from the first quarter of 2020 to the first quarter of 2021. Read on to find out which places made the list of our top-10 best states by GDP growth.



10 States With the Biggest Growths in GDP of 2021

Based on the criteria used in the study, the majority of the states to make the list of the states with the largest growths in GDP are located in the western half of the U.S. The remainder of the top-10 states are those located in the U.S. Southeast. Here’s a closer look at the best-performing economies in terms of GDP by state.



1. Utah

The Utah economy has been a powerhouse in recent decades, hence the reason why it takes the No. 1 spot. Over the last five years, Utah’s GDP grew by an excellent 19.1%, the second-highest growth rate for that period out of all 50 states. Going back to 2010, real GDP in Utah expanded by more than a third (36.6%), from approximately $123.47 billion in 2010, to an annual average of $168.62 billion in 2020 (with 2020 including the pandemic’s most severe impact). And the growth in Utah’s economy over the last 20 years is even more astounding: 82%, from an annual real GDP of $92.62 billion in 2000, to nearly $169 billion in 2020.

2. Washington

Home to one of the largest concentrations of tech companies out of all 50 states, Washington managed to come in at the No. 2 spot on our list. Since the turn of the millennium, Washington’s economy has boomed, with its annual real GDP rocketing by 74.2%, from $312.65 billion in 2000, to more than $544.63 billion in 2020. According to the latest data (first quarter 2021), Washington’s GDP stands at a record-high of $565.70 billion, a massive improvement over Q1 2020 when it was roughly $13 billion lower ($552.60 billion).



3. Idaho

Idaho is no stranger to economic and population growth, though the latter grew noticeably when the pandemic hit and urban workers on the West Coast relocated to the state in droves, creating issues for local employers, according to KREM. As of the first quarter of 2021, Idaho real GDP stands at $77.39 billion, which is a staggering figure for a state whose population is only about 1.85 million people. The pandemic’s economic impact brought Idaho’s GDP down slightly, declining only 1.1% from 2019 to 2020. Idaho’s economy has recovered very well, experiencing year-over-year GDP growth of 2% from Q1 2020 to Q1 2021. Outside the pandemic, the Idaho economy has reported incredible growth, in both the short- and long-term. Over the last five years, Idaho GDP rose by more than 17%; over the last 10 years, it rose by almost 28%; and from 2000 to 2020, annual real GDP in Idaho rose by 56%, from approximately $47.49 billion in 2000, to $74.08 billion in 2020.



4. Colorado

For the last 20 years, Colorado has become one of the top destinations for internally migrating Americans. Many Colorado cities — not just Denver — have seen an explosion in their populations and economic activity. As a result, Colorado ranks as the No. 4 state where GDP has grown the most over the years. Since the turn of the millennium, Colorado’s real GDP has grown by more than half, from $232.83 billion in 2000, to $351.07 billion in 2020. While 2020’s annual GDP is down from 2019’s approximate $356.28 billion, Colorado’s economy has improved quite well since the initial impact of the pandemic in 2020. Colorado’s real GDP in the first quarter this year is up 1.4% from the same time last year: from $360.16 billion in Q1 2020, to $365.05 billion in Q1 2021.



5. Arizona

The Arizona economy is the 19th biggest in the U.S., based on 2020 annual real GDP by state, with an average GDP of roughly $320.66 billion that year. That’s up a remarkable 54.3% since 2000, when annual Arizona GDP that year stood at roughly $207.77 billion. The Covid-19 pandemic gave Arizona a bit of trouble, but the state’s GDP only fell 0.9%, from about $232.59 billion in 2019, down to $320.66 billion in 2020. Currently, Arizona’s GDP has reached a historic high of $334.03 billion in Q1 2021.

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Salt Lake Real Estate



lindasecrist.com

Linda Secrist’s Salt Lake City Real Estate Home Page • Salt Lake City Real Estate • Draper Real Estate • Holladay Real Estate • Sandy Real Estate • South Jordan Utah Real Estate • Salt Lake City’s Top Real Estate Agent  



Linda Secrist & Associates is the top selling team in luxury homes in the SLC Market. They have received countless awards over the past 20 years, including “Sales Team of The Year” for over 10 years including 2019! Linda Secrist is #54 in the top 100 Agents in the World in luxury residential real estate. If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, Bountiful, Centerville, Farmington or anywhere in northern Utah, Linda Secrist & Associates are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 801-455-9999!

 
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Wednesday, August 4, 2021

Are You Ready To Buy A Home?

 


5 Tell-Tale Signs You’re Ready to Buy a House — Beyond Having a Down Payment

 
 

 
 
 
When it comes to buying a home, there are the obvious signs you’re ready. The main one? You’ve got enough money saved for a down payment (it doesn’t have to be 20 percent, by the way!), and some cash left over in savings for a cushion. In this unprecedented real estate market, you also have to be emotionally prepared to step right up for a roller coaster ride that includes bidding wars, escalation clauses, and other twists like appraisal gaps.

But what are some lesser-known — yet still important — signs you’re ready to become a homeowner? I posed this question to real estate experts. Here’s what they had to say.

 

You’ll stay put for a while.

Amid the pandemic, an estimated half of Americans were considering a move. Remote work and new flexible leasing models made frequent moves and test-driving cities easier than ever before.

If you’re looking to become a homeowner, you don’t have to buy a “forever home.” But you should plan to own the property for at least three to five years, says Augusto Bittencourt, a licensed real estate salesperson and cofounder of the Barnett-Bittencourt Team at Compass NYC. “Typically, after this amount of time, a home has had ample time to appreciate,” he says.

For a lot of people, a dog tips the scales in favor of buying a home, says Holden Lewis, a home and mortgage expert at NerdWallet. “Either they already own a dog and they know it will be happier with a backyard, or they want a dog that will require a backyard,” Lewis says. In fact, one third of millennial homebuyers said their dogs incentivized them to buy a home. It’s not a frivolous reason!



 
 

You enjoy DIY projects.

If you’re a renter, and home renovation shows have instilled in you the desire to buy and fix up a place, then you should consider following your instincts,” Lewis says. Of course, you know that renovations aren’t as easy as they look on TV. (Those shows have entire crews orchestrating the before-and-after magic). But renovations can be a rewarding challenge, Lewis says, and a way to make your home feel customized. At the very least, you should be prepared to spend some weekends doing home maintenance chores, whether that’s mowing the lawn, cleaning the gutters, or changing out your toilet flappers.

 

You’ve been crunching numbers in a mortgage calculator.

Playing around with mortgage calculators is a great way to get a snapshot of what homeownership looks like for different types of properties, says Sarah Jackson, a licensed real estate salesperson with The Babst + Herzberg Team at Compass.

These types of calculators can give you a good ballpark picture of how much you’ll be shelling out every month in housing costs when you factor in things like HOA dues, building fees, and property taxes. You can also plug in loan terms, like the length of your loan and interest rates, to see how these factors affect your monthly payments.

Your job is pretty stable.

Before buying a home, New York City agent Parisa Afkhami with Warburg Realty recommends asking yourself: “Is my employment stable?” COVID-19 has ushered in a lot of economic uncertainty, so this can be a super tough question to confidently answer.

Some things to consider include whether your employer could potentially be relocating you or changing the company’s remote work policy, as well as requiring employees to come back into an office. Yes, you could rent out your home should you have to move. But many co-ops in New York City, Afkhami points out, will require you to have lived in the apartment for at least two years before renting it out.



 



Salt Lake Real Estate



lindasecrist.com

Linda Secrist’s Salt Lake City Real Estate Home Page • Salt Lake City Real Estate • Draper Real Estate • Holladay Real Estate • Sandy Real Estate • South Jordan Utah Real Estate • Salt Lake City’s Top Real Estate Agent  





Linda Secrist & Associates is the top selling team in luxury homes in the SLC Market. They have received countless awards over the past 20 years, including “Sales Team of The Year” for over 10 years including 2019! Linda Secrist is #54 in the top 100 Agents in the World in luxury residential real estate. If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, Bountiful, Centerville, Farmington or anywhere in northern Utah, Linda Secrist & Associates are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 801-455-9999!

 
#mcm #wcw #uthahomesforsale #Openhouse #homebuying #utahluxuryhomes #luxury #luxurylifesyle #buyahome #utahrealestate #utahrealtor #no1realestateagent #homesforsaleinutah #bestrealtor #skiutah #utahlistings #mlslistings #skiutah #funthingstodoinutah #relocatetoutah #thegreatestsnowonearth #utahskiresorts #worldclassskiresorts #utaheconomy #utahinvestments #stagingyourhome #villaatdimpledell #searchutahhomes #luxuryhomesforsaleinutah #mainfloormaster #homesforsaleinsandyUt #homesforsaleinpepperwood #homesforsaleindraper #searchallutahhomes #utahhousingmarket #slchousingmarket #hometrends #luxuryhomes #modernhomes #openfloorplans #relocate #relocation #seller #buyer #saltlakerealestate #buyingahome #mainfloorliving #homestyle #homedesign #number1 #sellingahome #silicon #slopes #lindasecristandassociates #lindasecrist #saltlakerealestate #utah #UT #Newhomes #Utahhomes #Realestate #Openhouse #tour #sale #rambler #shop #linda #Secrist #Associates #Events #MLS #Parkview #Villas #Luxurylifestyle #Saltlakeolympics #winterolympics #skiutah #thegreatestsnowonearth #Sundancefilmfestival #siliconslopes #winter #Snowbasin #Ski #Skiing #resort #opening #Mountains#Deervalley #concert #outdoor  #hometour #newdevlopment #mainfloorliving #property #realestate #downpayment #save #relocate #relocation #Zionsnationalpark #BryceCanyonNationalPark #TheSecristTeam #Beautiful #Canyons #Mountains #Canyonlands #Ski #Skiing