Salt Lake City Retail Market Report
Nation's Lowest Unemployment Rate and Tight
Vacancy Fortify Local Retail Sector
Household incomes ascend amid growing economy. The Salt Lake City metro entered April with a 1.9 percent unemployment rate and a total job count well beyond the pre-pandemic mark. Despite the minimal volume of available labor, workforce expansion will persist at an above-average pace in the coming quarters. Expanding financial, tech and other professional services firms will play a substantial role in this job creation, recruiting from outside the metro to fill skilled positions. The near-term influx of traditional office positions that results will support an annual pace of wage growth that exceeds the national rate of increase, elevating the metro's year-end median household income to $87,000. The lift in earnings is poised to aid households' discretionary budgets and overall retail sales, potentially encouraging local vendor expansions.