Salt Lake City's population is 1.2M, with a total workforce of 716K. The labor market grew by 20,600 jobs over the past year, up by 2.9%. 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 344 active new home projects on the market, 15.5% fewer than the 407 from last year. The average list price in the market is $393,505, 0.5% higher than last year and 22.9% above the national average. Over the last three months, new home contracts increased by 12.2% to 2,064. South Jordan and Saratoga Springs had the highest concentration of the new home contracts in the Salt Lake City market.