Another Reason to Love Utah

In case you didn’t see, CNN just released a list of the top 100 places in the United States to start a business. The top spot? Bellevue Washington. To be honest, that really didn’t matter to me. What caught my eye was when I saw Salt Lake City at the #15 spot on the list.

Why Salt Lake City?

According to the article, not only do Utahns benefit from the 11 local ski resorts, they also have the Utah Microenterprize Loan Fund which provides start up capital for business requiring fewer than 5 employees and $35,000 initial investment. The article also mentions the Salt Lake County Economic Development Office which has grant programs, free education programs and loan programs available.

How does that relate to Mortgages and Real Estate in Utah?

A strong economic outlook for a state will lead to lower unemployment rates, which in turn leads to higher income levels, which leads to increased consumer spending, thereby creating more consumer confidence, and thus encouraging investing. In addition, lower levels of unemployment leads to fewer foreclosures.

A good state economy will make it easier for new jobs to be created. As individuals move from other states in search of higher paying jobs there will be an increase demand for existing housing as well as new home construction.

As the state economy remains healthy, in spite of the slipping of the economies of neighboring states, investors will experience an increase in confidence regarding lending in Utah. Eventually such confidence will lead to lower interest rates.

Yet another reason why I just never understand the people who tell me they don’t like living in Utah. If you would be more comfortable in one of the roughly 45 States with worse economic conditions than Utah, be my guest. As for me . . . well, you know what I think!