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Market Report

Salt Lake City Retail Market Report

4Q 2023

Salt Lake Metro Area’s National Standing Improves
Amid an Expanding Resident Base in Utah County

Long-formed economic growth results in notable retail spending. Unlike many major U.S. metros, in each of the first seven months of 2023, Salt Lake City recorded a net employment gain. This helped the local job count ascend further, to 9.7 percent above its 2019 total, the largest improvement among major non-Sun Belt metros. Job creation has been a strong driver for transplants, and contributed to local net in-migration exceeding 10,000 new residents for the third consecutive period in 2023, a trend that is anticipated to continue over the next several years. The culmination of these factors will boost metrowide retail sales by 8.2 percent this year, the second largest gain among major markets nationally. This is a boon for expanding retailers, prompting Salt Lake City’s vacancy rate to reach the fifth-lowest measure among all major U.S. metros by year-end. 

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