Commercial real estate lending has risen over the past two years in Salt Lake City, CrediFi found in a report released Wednesday on CRE lending activity in U.S. metros.
CRE lending activity in the Utah capital, where Amazon opened a $250 million, 800,000-square-foot fulfillment center in 2017, was driven primarily by growth in the multifamily and industrial sectors.
Salt Lake City is one of the hottest labor markets in the U.S., with a labor force participation rate of 72.5%, the Wall Street Journal said last week.
It is also one of the most diversified job markets in the country, job search firm LinkUp found in a Q4 report analyzing the different kinds of jobs listed in cities across the country.
One of the industries that has found a home in the Utah capital is high tech.
Salt Lake City is “a fast-growing technology center because of its talented local workforce and positive business climate,” Morningstar Credit Ratings said in a recent report.
Indeed, Globe St. recently called Salt Lake City “the newest tech hub,” thanks in part to a strong computer science industry and the presence of leading corporations such as Adobe and Microsoft.
Job growth in the tech industry averaged 3.6% a year from 2007-2017 in Utah as a whole, more than double the employment growth in the tech industry nationwide, the Kem C. Gardner Policy Institute found in a February report. Tech companies in Utah supported 15% of Utah jobs, the report said.
Utah’s jobs economy is among the strongest in the country, with private-sector employment growing 3.5% over the past 12 months.
Did you know Salt Lake City isn’t the only metro in Utah whose CRE lending activity has been rising? Download CrediFi’s metro report to find out more about CRE lending in the U.S.