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Market Report

Salt Lake City Retail Market Report

Second Quarter 2019

Construction Falls to Cycle-Low Level; Southern and Northern Submarkets Gain Appeal

Employment growth spurs robust retail spending. Driven by continued economic expansion and stout population gains, Salt Lake City ranked second among major U.S. metros in annual retail sales growth last year, registering a more than 8 percent increase. In 2019, the Wasatch Front will experience a sixth consecutive period of strong consumer spending supported by the creation of 30,000 jobs. This rate of hiring, amid sub-3 percent unemployment, indicates employers hire from outside the metro with increased frequency, fueling a steady inflow of new residents. Staffing increases by traditional office-using firms will drive the median household income beyond $75,000, bolstering families’ and individuals’ disposable incomes. As consumer spending escalates, retailers are encouraged to maintain or grow their current footprints, focusing on expanding suburbs in the north and southern portions of the metro.

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