We’ve always known Park City is one of the best places to live and do business, and now a report by 24/7 Wall St. backs up that notion with a study ranking Utah as the No. 1 economy in the country.
According to 24/7 Wall St., a financial news and opinion content company, Utah’s top ranking is due in large part to its high employment growth (ranked No. 1) and low unemployment rate (ranked No. 2) when compared to the rest of the country. Additionally, Utah’s GDP growth is also one of the strongest in the country — and has been since before the pandemic hit.
“At a time when COVID-19 has sent unemployment soaring into the double digits across much of the country, Utah’s monthly jobless rate stands at 5.1%, less than half the 11.1% national unemployment rate for June,” said the August report. “…From the first quarter in 2015 through the first quarter in 2020, Utah’s economy grew at an annual rate of 3.4%, compared to the 1.9% national GDP growth rate.”
According to a report by Fox13now.com, Utah had the lowest unemployment rate in the country for the month of July.
“Part of the incredible boom we’re experiencing in Park City and Utah real estate sales to out-of-state buyers over the past four months can be credited to Utah’s stable and growing economy,” says Ann MacQuoid, senior partner at Chin|MacQuoid|Fleming|Harris.
“We understand why many visitors from California, Texas, Illinois and from coast to coast are fleeing overcrowded, large cities,” adds fellow CMFH senior partner Steve Chin. “People are attracted to Park City’s year-round recreation, its energetic yet laid-back lifestyle, our protected and forever-undisturbed mountain vistas, and enduring sense of community. But also, Park City boasts an outstanding school system, top-notch medical facilities and health care experts and easy proximity to the new SLC airport, a $4 billion project.”
Rounding out 24/7 Wall St.’s top five states with the best economy are Idaho (No. 2), Washington (3rd), Colorado (4th) and Maryland (5th). The report adds that Utah also has the fourth lowest poverty rate among states and is one of only seven states with less than 10% of the population below the poverty line.
“Although real estate pricing does continue to increase every year, prices in the Park City area have remained lower than other ski towns and year-round resort communities such as Aspen, Vail/Beaver Creek, Tahoe and others,” says MacQuoid. “That, coupled with the fact that Utah’s state income tax — as well as local sales and property taxes — are extremely reasonable compared to many other states, has encouraged new buyers and folks who already own homes or condominiums in Park City to consider establishing residency.”
As Park City prepares for the upcoming ski season, resorts are expecting to face challenges but already they are reporting strong pass sales and positive feedback. Alterra Mountain Company CEO Rusty Gregory recently told unofficialnetworks.com that “pass sales were shockingly strong,” and Vail Resorts’ CEO Rob Katz also reported an uptick in pass sales and recognized increased visitor traffic over the summer.
“We believe this speaks to the current preference of travelers for outdoor experiences, locations they are familiar with and, for many, the option to drive to our resorts,” said Katz in a statement.
Both Vail and Alterra have announced operating plans for the 2020-21 season, which include reservation-based systems that give preference to pass holders, limitations on lift ticket sales and other operational changes.
