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The next 10 years could be a very busy time for real estate agents in Utah – a new forecast from the Kem C. Gardner Policy Institute at the University of Utah is projecting a population boom in the state from 3.5 million to 4 million residents between now and 2033, an average annual growth rate of 1.5%, while households are projected to grow more rapidly at 2.4% annually (1.2 to 1.4 million).

Additionally, commercial real estate agents may also see more activity – Utah’s employment is expected to grow from 2.5 million jobs in 2024 to 2.8 million in 2033 (1.4% annually). Utah’s economy is projected to add 330,000 jobs by 2033, a 13.4% increase from an estimated 2.47 million jobs in 2024, with most of the growth coming in the professional and technical services sector (51,000 jobs by 2034), followed by health care (41,000), construction (40,000), finance and insurance (38,000), and administrative services (35,000).

The new forecast is also predicting an increasing adult population and a declining youth population – the median age is projected to increase by 2.5 years over the decade (32.7 to 35.2).

“The short-term projections indicate continued statewide population growth driven by a nearly 50/50 split between natural increase and net migration out to 2033. Continued economic growth largely drives this migration of new residents to Utah,” said Mallory Bateman, director of demographic research at the Kem C. Gardner Policy Institute. “A combination of historical data, trends, and local expert knowledge inform our baseline projection scenario.”

Photo: Alyse & Remi / Flickr Creative Commons