Salt Lake City's population is 1.2M, with a total workforce of 716K. The labor market grew by 21,500 jobs over the past year, up by 3.0%. The median household income in Salt Lake City is $71,389, 4.7% higher than last year and 16.3% above the national average of $61,372. In the housing market, total permits issued totaled 8,878 over the last twelve months, down 1.7% year-over-year.
Salt Lake City has 347 active new home projects on the market, 15.0% fewer than the 408 from last year. The average list price in the market is $407,205, 6.2% higher than last year and 27.3% above the national average. Over the last three months, new home contracts increased by 4.3% to 1,806. Lehi and Saratoga Springs had the highest concentration of the new home contracts in the Salt Lake City market.