(Salt Lake City, UT – April 25, 2013) The Greater Salt Lake market continues to experience positive growth in the local economy and housing market, and is projected to remain strong throughout the year.  This is according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

According to the revised numbers released by the Bureau of Labor Statistics (BLS), the Greater Salt Lake market added 41,900 new jobs annually to the market as of March, 44,000 new jobs – which is a 4.3% growth rate, one of the highest in the nation. The BLS revised their employment numbers back to 2006, which have resulted in much stronger and consistent job growth, when compared to the previous numbers. The total number of people employed in the Greater Salt Lake market has now surpassed the highest level recorded, back in December 2007, by 2,300 people. As of March 2013, the unemployment rate sits at 5.3%, down from 6.0% recorded at this time last year. While the national unemployment rate also continues to decrease, the rate remains above healthy levels at 7.6%. “The Leisure & Hospitality sector took the lead in job growth with the addition of 8,300 new jobs in the past year. While this sector has not traditionally produced a lot of high paying jobs, it does signal that consumers are spending time and money in the travel,” said Eric Allen, regional director of Metrostudy’s Utah/Idaho Region.

According to Metrostudy’s quarterly survey of all new home projects in the Greater Salt Lake market, there were 1,659 new home started during the first quarter of 2013. This is a +34% increase over 1Q12, however down -4% from last quarter. Annually, builders have started 7,262 homes, which is a +54% increase compared to the annual pace of 1Q12. “The annual pace also increased +6% compared to last quarter. The consistent increase in new home production demonstrates a strengthening confidence level in both builders and consumers,” said Allen.  Quarterly closings totaled 1,761, up +30% compared to last year at this time and +7% from last quarter. Annual new home closings increased +33% compared to last year, for a total of 6,672.

As of the end of March, there were 2,603 new detached single family homes in inventory throughout the Greater Salt Lake market, up +30% from last year. Despite the increase, new home inventory rests on the low end of equilibrium at 6.3 months. The increase has come from homes under construction, which is up +53% over last year, which is currently a 4.8 month supply. “With closings increasing at such a rapid pace, it has left the market in short supply of available homes,” said Allen.  Finished vacant home inventory is at the lowest level recorded since Metrostudy entered the market in 2001. Total finished vacant home inventory is down -15% from last year, and another -9% from last quarter. Based on current absorption, this is only a 1.1 month supply. Total inventory for attached homes is nearly unchanged compared to last year, and is down only -.5% from last quarter. Currently, this is a 14.8 month supply, down 4.2 months from last year. Conversely, under construction inventory increased +24% over last year, and has a 9.5 month supply.

Vacant developed lot inventory for detached homes in the Greater Salt Lake market is down -14% from last year, and at the current pace of absorption translates to a 36.6 month supply, which is down from 63.6 months recorded at this time last year. While the overall lot supply appears to be above equilibrium, the market is experiencing a shortage in many “A”, “B”, and some “C” locations. Attached lot inventory is also declining, down -14% from last year, which is a 25.3 month supply based on the current absorption pace.   There have been 3,858 new lots delivered to the market over the past year, while builders have absorbed 7,262 in the same time period.

For information contact:
eric allen @ 801.571.7700 x424
email eallen@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day.  www.metrostudy.com.

About Hanley Wood

Hanley Wood, LLC is the premier media, event, information and strategic marketing services company serving the residential, commercial design and construction industries. Through its operating platforms, the company produces award-winning digital and print publications, Newsletters, websites, marquee trade shows and events, Market Intelligence data and strategic marketing solutions. The company also is North America’s leading publisher of home plans.

(Salt Lake City, UT – February 4, 2013) Much to the industry’s surprise, the Greater Salt Lake market exceeded expectations for 2012, with increased job growth, higher than expected new home production, and low home inventory levels. This is according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

The Greater Salt Lake market ended 2012 with a surge in new jobs. While the market had increased job growth throughout 2012, the level of jobs was declining. However, the 4th quarter experienced a bounce and ended the year with approximately 29,000 new jobs created, as of December. The unemployment rate in the Greater Salt Lake market has fallen below the level considered to be “fully employed”.  “While the Greater Salt Lake market has maintained a lower unemployment rate than the nation, the gap is widening, signaling that jobs are easier to replace here compared to the nation as a whole,” said Eric Allen, director of Metrostudy’s Utah/Idaho Region.

According to Metrostudy’s yearend survey, there were a total of 6,892 new homes started during 2012, which is a 58% increase compared to 2011. During the 4Q12 there were 1,758 new starts, which is a 55% increase compared to 4Q11. While quarterly starts dropped -18% from 3Q12, this is a normal seasonal decline. The fourth quarter totaled 1,642 new home closings, which is a 45% increase compared to 4Q11. Quarter over quarter closings actually experienced a -12% decrease, which is most likely attributed to the rush of closings that occurred during 3Q12, or pre-election. “Consumer confidence in the market took a hit after the presidential election, and therefore put some buyers back on the sidelines for a short time,” said Allen.

New home inventory for detached product remains healthy at 7.1 months, or 2,731 homes. Under construction inventory has experienced a 57% increase compared to last year, and currently sits at 2,049, which is a 5.3 month supply. “With the rapid increase in sales, available inventory has remained low for the past few years, which has required builders to increase production in order to keep up with demand,” said Allen. Finished inventory has declined once again and remains at record low levels. There are currently only 499 finished detached homes on the ground, which at the current pace of absorption is a low 1.3 month supply. This total is down 12% from last year and another 7% from last quarter. Total inventory for attached homes is down 3% from last year at this time to 2,188 units, which is a 16 month supply. Under construction inventory has also increased, to 1,445 units, 21% more than last year.

“Positive trends are putting the market in a great position for more expansion as we move through the New Year. While nationally, there are some hurdles that will need to be conquered; the fundamentals in the local market are well in place, which will provide for more opportunities and growth in 2013,” said Allen.

For information contact:
eric allen @ 801.571.7700 x424
email: eallen@metrostudy.com

About Metrostudy

Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com

The Northern Wasatch Home Builders Association announces its inaugural

State of the Wasatch Luncheon and Growth Report

11:30 a.m., Thursday, January 24, 2013
Meridian Room, Davis Conference Center
Layton, UT

Learn about the current condition
of the Northern Wasatch housing market
and how housing will combine
with Utah’s economic development efforts
to benefit the region in the next 12 months
from two of the region’s experts

Mr. Eric Allen – Director, Metrostudy
Ms. Sophia DiCaro – Deputy Director
Governor’s Office of Economic Development

Tickets are $25 for NWHBA members
$35 for non-members
To reserve your seat
call the NWHBA office at (801) 479-5230
Or e-mail Olivia@nwhba.net

(Salt Lake City, UT–October 25, 2012) The Greater Salt Lake market continues to gain momentum as we near one of the best years since 2009. This is according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

Over the past twelve months ending September 2012, employers have added 21,800 new jobs in the market, which is a strong growth rate of 2.1%. This compared to the 29,400 jobs created as of September 2011. The unemployment rate in the Greater Salt Lake market has maintained a level economists considered to be “fully employed”, since the end of 2011. With job growth on the rise, the unemployment rate now sits at 5.6% as of August, which is down from 7.6%
recorded last year at this time.

“New home production in the Greater Salt Lake market has once again experienced a significant increase compared to the previous quarters,”said Eric Allen, director of Metrostudy’s Utah/Idaho Region. Over the past twelve months, there have been 6,312 new homes started in the market, which is a 45% increase compared to the annual pace one year ago. Of this total, 2,154 starts occurred during 3Q2012, which is a 61% increase over 3Q2011. Annual new home closings are also on the climb, with a total of 5,815 as of the end of 3Q2012. This is an increase of 25% compared to last year’s annual pace. Quarterly closings totaled 1,911 in the third quarter, which is a 38% increase over last year at this time.

Overall new home inventory for attached and detached product in the Greater Salt Lake market increased 12% over 3Q2011 to a total of 4,827 homes, which is a 10.0 month supply. New home inventory for single family detached currently has a 7.6 month supply, a total of 2,667 homes. Inventory of vacant developed lots (VDL), for detached product has declined for 13 consecutive quarters and currently totals 17,927.”This steady decline combined with an increase of starts has forced the supply of finished lots to fall to 44.3 months, ”said Allen.

“This year has been filled with much stronger buyers and real growth, contrary to that in 2009, when sales were bolstered by the tax credit. The fundamentals are well in place for the market to continue itsroad to recovery; however the upcoming election will put pressure on confidence levels,” said Allen.

For information contact:
eric allen @ 801.571.7700 x424
email eallen@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com

This event is limited to subscribers to Metrostudy’s Quarterly Advisory Services. If you are not a current subscriber and you wish to attend the event, please contact Eric Allen : 801.571.7700 x424

WHEN: Oct. 30^{th  - 9:00 AM- 11:00 AM}

WHERE: Hyatt House, 9685 S. Monroe St, Sandy UT 84070

(Salt Lake City, UT–August 6, 2012) While we have not fully recovered
from the recession, the fundamentals are well in place, and expectations for a strong year
remain positive. This is according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

The healthy gain in employment over the past year has helped reduce the unemployment rate, which currently sits at 5.8%. This rate is down from 7.3% recorded at this time last year. While the unemployment rate experienced an increase during the first quarter of 2012, is was very minimal, and has since decreased for the past two months. “Compared to the Nation, the Greater Salt Lake market is experiencing better improvements in the economy, and remains one of the strongest markets in the Nation,” said Eric Allen, director of Metrostudy’s Utah/Idaho Region.

New home starts during the second quarter 2012 totaled 1,768, which is a 78% increased compared to 1Q11, and 40% more than last quarter. “While new home closings are not accelerating at the same pace as of yet, there has been a 6.9% increase in annual closings when compared to last year, to a total of 5,318 homes. Of this total, 1,411 occurred during the second quarter 2012, which is 24% more than last year at this time,” said Allen.

As the Greater Salt Lake market continues to work its way out of the housing slump, Vacant developed lot inventory continues to decline. In 2Q12, developers delivered 645 lots, while builders absorbed 1,768 lots, over 1,100 more than delivered. Currently there are 22,830 vacant lots on the ground, a 49.5 month supply, however the majority are controlled and not available for purchase. “The increased starts activity and minimal lot development has caused many builders to fear that the market could be faced with a lot shortage in the very near future,” said Allen.

“With the recent improvement in jobs, along with a stabilizing housing market, there is no denying the fact that the Greater Salt Lake market is in recovery mode and appears to be gaining strength,” said Allen.

For information contact:
eric allen @ 801.571.7700 x424
email eallen@metrostudy.com

About Metrostudy

Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.

Eric Allen, Metrostudy’s Director – Utah/Idaho Region will present the 1Q12 review of the Greater Salt Lake economy and housing market, along with insight into expectations for 2012.  There will also be a Lender Panel discussion for the first part of the briefing.  Get some insight into the banking industry and what these bank professionals expect for the future.

The presentation will be held on May 9, 2012 at the Hyatt House located at 9685 S. Monroe St., Sandy Utah.

The meeting is for current subscribing clients of Metrostudy, however you are welcome to contact Eric Allen with any questions or if you would like to attend.

(Salt Lake City, UT– April 23, 2012) In the Greater Salt Lake market, the local economy continues to gain momentum as we finish up in the first quarter of 2012. Compared to the nation, the Greater Salt Lake market remains at the top as far as job growth is concerned, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

The unemployment rate in the Greater Salt Lake market experienced a significant drop from August 2011 to the end of the year. The first two months of 2012 show a slight increase in the rate, yet this is relatively normal based on historical seasonality. As of February 2012, the unemployment rate inched up to 6.0%, which is up from 5.5% in December 2011. However, the rate is down from 7.9% recorded in February 2011, a significant improvement. “This rate remains below the national level of 8.2%,” said Eric Allen, director of Metrostudy’s Utah/Idaho Region.

The Greater Salt Lake market started a total of 1,267 homes during the first quarter of 2012. This is a 41% increase when compared to 1Q11, and 11% more than last quarter. Demand for new homes appears to be picking up. New home closing totaled 1,372 during 1Q12, up 34% compared to last year at this time and 21% more than last quarter. Annual new home closings are down –6% from last year at this time to 5,050 homes, however the pace increased 7.4% from last quarter “New home starts in the Greater Salt Lake market have increased in nearly every price segment, signaling that housing is improving over a broad range of prices and areas in the market,” said Allen.

There are 19,711 detached finished lots on the ground, which based on the current absorption pace is a 63.1 month supply, down from 79.5 months recorded last year at this time. Attached lot inventory sits at 52.4 months, or 4,423. Lot inventory in non-performing projects is having a negative impact on the overall supply, however by removing these lots from the analysis, supply appears to be tightening in strong submarkets.

“While the market still faces headwinds, the local economy and housing market are experiencing noticeable improvements. New home production is recovering well, and is expected to increase throughout the year, “said Allen.

For information contact:
eric allen @ 801.571.7700 x424
email eallen@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.

Eric Allen, Metrostudy’s Director – Utah/Idaho Region will present the 4Q11/Year End review of the Greater Salt Lake economy and housing market, along with insight into expectations for 2012.

The presentation will be held on February 2, 2012 at the Hyatt Summerfield Suites located at 9685 S. Monroe St., Sandy Utah.   

The meeting is for current subscribing clients of Metrostudy, however you are welcome to contact Eric Allen with any questions or if you would like to attend.

Eric Allen, Director for Metrostudy – Utah / Idaho Region will present an Economic and Housing market overview of the Utah market.
The conference will be held on February 15, 2012 at the University Park Marriott, 480 Wakara Way, Salt Lake City, UT.