Salt Lake City, UT
General Information
Utah has the fifth most diversified economy in the United States. In 2004, 1,213,300 people held jobs in Utah. The largest share, 36 percent, held jobs in the service industries such as computer support and restaurant work. Another 24 percent were employed in wholesale or retail trade; 7 percent in federal, state, or local government, including those serving in the military; 12 percent in manufacturing; 6 percent in finance, insurance, or real estate; 7 percent in construction; 7 percent in transportation or public utilities; 1 percent in farming (including agricultural services) or forestry; and 0.8 percent in mining. In 2004, six percent of Utah's workers were unionized. Utah has one of the highest percentages of bilingual residents. This workforce has helped Utah become a center for international trade.
The main employers in Salt Lake City's diverse economy are:
Utah has the fifth most diversified economy in the United States. In 2004, 1,213,300 people held jobs in Utah. The largest share, 36 percent, held jobs in the service industries such as computer support and restaurant work. Another 24 percent were employed in wholesale or retail trade; 7 percent in federal, state, or local government, including those serving in the military; 12 percent in manufacturing; 6 percent in finance, insurance, or real estate; 7 percent in construction; 7 percent in transportation or public utilities; 1 percent in farming (including agricultural services) or forestry; and 0.8 percent in mining. In 2004, six percent of Utah's workers were unionized. Utah has one of the highest percentages of bilingual residents. This workforce has helped Utah become a center for international trade.
The main employers in Salt Lake City's diverse economy are:
- High-technology, Manufacturing & Services: Intel, Gateway, Myriad Genetics, Iomega, and Novus Services
- Financial & Health Services: Zions Bank, Cardinal Health Shared Services: Intermountain Health Care, Icon Health & Fitness
- Consumer and Family: Wal-Mart, Walgreen's, Delta Airlines, Convergy's of Utah
- Government and Public: University of Utah, Brigham Young University, Hill Air Force Base, Internal Revenue Service, Utah Valley State College
In this market, we're looking for:
- Solid distributable income;
- Rising apartment occupancies and rents due to tapering single family home demand and due to a rising population and job base;
- An equity building valuation shift as Utah investment real estate starts to trade more in the range of other Western real estate markets.
We acquired our first community in Salt Lake City in May of 2005 and our second in January 2006. We are looking for more acquisition opportunities.
