Ivory-Boyer Construction Report

Construction activity continued its record-breaking momentum into the third quarter of 2021. While concerns over inflation and monetary policy bring a level of uncertainty into the real estate world, Utah's construction activity continued at a record pace.

Third Quarter 2021 Published January 2022 Ivory-Boyer CONSTRUCTION REPORT Construction activity continued its record-breaking momentum into the third quarter of 2021. While concerns over inflation and monetary policy bring a level of uncertainty into the real estate world, Utah’s construction activity continued at a record pace. The total permit-authorized construction value in Utah between January and September of 2021 was $10.4 billion, an increase of 22.8% over last year and a year-to-date record (see Table 1 and Figure 1). Residential construction value surged to a record $6.6 billion through September, surpassing 2020 by 28.5%. Nonresidential construction value reached $2.3 billion, the second highest on record and an increase of 14.7% from the prior year. The 13.1% increase in additions, alterations and repairs over 2020 was led by the commercial sector, pushing the category’s total to $1.5billion, another record. Through Q3 of 2021, total permitted residential units increase by 30.8% to 30,508 units, surpassing last year’s record for the period. Single-family activity increased by 29.1% to 14,141 units. Condo, townhome, and duplex units combined for 5,654 new Figure 1: Value of Permit-Authorized Construction in Utah, January–September, 2000–2021 (Million 2021 dollars) $12,000 $10,000 $2,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $0 Total Residential Source: Ivory-Boyer Construction Database tted Units 25,000 20,000 Change 22.8% Residential Valuation $6.6 28.5% Nonresidential Valuation $2.3 14.7% Additions, Alterations, and Repairs $1.5 13.1% 30,508 30.8% 29.1% Total New Dwelling Units Single Family 14,141 Condo/Townhome/Duplex 5,654 3.4% Apartments (3+ units) 10,332 67.8% 381 –48.3% All Other Units Source: Ivory-Boyer Construction Database units, growing by 3.4% compared with 2020. Apartment activity surged by 67.8% from 2020 to 10,332 permitted units, a record for the first three quarters. Residential Construction Residential construction continues its record pace for 2021. Low inventory, combined with historically low mortgage rates, propelled an increase in the construction of both single-family $3,000 and multifamily units through September. The combination of $2,500 growing housing prices and strong demographics continues to keep $2,000demand for apartment construction high. Multifamily permits have outpaced single-family permitted $1,500 units since 2018 (see Figure 2). There were 14,141 single-family $1,000 permits, a rise of 29.1% from last year, and 15,986 multifamily units, $500 an increase of 37.5% from Q3 2020. A total of 30,508 dwelling units were permitted by Q3 2021, a 30.8% increase from $0 last year. Overall, 2021 ranks as the highest in units permitted between January and September. Utah County continues to lead the state in single-family permits, approving 4,336 units, an increase of 21.7% over last year (see Table 2). Washington County issued 2,434 single-family permits, a Nonresidential Additions/Alterations/Repair 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $4,000 30,000 $10.4 Millions $6,000 35,000 Value Total Construction Value $1,800 $1,600 Prepared by the Kem C. Gardner Policy Institute in partnership with the Ivory-Boyer Real Estate Center. $1,400 $1,200 $1,000 ions Millions $8,000 Table 1: Third Quarter (Jan.–Sep.) Construction Highlights (All values compared with Q3 2020, in billion dollars) 200 2000200 2001200 2002200 2003200 2004200 2005200 2006200 2007200 2008200 2009201 2010201 2011201 2012201 2013201 2014201 2015201 2016201 2017201 2018201 2019202 2020202 200 200 200 200 200 200 200 200 200 200 201 201 201 201 201 201 201 201 201 201 202 202 Nonresidential Residential Additions/Alterations/Repair Figure 2: Permits Issued for Residential Units in Utah, January–September 2000–2021 Multifamily Single-Family Total Figure 3: Permits Issued for Multifamily Units by Type, January–September 2000–2021 35,000 30,000 $1,800 18,000 $1,600 16,000 $1,400 14,000 $1,200 12,000 $1,000 10,000 $800 8,000 $600 6,000 $400 4,000 $200 2,000 $0 0 20,000 15,000 10,000 5,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 Multifamily Single-Family Total Multifamily Nonresidential Residential Total Apartments Condo/Townhome/Duplex Total Source: Ivory-Boyer Construction Database Permitted Units 18,000 Table 2: Top-Ranked Counties for Detached Single-Family 16,000 Home Permits, January–September 2020 and 2021 14,000 12,000 County 2020 2021 Change 10,000 Utah8,000 3,562 4,336 21.7% Washington 1,857 2,434 31.1% 6,000 1,759 1,889 7.4% 1,084 1,322 22.0% 645 661 2.5% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Salt 4,000 Lake 2,000 Davis Weber 0 Source: Ivory-Boyer Construction Database Multifamily Total Apartments Table 3: Top-RankedCondo/Townhome/Duplex Cities for Detached Single-Family Home Permits, January–September 2020 and 2021 City 2020 2021 2021 25,000 2000 2001 2000 2002 2001 2003 2002 2004 2003 2005 2004 2006 2005 2007 2006 2008 2007 2009 2008 2010 2009 2011 2010 2012 2011 2013 2012 2014 2013 2015 2014 2016 2015 2017 2016 2018 2017 2019 2018 2020 2019 2021 2020 MIllions Permitted Units Permitted Units 2021 Total 0 Change Eagle Mountain 868 1,069 23.2% St. George 878 1,060 20.7% Saratoga Springs 578 844 46.0% Washington 452 631 39.6% South Jordan 469 586 24.9% Source: Ivory-Boyer Construction Database rise of 31.1%. Among cities, Eagle Mountain led the state in singlefamily permits through the third quarter with 1,069, an increase of 23.2%. St. George was second, adding 1,060 single-family units, an increase of 20.7% over Q3 2020 (see Table 3). Multifamily permits set a record for the first nine months in 2021, with 15,986 units permitted, increasing 37.5% over 2020. There were 10,332 apartment units permitted, growing 67.8%, and 5,654 condominiums/townhomes/duplexes permitted, increasing 3.4% (see Figure 3). Salt Lake County led the state for multifamily permits, authorizing 5,849 units between January and September, a 7.2% decrease over the same period last year (see Table 4). Utah County ranked second, permitting 5,257 multifamily units, a 152.3% increase over 2020. Davis County increased 107.3%, permitting 1,781 multifamily units. Weber County added 709 multifamily units, a 22.2% increase, and Washington County permitted 576 2 Source: Ivory-Boyer Construction Database Table 4: Top-Ranked Counties for Multifamily Permits, January–September 2021 County Apartment Units Condo, Townhome, and Duplex Units Total Multifamily Units Salt Lake 4,351 1,498 5,849 Utah 2,986 2,271 5,257 Davis 1,336 445 1,781 Weber 346 363 709 Washington 245 331 576 Source: Ivory-Boyer Construction Database Table 5: Top-Ranked Cities for Multifamily Permits, January– September 2021 Apartment Units Condo, Townhome, and Duplex Units Total Multifamily Units Salt Lake City 2,001 119 2,120 American Fork County 1,039 353 1,392 Lehi 498 632 1,130 Murray 895 0 895 South Jordan 535 317 852 Source: Ivory-Boyer Construction Database units, a decline of 24.6% over last year. The four Wasatch Front counties accounted for 85.0% of the multifamily units permitted statewide to date in 2021. Table 5 presents the top cities for authorized multifamily units. Nonresidential Construction Commercial construction tends to be volatile from quarter to quarter, with a few significant projects having substantial impacts. Therefore large rates of change are expected. Nonresidential construction value through September 2021 was $2.3 billion, a 14.7% increase over last year (see Figure 4). Overall commercial activity overcame the impacts of COVID-19 in 2021. Recovery continues to be unbalanced between sectors. Ivory-Boyer Construction Report 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $0 Nonresidential in Utah, Figure 4: Value ofTotal Nonresidential Construction Residential Additions/Alterations/Repair January–September 2000–2021 (Million 2021 dollars) Figure 5: Value of Additions, Alterations & Repairs in Utah, January–September 2000–2021 (Million 2021 dollars) 35,000 $3,000 MIllions Millions Permitted Units 30,000 $2,500 25,000 $2,000 20,000 $1,500 15,000 10,000 $1,000 Single-Family Total Total 18,000 The16,000 industrial, warehouse, and manufacturing sector continued $1,800 14,000 to lead nonresidential activity, adding $898.3 million in new $1,600 12,000 construction, a 69.1% increase over Q3 2020 (see Table 6). The $1,400 10,000 office sector continues to recover, increasing 6.1% over 2020 with $1,200 8,000 $393.3 million in construction value. The hotel sector continues $1,000 6,000 $800 to experience low activity, with $15.0 million in permitted 4,000 $600 2,000 value after a record in 2020. The COVID-19 pandemic construction $400 continues0 to have an impact on hotel activity as well. $200 Several $0 major projects were permitted from July through Multifamily Total Apartments September: 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 MIllions Permitted Units 2021 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 Multifamily Source: Ivory-Boyer Construction Database Condo/Townhome/Duplex A $38.5 millionTotal industrial Nonresidential building in Salt LakeResidential City • • A $26.6 million industrial building in Tooele • A $25.0 million office building in Layton • A $24.3 million industrial building in Draper • A $20.0 million church building in Syracuse 2021 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 2000 2000 2001 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 5,000 $500 0 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $0 Salt Lake County led the state’s nonresidential construction activity, permitting $797.3 million through September of 2021, decreasing 3.7% over 2020 (see Table 7). Utah County ranked second, permitting $695.2 million, an increase of 16.8%. Davis County ranked third, permitting $182.7 million, growing 40.8%. WashingtonCounty’s permitted nonresidential construction value reached $155.8 million, an increase of 51.1%, and Weber County increased 119.7% to $105.3 million. Nonresidential Source: Ivory-Boyer Construction Database Table 6: Value of Third Quarter Nonresidential Construction by Permit Type, 2020 and 2021 (Million dollars) Category 2020 2021 Industrial/Warehouse/Manufacturing $531.2 $898.3 Office, Bank, Professional $370.6 $393.3 6.1% Structures Other Than Buildings $190.1 $229.8 20.9% Retail, Mercantile, Restaurant $132.6 $137.4 3.6% Hospital & Institutional $21.0 $124.5 492.2% Other Nonresidential Buildings $51.4 $118.2 129.8% Public Buildings & Projects $147.3 $96.1 –34.8% Residential Garages/Carports $52.7 $61.6 17.0% Agricultural Bldg. & Sheds $27.7 $55.7 100.7% Churches & Other Religious $14.4 $43.9 204.9% Service Station/Repair Garages $38.2 $25.3 –33.8% Parking Structures $32.3 $24.8 –23.2% Amusement & Recreation $20.9 $15.7 –25.2% Hotels & Motels $211.5 $15.0 –92.9% School & Educational (Private) $112.9 $14.1 –87.5% Public Utility (Private) $14.0 $4.4 T h i r d Q u a r t e r 2 0 2 1 Change –68.4% 69.1% Source: Ivory-Boyer Construction Database Table 7: Top-Ranked Counties for Nonresidential Construction Value, January–September 2020 and 2021 (Million dollars) County Additions, Alterations, and Repairs The value of addition, alteration, and repair permits totaled $1.5 billion through September, a 13.1% increase over 2020 and a record in terms of construction value. The nonresidential sector set another record through Q3 by permitting $1.2 billion of additions, alterations, and repairs. The residential sector permitted value decreased 2.5% from a record-setting 2020. Residential additions, alterations, and repairs added $331.0 million in construction activity, the second highest. Residential 2020 2021 Change Salt Lake $828.1 $797.3 –3.7% Utah $595.4 $695.2 16.8% Davis $129.7 $182.7 40.8% Washington $103.1 $155.8 51.1% Weber $47.9 $105.3 119.7% Source: Ivory-Boyer Construction Database 3 State, County, and City Details The following tables provide detailed data for permit-authorized construction in the third quarter of 2021. For monthly and year-todate data on residential type and construction value, see Table 8. For third quarter data on total units and construction value by city and county, see Table 9. Table 8: Construction Permit Summary, Third Quarter 2019–2021 (Million dollars) Percent Change 20–21 Month July 2019 2020 2021 Percent Change 20–21 Year-to-date 2019 2020 2021 Total New Dwelling Units 2,250 2,659 3,406 28.1% 15,902 16,451 23,273 41.5% Single Family 1,172 1,406 1,335 –5.1% 7,033 7,828 11,409 45.8% Multifamily 1,029 1,205 2,043 69.5% 8,564 7,973 11,552 44.9% Condo/Townhome/Duplex 447 723 482 –33.3% 3,148 3,906 4,480 14.7% Apartments (3+ units) 582 482 1,561 223.9% 5,416 4,067 7,072 73.9% All Other Units Residential Valuation 49 48 28 –41.7% 305 650 312 –52.0% $502.4M $584.8M $738.1M 26.22% $3,396.0M $3,524.7M $5,093.3M 44.50% Nonresidential Valuation $204.7M $281.2M $191.6M –31.9% $1,391.5M $1,385.4M $1,757.6M 26.9% Additions, Alterations, and Repairs $122.9M $137.1M $107.3M –21.7% $799.6M $951.9M $1,282.4M 34.7% Total Construction Value $829.9M $1,003.0M $1,037.0M 3.40% $5,587.1M $5,862.0M $8,133.2M 38.7% Percent Change 20–21 Month August 2019 2020 2021 Percent Change 20–21 Year-to-date 2019 2020 2021 Total New Dwelling Units 2,524 4,149 3,705 –10.7% 18,426 20,600 26,978 31.0% Single Family 1,126 1,460 1,301 –10.9% 8,159 9,288 12,710 36.8% Multifamily 31.0% 1,348 2,655 2,366 –10.9% 9,912 10,628 13,918 Condo/Townhome/Duplex 424 846 630 –25.5% 3,572 4,752 5,110 7.5% Apartments (3+ units) 924 1,809 1,736 –4.0% 6,340 5,876 8,808 49.9% All Other Units Residential Valuation 50 34 38 11.8% 355 684 350 –48.8% $532.4M $741.8M $739.8M –0.27% $3,928.4M $4,266.5M $5,833.1M 36.72% Nonresidential Valuation $280.7M $264.3M $275.6M 4.3% $1,672.2M $1,649.7M $2,033.2M 23.2% Additions, Alterations, and Repairs $130.3M $106.2M $154.3M 45.2% $929.9M $1,058.2M $1,436.6M 35.8% Total Construction Value $943.4M $1,112.3M $1,169.7M 5.16% $6,530.6M $6,974.4M $9,302.9M 33.4% Percent Change 20–21 Month September Total New Dwelling Units 2019 2020 2021 Percent Change 20–21 Year-to-date 2019 2020 2021 2,576 2,716 3,530 30.0% 21,002 23,316 30,508 30.9% Single Family 961 1,663 1,431 –14.0% 9,120 10,951 14,141 29.1% Multifamily 37.5% 1,494 1,000 2,068 106.8% 11,406 11,628 15,986 Condo/Townhome/Duplex 669 718 544 –24.2% 4,241 5,470 5,654 3.4% Apartments (3+ units) 825 282 1,524 440.4% 7,165 6,158 10,332 67.8% 121 53 31 –41.5% 476 737 381 –48.3% 34.23% All Other Units Residential Valuation $499.5M $637.6M $749.9M 17.61% $4,427.9M $4,904.1M $6,583.0M Nonresidential Valuation $217.6M $235.9M $225.0M –4.6% $1,889.8M $1,885.6M $2,258.2M 19.8% Additions, Alterations, and Repairs $144.1M $253.1M $111.7M –55.9% $1,074.1M $1,311.3M $1,548.4M 18.1% Total Construction Value $861.2M $1,126.6M $1,086.7M –3.54% $7,391.7M $8,101.0M $10,389.6M 28.3% Source: Ivory-Boyer Construction Database 4 Ivory-Boyer Construction Report Table 9: Permit-Authorized Construction, January–September 2021 (Thousand dollars) New Dwelling Units New Residential Valuation Additions/Alterations/Repairs New Nonresidential Valuation Residential Valuation Nonresidential Valuation Total Construction Value Beaver County Beaver Milford Other Beaver Co Total Percent Change 25 7 29 61 96.8% $9,541.2 $1,508.7 $8,679.7 $19,729.5 131.0% $10,112.7 $417.0 $2,786.3 $13,316.0 432.1% $202.9 $73.8 $102.5 $379.2 –67.6% $0.0 $0.0 $29.3 $29.3 95.4% $19,856.8 $1,999.4 $11,597.8 $33,454.0 173.6% 45 2 1 1 5 0 1 21 0 4 0 0 382 37 499 96.5% $9,688.0 $258.3 $358.8 $1,166.6 $963.3 $0.0 $1,379.2 $7,449.7 $0.0 $1,050.0 $0.0 $0.0 $56,425.8 $12,269.2 $91,008.9 51.8% $2,075.6 $53.8 $105.0 $0.0 $70.0 $0.0 $0.0 $429.2 $0.0 $0.0 $0.0 $0.0 $3,630.0 $290.3 $6,654.0 –36.8% $2,772.6 $249.7 $0.0 $0.0 $175.0 $0.0 $0.0 $797.8 $0.0 $0.0 $0.0 $0.0 $969.7 $799.9 $5,764.6 77.4% $5,774.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,314.8 $0.0 $0.0 $0.0 $0.0 $751.2 $0.0 $7,840.0 959.1% $20,310.2 $561.8 $463.8 $1,166.6 $1,208.3 $0.0 $1,379.2 $9,991.5 $0.0 $1,050.0 $0.0 $0.0 $61,776.7 $13,359.5 $111,267.5 49.5% 2 1 1 55 149 0 128 1 7 7 0 153 32 5 152 7 0 98 3 14 815 –15.1% $1,222.4 $398.0 $462.8 $27,953.6 $43,671.6 $0.0 $34,034.4 $375.9 $2,806.9 $1,711.9 $0.0 $29,202.2 $12,661.2 $2,025.1 $45,273.6 $2,158.3 $0.0 $26,715.2 $714.6 $5,080.5 $236,468.1 17.0% $32.0 $0.0 $0.0 $14,898.1 $3,120.0 $0.0 $50,322.8 $0.0 $1,594.1 $196.4 $0.0 $3,328.8 $1,643.9 $253.2 $2,934.8 $254.8 $208.3 $3,451.5 $38.3 $585.6 $82,862.5 67.8% $0.0 $0.0 $0.0 $385.7 $447.1 $0.0 $16,634.7 $0.0 $89.7 $50.5 $0.0 $753.2 $225.6 $43.2 $384.0 $250.8 $122.6 $465.3 $0.0 $262.1 $20,114.5 157.8% $0.0 $0.0 $0.0 $487.0 $0.0 $0.0 $47,041.2 $0.0 $1,198.8 $0.0 $0.0 $7,703.9 $0.0 $288.2 $1,924.3 $212.5 $0.0 $298.7 $0.0 $15.0 $59,169.7 90.7% $1,254.4 $398.0 $462.8 $43,724.4 $47,238.7 $0.0 $148,033.1 $375.9 $5,689.4 $1,958.7 $0.0 $40,988.0 $14,530.7 $2,609.7 $50,516.8 $2,876.4 $330.9 $30,930.6 $752.9 $5,943.3 $398,614.7 37.3% 1 3 29 11 0 0 1 45 150.0% $60.5 $573.6 $7,964.1 $2,355.5 $0.0 $0.0 $168.4 $11,122.2 158.5% $63.7 $65.0 $2,017.6 $468.8 $0.0 $0.0 $397.0 $3,012.0 –37.5% $172.1 $341.3 $538.4 $929.8 $1.0 $0.0 $194.8 $2,177.4 66.3% $6.3 $1,009.0 $0.0 $561.5 $0.0 $0.0 $0.0 $1,576.8 29.3% $302.5 $1,988.9 $10,520.2 $4,315.5 $1.0 $0.0 $760.2 $17,888.4 53.5% Box Elder County Brigham City Corinne Deweyville Elwood Garland Howell Mantua Other Box Elder Co Perry Plymouth Portage Snowville Tremonton Willard Total Percent Change Cache County Amalga Clarkston Cornish Hyde Park Hyrum Lewiston Logan Mendon Millville Newton Nibley North Logan Other Cache Co Paradise Providence Richmond River Heights Smithfield Trenton Wellsville Total Percent Change Carbon County East Carbon Helper Other Carbon Co Price Scofield Sunnyside Wellington Total Percent Change T h i r d Q u a r t e r 2 0 2 1 5 Table 9 (continued) Additions/Alterations/Repairs New Dwelling Units New Residential Valuation New Nonresidential Valuation Residential Valuation Nonresidential Valuation Total Construction Value Daggett County Manila Other Daggett Co Total Percent Change 0 0 0 NA $0.0 $0.0 $0.0 NA $0.0 $0.0 $0.0 NA $0.0 $0.0 $0.0 NA $0.0 $0.0 $0.0 NA $0.0 $0.0 $0.0 NA 47 18 804 138 269 2 131 469 372 0 42 0 680 21 191 20 3,204 61.5% $18,687.5 $5,948.1 $111,206.2 $39,481.2 $71,444.0 $1,837.4 $51,236.5 $110,913.2 $46,837.3 $0.0 $14,784.4 $0.0 $127,027.5 $8,301.4 $42,225.4 $8,044.1 $657,974.3 52.0% $1,834.2 $3,010.5 $4,629.8 $9,146.9 $5,542.3 $443.2 $11,764.3 $52,266.6 $10,206.8 $2,883.8 $1,518.2 $502.1 $29,154.6 $891.8 $2,575.9 $46,302.6 $182,673.6 40.8% $4,465.4 $1,971.1 $1,747.5 $3,270.7 $5,929.9 $1,851.8 $6,688.3 $3,671.0 $2,640.9 $15.2 $0.0 $403.8 $2,234.8 $225.3 $867.2 $1,228.6 $37,211.4 27.4% $1,790.0 $1,477.2 $3,255.4 $792.6 $15,271.3 $0.0 $4,068.3 $8,933.7 $6,655.4 $0.0 $0.0 $257.6 $797.2 $97.0 $18.0 $2,042.6 $45,456.2 –2.4% $26,777.1 $12,406.9 $120,838.8 $52,691.4 $98,187.5 $4,132.4 $73,757.4 $175,784.6 $66,340.4 $2,899.0 $16,302.6 $1,163.5 $159,214.1 $9,515.5 $45,686.5 $57,617.9 $923,315.5 44.6% 14 31 9 54 100.0% $3,478.3 $8,164.2 $3,809.6 $15,452.2 163.0% $1,251.1 $1,314.4 $20,857.3 $23,422.8 1329.3% $5.0 $967.3 $274.0 $1,246.3 576.8% $372.5 $260.0 $0.0 $632.5 12549.5% $5,106.9 $10,706.0 $24,940.9 $40,753.8 429.1% 0 0 0 1 0 1 2 0 1 0 5 NA $0.0 $0.0 $0.0 $200.0 $0.0 $200.0 $400.0 $0.0 $200.0 $0.0 $1,000.0 NA $5.0 $5.0 $0.0 $0.0 $0.0 $5.0 $5.0 $0.0 $0.0 $0.0 $20.0 NA $0.0 $0.0 $0.0 $0.0 $0.0 $5.0 $0.0 $0.0 $0.0 $0.0 $5.0 NA $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 NA $5.0 $5.0 $0.0 $200.0 $0.0 $210.0 $405.0 $0.0 $200.0 $0.0 $1,025.0 NA 0 4 0 0 11 0 1 11 36 12 75 200.0% $0.0 $637.6 $0.0 $0.0 $2,083.5 $0.0 $70.0 $651.8 $9,039.9 $1,462.8 $13,945.6 124.6% $54.8 $1,224.9 $7,203.8 $0.0 $193.2 $0.0 $325.0 $123.0 $847.8 $65.7 $10,038.3 891.2% $0.0 $50.0 $0.0 $0.0 $616.4 $0.0 $10.7 $42.0 $380.0 $15.0 $1,114.0 23.0% $0.0 $0.0 $0.0 $0.0 $35.9 $0.0 $0.0 $0.0 $202.5 $170.0 $408.5 783.1% $54.8 $1,912.5 $7,203.8 $0.0 $2,928.9 $0.0 $405.7 $816.8 $10,470.3 $1,713.6 $25,506.4 212.1% Davis County Bountiful Centerville Clearfield Clinton Farmington Fruit Heights Kaysville Layton North Salt Lake Other Davis Co South Weber Sunset Syracuse West Bountiful West Point Woods Cross Total Percent Change Duchesne County Duchesne Other Duchesne Co Roosevelt Total Percent Change Emery County Castle Dale Clawson Cleveland Elmo Emery Ferron Green River Huntington Orangeville Other Emery Co Total Percent Change Garfield County Antimony Boulder Bryce Canyon City Cannonville Escalante Hatch Henrieville Other Garfield Co Panguitch Tropic Total Percent Change 6 Ivory-Boyer Construction Report Table 9 (continued) Additions/Alterations/Repairs New Dwelling Units New Residential Valuation New Nonresidential Valuation Residential Valuation Nonresidential Valuation Total Construction Value Grand County Moab Other Grand Co Total Percent Change 16 63 79 –2.5% $3,904.5 $13,739.2 $17,643.8 –41.2% $3,250.1 $1,439.0 $4,689.1 –73.5% $1,142.0 $716.0 $1,858.0 –0.7% $1,739.8 $160.9 $1,900.6 –11.7% $10,036.4 $16,055.1 $26,091.5 –49.5% 657 100 33 6 19 815 44.2% $120,067.0 $27,052.2 $9,965.6 $1,323.6 $3,736.8 $162,145.2 47.0% $14,694.4 $10,125.9 $203.6 $28.6 $878.7 $25,931.2 105.1% $3,003.5 $822.4 $412.1 $436.2 $395.8 $5,070.0 58.3% $19,427.7 $1.2 $0.0 $0.0 $0.0 $19,428.8 30.0% $157,192.5 $38,001.7 $10,581.3 $1,788.4 $5,011.3 $212,575.2 50.7% 0 5 0 67 0 72 111.8% $0.0 $1,789.7 $0.0 $17,508.8 $0.0 $19,298.5 107.0% $0.0 $191.4 $0.0 $277.8 $0.0 $469.2 –75.1% $0.0 $0.0 $0.0 $111.8 $0.0 $111.8 –88.0% $0.0 $0.0 $0.0 $40.0 $0.0 $40.0 –93.8% $0.0 $1,981.1 $0.0 $17,938.4 $0.0 $19,919.5 55.9% 1 122 0 70 193 62.2% $150.0 $22,350.4 $0.0 $14,591.0 $37,091.4 24.3% $20.0 $820.4 $0.0 $162.0 $1,002.4 –76.3% $22.0 $586.0 $0.0 $100.0 $708.0 –52.4% $0.0 $113.7 $0.0 $0.0 $113.7 –4.1% $192.0 $23,870.5 $0.0 $14,853.0 $38,915.5 9.1% 3 4 0 2 0 3 16 28 –26.3% $4,374.2 $1,017.0 $0.0 $430.1 $0.0 $660.2 $3,301.7 $9,783.2 50.9% $432.8 $13,317.1 $0.0 $72.0 $0.0 $54.0 $762.6 $14,638.5 –10.1% $239.7 $250.4 $0.0 $40.0 $0.0 $0.0 $237.8 $767.9 –13.0% $627.0 $0.0 $0.0 $0.0 $0.0 $9.6 $0.0 $636.6 –29.2% $5,673.7 $14,584.5 $0.0 $542.1 $0.0 $723.8 $4,302.1 $25,826.3 5.2% 108 3 111 270.0% $36,910.7 $852.0 $37,762.7 228.9% $2,197.1 $0.0 $2,197.1 –55.4% $1,983.2 $0.0 $1,983.2 186.9% $1,314.0 $0.0 $1,314.0 3654.4% $42,405.0 $852.0 $43,257.0 152.4% 0 3 3 –25.0% $0.0 $396.9 $396.9 –63.9% $0.0 $0.0 $0.0 NA $0.0 $0.0 $0.0 NA $0.0 $0.0 $0.0 NA $0.0 $396.9 $396.9 –63.9% 210 25 0 235 968.2% $54,727.2 $3,362.2 $0.0 $58,089.4 531.9% $2,258.8 $555.0 $0.0 $2,813.8 228.7% $346.6 $284.0 $0.0 $630.6 –0.8% $50.0 $105.0 $0.0 $155.0 NA $57,382.5 $4,306.2 $0.0 $61,688.8 477.4% Iron County Cedar City Enoch Other Iron Co Paragonah Parowan Total Percent Change Juab County Eureka Levan Mona Nephi Other Juab Co Total Percent Change Kane County Glendale Kanab Orderville Other Kane Co Total Percent Change Millard County Delta Fillmore Hinckley Kanosh Lynndyl Oak City Other Millard Co Total Percent Change Morgan County Morgan Other Morgan Co Total Percent Change Piute County Kingston Other Piute Co Total Percent Change Rich County Garden City Other Rich Co Randolph Total Percent Change T h i r d Q u a r t e r 2 0 2 1 7 Table 9 (continued) Additions/Alterations/Repairs New Dwelling Units New Residential Valuation New Nonresidential Valuation Residential Valuation Nonresidential Valuation Total Construction Value Salt Lake County Alta Bluffdale Cottonwood Heights Draper Herriman Holladay Midvale Millcreek Murray Other Salt Lake Co Riverton Salt Lake City Sandy South Jordan South Salt Lake Taylorsville West Jordan West Valley City Total Percent Change 0 439 115 139 576 4 112 127 984 269 42 2,170 83 1,438 241 10 741 281 7,771 –5.7% $0.0 $53,970.5 $52,423.0 $69,783.9 $136,056.0 $1,782.4 $24,224.2 $37,920.6 $112,874.7 $36,640.8 $11,007.9 $326,260.4 $17,032.8 $289,007.0 $66,909.9 $2,504.6 $145,362.8 $59,370.9 $1,443,132.4 –5.1% $0.0 $17,456.2 $4,175.4 $64,082.2 $16,595.9 $229.4 $66,648.3 $74,061.3 $42,948.3 $3,222.0 $399.0 $325,349.0 $15,676.5 $59,641.0 $1,094.9 $6,497.2 $52,326.4 $46,860.5 $797,263.4 –3.7% $0.0 $2,811.2 $7,730.3 $8,920.4 $5,210.5 $49.3 $5,998.3 $19,491.7 $1,927.0 $386.0 $723.1 $34,114.9 $2,219.1 $6,147.0 $992.9 $4,607.1 $2,712.2 $7,313.0 $111,353.9 26.6% $0.0 $7,013.6 $5,054.5 $40,407.3 $5,910.0 $0.0 $5,968.6 $7,052.2 $13,092.6 $305.0 $61.5 $636,951.0 $14,774.2 $26,835.0 $9,986.9 $1,632.2 $33,051.1 $46,633.0 $854,728.8 29.4% $0.0 $81,251.5 $69,383.2 $183,193.7 $163,772.4 $2,061.1 $102,839.5 $138,525.8 $170,842.7 $40,553.8 $12,191.5 $1,322,675.2 $49,702.6 $381,630.0 $78,984.6 $15,241.2 $233,452.5 $160,177.4 $3,206,478.6 3.5% 4 0 0 4 –78.9% $1,079.8 $0.0 $0.0 $1,079.8 –71.9% $429.1 $0.0 $0.0 $429.1 –93.3% $0.0 $0.0 $50.0 $50.0 –91.9% $0.0 $0.0 $0.0 $0.0 –100.0% $1,508.9 $0.0 $50.0 $1,558.9 –87.8% 13 42 9 2 8 8 16 0 12 15 79 12 0 4 220 436.6% $1,874.0 $5,569.9 $1,372.1 $330.7 $1,701.2 $1,700.2 $2,720.7 $0.0 $1,594.2 $2,528.7 $16,478.7 $2,157.1 $0.0 $756.7 $38,784.2 403.8% $100.0 $5,455.1 $755.6 $28.1 $183.4 $8,314.7 $166.2 $6.6 $85.0 $512.0 $1,715.6 $644.7 $76.0 $42.3 $18,085.3 2994.3% $0.0 $289.0 $65.0 $2.9 $113.6 $57.0 $224.0 $42.1 $64.2 $23.3 $824.9 $21.7 $0.0 $16.0 $1,743.7 1066.1% $0.0 $205.2 $0.0 $0.0 $0.0 $0.0 $42.8 $0.0 $0.0 $112.0 $35.0 $7.3 $0.0 $0.0 $402.2 1911.0% $1,974.0 $11,519.2 $2,192.7 $361.7 $1,998.2 $10,071.9 $3,153.6 $48.7 $1,743.4 $3,176.0 $19,054.2 $2,830.8 $76.0 $815.0 $59,015.4 598.2% 3 3 0 1 0 0 0 13 8 $961.0 $803.0 $0.0 $189.9 $0.0 $0.0 $0.0 $3,011.2 $500.0 $64.8 $503.0 $280.4 $110.0 $300.0 $20.0 $80.0 $527.1 $0.0 $13.0 $160.0 $47.0 $129.0 $0.0 $0.0 $75.0 $440.7 $29.2 $0.0 $0.0 $40.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,038.8 $1,466.0 $367.4 $428.9 $300.0 $20.0 $155.0 $3,979.0 $529.2 San Juan County Blanding Monticello Other San Juan Co Total Percent Change Sanpete County Centerfield Ephraim Fairview Fayette Fountain Green Gunnison Manti Mayfield Moroni Mount Pleasant Other Sanpete Co Spring City Sterling Wales Total Percent Change Sevier County Annabella Aurora Central Valley Elsinore Glenwood Joseph Koosharem Monroe Other Sevier Co 8 Ivory-Boyer Construction Report Table 9 (continued) Additions/Alterations/Repairs New Dwelling Units Redmond Richfield Salina Sigurd Total Percent Change New Residential Valuation New Nonresidential Valuation Residential Valuation Nonresidential Valuation Total Construction Value 2 11 7 0 48 –5.9% $489.0 $4,015.9 $1,476.7 $0.0 $11,446.6 7.8% $36.0 $1,900.0 $672.8 $98.7 $4,592.8 –50.6% $118.0 $390.5 $16.0 $40.0 $1,458.4 85.3% $137.0 $117.5 $184.6 $0.0 $479.1 –40.7% $780.0 $6,423.9 $2,350.0 $138.7 $17,976.9 –16.4% 21 12 0 24 392 449 199.3% $5,421.3 $2,300.0 $0.0 $3,150.0 $57,136.5 $68,007.8 208.6% $725.1 $70.0 $25.0 $10.0 $5,695.0 $6,525.1 –2.2% $33.0 $55.0 $5.0 $80.0 $3,075.0 $3,248.0 49.9% $100.0 $200.0 $0.0 $150.0 $5,265.0 $5,715.0 27.1% $6,279.4 $2,625.0 $30.0 $3,390.0 $71,171.5 $83,495.9 136.0% 218 5 480 0 703 50.9% $63,347.4 $1,058.6 $115,760.9 $0.0 $180,167.0 78.6% $5,052.9 $0.0 $40,085.0 $25.0 $45,162.9 423.1% $2,150.3 $0.0 $4,882.1 $0.0 $7,032.4 93.2% $806.5 $0.0 $4,178.0 $4.8 $4,989.2 74.9% $71,357.0 $1,058.6 $164,906.1 $29.8 $237,351.5 104.6% 2 7 64 15 88 158.8% $600.0 $2,203.4 $14,447.9 $3,279.0 $20,530.4 108.2% $2,168.6 $1,341.2 $2,097.9 $25,034.9 $30,642.6 513.4% $0.0 $176.1 $574.1 $1,323.9 $2,074.1 –16.9% $0.0 $2,045.0 $222.0 $1,547.1 $3,814.1 –65.6% $2,768.7 $5,765.7 $17,342.0 $31,184.9 $57,061.3 100.8% 57 1,609 46 1,217 35 2 207 1,682 84 202 253 40 221 242 654 93 449 1,385 518 303 329 0 9,628 69.8% $31,289.0 $275,320.0 $19,188.4 $320,370.1 $14,392.3 $660.5 $84,829.2 $345,585.3 $27,647.3 $66,981.0 $47,063.3 $25,063.3 $34,238.6 $71,290.3 $88,898.4 $41,968.2 $114,767.8 $296,125.5 $106,229.7 $70,123.5 $92,031.3 $0.0 $2,174,063.0 50.8% $7,429.0 $14,551.1 $340.0 $127,300.6 $678.2 $0.0 $9,087.6 $81,384.5 $23,152.2 $6,609.0 $48,021.3 $25,709.7 $7,803.1 $29,391.8 $52,479.6 $1,360.4 $5,801.7 $58,374.8 $117,893.9 $56,801.6 $21,014.9 $0.0 $695,184.9 16.8% $7,111.1 $4,707.3 $2,610.3 $1,950.4 $1,069.0 $0.2 $7,887.6 $11,573.8 $1,283.1 $2,159.0 $3,759.5 $2,543.7 $2,839.9 $2,374.1 $7,793.6 $1,041.6 $1,571.0 $9,364.0 $5,084.0 $2,972.5 $4,531.4 $0.0 $84,227.2 –41.9% $0.0 $8,587.6 $100.0 $336.9 $0.0 $26.0 $995.0 $12,122.3 $6,016.4 $0.0 $12,946.2 $0.0 $360.9 $3,036.6 $26,813.0 $223.4 $703.7 $4,318.4 $39,739.5 $13,830.7 $4,858.0 $0.0 $135,014.7 48.3% $45,829.0 $303,166.0 $22,238.7 $449,958.0 $16,139.5 $686.7 $102,799.4 $450,666.0 $58,099.1 $75,749.0 $111,790.3 $53,316.7 $45,242.4 $106,092.7 $175,984.6 $44,593.6 $122,844.2 $368,182.6 $268,947.1 $143,728.3 $122,435.7 $0.0 $3,088,489.8 35.9% Summit County Coalville Kamas Oakley Other Summit Co Park City Total Percent Change Tooele County Grantsville Other Tooele Co Tooele Wendover Total Percent Change Uintah County Ballard Naples Other Uintah Co Vernal Total Percent Change Utah County Alpine American Fork Cedar Hills Eagle Mountain Elk Ridge Goshen Highland Lehi Lindon Mapleton Orem Other Utah Co Payson Pleasant Grove Provo Salem Santaquin Saratoga Springs Spanish Fork Springville Vineyard Woodland Hills Total Percent Change T h i r d Q u a r t e r 2 0 2 1 9 Table 9 (continued) Additions/Alterations/Repairs New Dwelling Units New Residential Valuation New Nonresidential Valuation Residential Valuation Nonresidential Valuation Total Construction Value Wasatch County Heber City Midway Other Wasatch Co Total Percent Change 363 124 376 863 215.0% $102,294.0 $63,436.1 $160,889.4 $326,619.6 183.6% $18,446.7 $2,746.7 $2,140.5 $23,333.9 49.0% $2,831.2 $3,788.4 $2,632.7 $9,252.2 –1.4% $1,480.2 $6,598.3 $0.0 $8,078.5 401.7% $125,052.2 $76,569.5 $165,662.6 $367,284.2 159.0% 46 564 234 38 1 38 98 18 1,255 0 749 3,041 4.3% $11,300.3 $88,793.8 $73,651.0 $9,112.4 $282.2 $12,271.5 $22,930.4 $3,129.0 $198,425.1 $0.0 $182,086.6 $601,982.3 18.9% $658.3 $15,936.0 $6,295.7 $1,138.2 $0.0 $23,157.4 $7,400.9 $484.9 $88,221.4 $0.0 $12,502.2 $155,795.0 51.1% $5.7 $1,188.5 $945.4 $338.6 $0.0 $435.6 $686.8 $2,395.9 $3,011.3 $0.0 $1,522.5 $10,530.3 34.0% $10.0 $801.5 $0.0 $220.0 $0.0 $0.0 $1,103.0 $0.0 $13,409.9 $0.0 $1,096.3 $16,640.7 –81.8% $11,974.3 $106,719.8 $80,892.1 $10,809.2 $282.2 $35,864.5 $32,121.1 $6,009.8 $303,067.6 $0.0 $197,207.6 $784,948.2 10.7% 0 0 19 4 23 130.0% $0.0 $0.0 $4,617.9 $740.0 $5,357.9 95.8% $0.0 $0.0 $765.5 $1,413.4 $2,178.9 190.5% $0.0 $0.0 $85.0 $1.1 $86.1 –60.6% $0.0 $0.0 $150.0 $10.0 $160.0 16.8% $0.0 $0.0 $5,618.4 $2,164.5 $7,782.9 102.6% 63 2 29 0 218 106 83 62 16 57 182 0 14 544 1,376 10.3% $18,869.3 $400.0 $14,961.7 $0.0 $54,673.8 $45,246.8 $23,346.3 $29,569.6 $4,777.8 $13,334.4 $23,685.1 $0.0 $3,298.0 $90,756.8 $322,919.5 37.4% $6,080.3 $155.0 $587.2 $0.0 $69,600.9 $7,231.3 $1,699.9 $2,382.7 $385.0 $4,015.2 $2,127.4 $912.4 $2,136.6 $7,949.3 $105,263.4 119.7% $801.5 $55.0 $634.6 $0.0 $8,649.8 $2,883.1 $1,133.2 $834.2 $516.2 $2,097.6 $754.4 $318.5 $778.6 $1,343.3 $20,800.0 82.2% $283.5 $225.0 $0.0 $0.0 $41,675.0 $150.0 $0.0 $239.2 $3,047.5 $1,098.2 $709.9 $559.8 $60.0 $609.2 $48,657.3 128.5% $26,034.6 $835.0 $16,183.4 $0.0 $174,599.6 $55,511.2 $26,179.4 $33,025.6 $8,726.5 $20,545.4 $27,276.8 $1,790.8 $6,273.2 $100,658.8 $497,640.2 57.7% 30,508 30.8% $6,583,002.2 34.2% $2,258,197.8 19.8% $330,998.3 1.8% $1,217,381.4 23.5% $10,389,579.6 28.3% Washington County Enterprise Hurricane Ivins La Verkin Leeds Other Washington Co Santa Clara Springdale St. George Virgin Washington Total Percent Change Wayne County Hanksville Loa Other Wayne Co Torrey Total Percent Change Weber County Farr West Harrisville Huntsville North Ogden Ogden Other Weber Co Plain City Pleasant View Riverdale Roy South Ogden Uintah Washington Terrace West Haven Total Percent Change State Total Total Percent Change NA: The amount increased from zero in the previous period. Source: Ivory-Boyer Construction Database 10 Ivory-Boyer Construction Report The Ivory-Boyer Real Estate Center partners with the Kem C. Gardner Policy Institute to prepare this report. Both entities are located in the David Eccles School of Business. Together they seek to share data and analysis and train real estate professionals to support a vibrant housing, construction, and real estate industry in Utah. To learn more visit www.eccles.utah.edu or contact the Eccles School at 801-581-5588. Ivory-Boyer Real Estate Center Advisory Board Dana Baird Scott Bates Roger Boyer Andrew Bybee Phil Cook Flyn Dawson Rocky Derrick Jeff Duke Fred Fairclough, Jr. Rob Fetzer Marlise Fisher Jeff Gochnour Clark Ivory Barb Johnson Ronda Landa Bob Moore Michael Morris Shaun Nielson Kip Paul Walt Plumb Mike Roderick Michael W. Sansom Rick Woodbury Kem C. Gardner Policy Institute Advisory Board Conveners Kem C. Gardner Kimberly Gardner Natalie Gochnour Brandy Grace Rachel Hayes Clark Ivory Mike S. Leavitt Derek Miller Ann Millner Sterling Nielsen Cristina Ortega Jason Perry Ray Pickup Gary B. Porter Taylor Randall Jill Remington Love Brad Rencher Michael O. Leavitt Mitt Romney Board Scott Anderson, Co-Chair Gail Miller, Co-Chair Doug Anderson Deborah Bayle Cynthia A. Berg Roger Boyer Wilford Clyde Sophia M. DiCaro Cameron Diehl Lisa Eccles Spencer P. Eccles Christian Gardner Kem C. Gardner Policy Institute 411 East South Temple Street, Salt Lake City, Utah 84111 801-585-5618 gardner.utah.edu I Josh Romney Charles W. Sorenson James Lee Sorenson Vicki Varela Ex Officio (invited) Governor Spencer Cox Speaker Brad Wilson Senate President Stuart Adams Representative Brian King Senator Karen Mayne Mayor Jenny Wilson Mayor Erin Mendenhall