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Resilient yet moderating: According to the Kem C. Gardner Policy Institute via Salt Lake County’s June economic update, Utah continues robust job growth and low unemployment, but signals show a slowing economy. Tourism and a few other sectors are contracting, though a full recession isn’t expected in 2025 .
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Job market remains strong: Utah boasts a 3.1 % unemployment rate and approx. 2.1 % job growth—nearly double the national average, with job creation led by education, health, construction, and manufacturing sectors
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Top rankings: Utah recently topped U.S. News & World Report for best budget practices, powered by strong income tax revenue and balanced state finances. It also continues to lead the nation in economic outlook
🏠 Housing Market: A Balancing Act
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Prices up, momentum softening: As of May 2025, Utah’s median home price is $567,600, up 4.4% year-over-year, while sales dipped 2.2%. Inventory rose by 23.6%, creating more options for buyers
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Supply and demand: With 18,333 homes on the market in May (up nearly 24%), competition has eased. Only 25.6% of homes sold above list price—down from last year—while 35.3% had price reductions
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What agents are saying: Listings are rising (“about 30% more homes for sale year-over-year”), prices remain stable so far, but if the supply-demand gap continues, downward pressure is likely. Interest rate shifts may quickly change this dynamic
🏞 Regional Housing Highlights
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Park City luxury homes: The median price hovered around $2.025 million in June—down 3.2% month-over-month but still +4.5% year-over-year. Days on market increased to 57, inventory is up, offering buyers more leverage
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Kanab updates: In the past week, there have been two new listings, five price reductions, two homes under contract, and two closed sales—signs of gradual normalization
💵 Broader Market & Policy Context
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U.S. markets latched gains in May: On a national scale, stocks advanced: S&P 500 +1.9%, NASDAQ +2.0%, Dow +1.6%. GDP dipped –0.2% annualized in Q1 2025, while inflation (PCE index) remains modest (+0.1% MoM) .
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Federal Reserve steady: Interest rates held at 4.25–4.50%. Utah’s job market strength bolsters state confidence even as federal pressures loom .
💻 Tech & Small‑Biz Pulse
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Silicon Slopes rising: Utah’s tech corridor (Salt Lake City to Provo) remains a national contender, drawing giants like Adobe, eBay, and Google, while fostering strong startups and local innovation
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Entrepreneurial youthfulness: Utah County—home to one of the nation’s youngest workforces—is a fertile ground for small startups (e.g., basement hair salons, at-home dog grooming) that are driving job growth
🏢 Big‑Business Buzz
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Still no Fortune 500 names: Utah remains one of the largest U.S. states without a Fortune 500 company for the 10th consecutive year. It does, however, have three firms in the Fortune 1000, highlighting a vibrant small‑business culture
🧭 What This Means Right Now
| Stakeholder | Outlook |
|---|---|
| Job seekers | Labor market remains promising; opportunities abound. |
| Homebuyers | More choice and negotiation power—but interest rates still a wildcard. |
| Home sellers | Accurate pricing and timing matter more than ever. |
| Tech/startups | Strong ecosystem—great time to start or join a venture. |
| Policymakers | Focus on tourism support and diversification may help blunt slowdowns. |
🔍 Final Take
Utah’s markets reflect resilience with evolving nuances. Jobs remain robust, fiscal discipline stays strong, and housing markets are shifting from frenzy to balance. For investors and residents, the next few months hinge on interest rates and national economic policies. Despite lacking a Fortune 500 anchor, Utah’s booming small-business scene, youth-fueled entrepreneurship, and tech-driven growth—anchored in Silicon Slopes—continue to propel long-term strength.