The U.S. Bureau of Economic Analysis just released 2012 Gross Domestic Product (GDP) estimates for Metropolitan Statistical Areas (MSAs) in the United States. On average, MSA real GDP (adjusted for inflation) increased by 2.5 percent in 2012—slightly lower than the total U.S. average of 2.8 percent.
Nationally, Texas and Indiana dominated the rankings for the fastest-growing MSAs. Each of these states placed three MSAs among the top ten. The New Orleans and San Francisco MSAs showed the fastest-growing large MSA economies.
Showing posts with label Region--Southwest. Show all posts
Showing posts with label Region--Southwest. Show all posts
Wednesday, September 18, 2013
Monday, February 25, 2013
2011 Advance GDP by Metropolitan Area Released
The U.S. Bureau of Economic Analysis recently released gross domestic product estimates for the nation’s 366 metropolitan areas. In 2011, metropolitan area growth registered an average of 1.6 percent—just slightly higher than the U.S. total (1.5 percent). However, the growth rate for metro areas dropped noticeably from the 2010 expansion of 3.1 percent.
Only 242 of the nation’s metropolitan areas experienced a 2011 gain in GDP. However, all of Utah’s metro area’s showed increases equal to or greater than the U.S. metro average. Both Ogden/Clearfield and Provo/Orem generated gains of greater than 5 percent. Lowest on the scale proved the Logan metro area with a gain of only 1.6 percent. For more information on the current release, click here.
Only 242 of the nation’s metropolitan areas experienced a 2011 gain in GDP. However, all of Utah’s metro area’s showed increases equal to or greater than the U.S. metro average. Both Ogden/Clearfield and Provo/Orem generated gains of greater than 5 percent. Lowest on the scale proved the Logan metro area with a gain of only 1.6 percent. For more information on the current release, click here.
Wednesday, October 31, 2012
Utah's Thirst for Water Comes with $13.7 Billion Price Tag
A statewide list of water projects, including their costs, is being shopped to Utah lawmakers, along with the warning that it is better to plan now and pay now, rather than wait until dams fail or taps run dry.
The numbers are staggering, adding up to $13.7 billion. And that doesn't include billions identified for controversial projects such as the Lake Powell Pipeline or the Bear River Development project.
The Utah divisions of water quality and water resources and other public agencies compiled the list of water infrastructure needs in Utah that provides just one glimpse of a national problem decades in the making.
A roundtable highlighting the water infrastructure challenges across the country estimated the cost to maintain and replace drinking water systems alone at $1 trillion. Hosted by the Conservation Leadership Partnership, the discussion earlier this month took on new urgency as most of the nation continues to recover from the worst drought in 50 years.
The partnership is an initiative seeking to broker new alternatives to persistent conservation problems, emphasizing the need for public-private partnerships and entrepreneurship and "ground-up" solutions. Deseret News
Monday, March 12, 2012
Foreclosure Rates
I've had a couple of questions lately about where to find foreclosure rates by county. Without paying for information, county-level foreclosure rates are hard to find and when you can find them, the numbers are old (HUD foreclosure rates, 2008; New York Federal Reserve Bank, Third Quarter 2010). Some private entities (such as Realty Trac) publish limited free foreclosure information. However, they don't publish their methodology and an analysis of their figures suggest they may leave something to be desired.
However, for Metropolitan Statistical Areas (MSAs), I have found what looks to be some decent free and relatively up-to-date foreclosure data. This analysis of LPS Applied Analytics Data by the Local Initiatives Support Corporation (LISC) is well documented and on-going. And, their methodology is available so the data-user can understand the data itself. You can access their data by clicking here.
I've also thrown together some visualizations of their foreclosure data below. First some definitions:
Foreclosure Rate: Percent of all mortgages in the foreclosure inventory in the reference month. Mortgages in the foreclosure inventory include those in foreclosure and bankruptcy foreclosures prior to auction or trustee sale.
Prime Foreclosure Rate: Percent of all prime mortgages in the foreclosure inventory in the reference month. Prime mortgages are those that are Grade A, not a government product or government-insured, and either with 1) credit scores over 720 or 2) credit scores are from 680-719 with full documentation.
Subprime Foreclosure Rate: Percent of all subprime mortgages in the foreclosure inventory in the reference month. Subprime mortgages are those that a servicer coded as subprime or loans made to borrowers with FICO scores below 620 who did not receive a government, Fannie Mae or Freddie Mac loan.
Serious Delinquency Rate: Percent of all mortgages either 90 or more days delinquent or in the foreclosure inventory in the reference month.
90+ Delinquency Rate: Percent of all mortgages 90 or more days delinquent and have not yet entered into judicial or non-judicial foreclosure in the reference month.
Not surprisingly, Utah's poster child for the housing bubble, the St. George, UT MSA (Washington County), shows the rates for most worst measures. On the other hand, it still ranks far below some of the worst MSAs (many in Florida and also nearby Las Vegas). In June 2011, Washington County's foreclosure rate ranking measured 146 and its serious delinquency rate measured 130. The Salt Lake City MSA showed the next Utah highest rankings, while the Logan, UT-ID MSA showed the lowest foreclosure rankings. Hmmm. . .Utah MSAs with the most bubble-like increases in home prices (see the previous post) also show the highest foreclosure rates. While the MSA in Utah with the smallest home-price acceleration during the boom (Logan, UT-ID MSA) shows the lowest foreclosure ranking in Utah. Coincidence? I think not.
You'll also notice that all the Utah MSAs show a decline in serious delinquency rates since the national peak in foreclosures in December 2009. In this case, the St. George, UT MSA has shown the most improvement.
However, for Metropolitan Statistical Areas (MSAs), I have found what looks to be some decent free and relatively up-to-date foreclosure data. This analysis of LPS Applied Analytics Data by the Local Initiatives Support Corporation (LISC) is well documented and on-going. And, their methodology is available so the data-user can understand the data itself. You can access their data by clicking here.
I've also thrown together some visualizations of their foreclosure data below. First some definitions:
Foreclosure Rate: Percent of all mortgages in the foreclosure inventory in the reference month. Mortgages in the foreclosure inventory include those in foreclosure and bankruptcy foreclosures prior to auction or trustee sale.
Prime Foreclosure Rate: Percent of all prime mortgages in the foreclosure inventory in the reference month. Prime mortgages are those that are Grade A, not a government product or government-insured, and either with 1) credit scores over 720 or 2) credit scores are from 680-719 with full documentation.
Subprime Foreclosure Rate: Percent of all subprime mortgages in the foreclosure inventory in the reference month. Subprime mortgages are those that a servicer coded as subprime or loans made to borrowers with FICO scores below 620 who did not receive a government, Fannie Mae or Freddie Mac loan.
Serious Delinquency Rate: Percent of all mortgages either 90 or more days delinquent or in the foreclosure inventory in the reference month.
90+ Delinquency Rate: Percent of all mortgages 90 or more days delinquent and have not yet entered into judicial or non-judicial foreclosure in the reference month.
Not surprisingly, Utah's poster child for the housing bubble, the St. George, UT MSA (Washington County), shows the rates for most worst measures. On the other hand, it still ranks far below some of the worst MSAs (many in Florida and also nearby Las Vegas). In June 2011, Washington County's foreclosure rate ranking measured 146 and its serious delinquency rate measured 130. The Salt Lake City MSA showed the next Utah highest rankings, while the Logan, UT-ID MSA showed the lowest foreclosure rankings. Hmmm. . .Utah MSAs with the most bubble-like increases in home prices (see the previous post) also show the highest foreclosure rates. While the MSA in Utah with the smallest home-price acceleration during the boom (Logan, UT-ID MSA) shows the lowest foreclosure ranking in Utah. Coincidence? I think not.
You'll also notice that all the Utah MSAs show a decline in serious delinquency rates since the national peak in foreclosures in December 2009. In this case, the St. George, UT MSA has shown the most improvement.
Tuesday, January 31, 2012
Provo women earn some of the lowest salaries in the largest U.S. Metropolitan Areas
Women in Provo have some of the lowest average salaries in the country, according to a Forbes analysis of the 2010 American Community Survey by the U.S. Census Bureau. Provo women are making on average less than $37,000 a year, according to the report. Provo women are making on average less than $37,000 a year, according to the report. Deseret News
Note:
Since I am interested in women's labor force issues and don't usually look at this type of data below the statewide level, I took the opportunity to look at the actual Forbes article. Forbes used 2010 American Community Survey data for "large" Metropolitan Statistical Areas (MSAs) and focused on females working year-round and full-time. Unfortunately for comparative purposes, Forbes doesn't tell us what they considered a large MSA.
With median female earnings for year-round, full-time workers of $31,400, the Provo/Orem MSA ranks 249 out of 374 MSAs nationwide. Incidentally, the "smaller" MSAs of Logan and St. George showed lower female median earnings ($27,100 and $26,700, respectively). Other large Utah MSAs appear higher in the rankings--Salt Lake ranks 154, while the Ogden/Clearfield MSA ranks in the 200 spot.
However, keep in mind that areas with low female earnings might also have low earnings for both genders. In other words, an MSA's low female earnings may be reflected in low male earnings as well. Cost of living, age of the labor force, industrial mix, etc. affects wages generally. . .not just for women. In my mind, the true question perhaps should be: How do men and women's earnings compare in Utah's most populous communities?
In 2010, U.S. median earnings for women working year-round, full-time measured 78.6 percent of the comparable male figure. (This wage gap has contracted decidedly in recent decades.) How do Utah's MSAs stack up? Honestly, not so great. The Ogden/Clearfield MSA shows a female/male wage ratio of 63 percent, the Provo/Orem MSA shows 65 percent ratio. Logan's ratio measures 70 percent, and St. George's figure is 71 percent. Even in Utah's best MSA performer--Salt Lake City--the female median wage measures only 74 percent of the male median wage. More than 70 percent of the nation's MSAs show female/male wage ratios better than Salt Lake City.
What's up? Why the low female-to-male wage rations in Utah? Undoubtedly many factors come into play. However, one major influence on the large difference in wages seems to come to the forefront. I call it the "education gap" and it is a primary factor behind Utah's larger-than-average wage gap. Statistically, there is a well-know relationship behind one's earnings and one's education. In general, the higher a person's level of education, the higher their earnings.
What's the education gap? By my reckoning, it is simply the percentage point difference between the share of the male population (over 25) with at least a Bachelor's degree and the share of the female population (over 25) with at least a Bachelor's degree. Nationally, there is a six-tenths of a point difference in the share of men and women with at least a Bachelor's degree (28.5 percent and 27.9 percent, respectively). In other words, in the U.S. there is currently very little difference between the share of men and women with a four-year degree or better.
The three MSAs with the largest male/female education gap in the nation? Number 1--Provo/Orem, Utah (11.3 percentage points). Neck and Neck for the number 2 spot--St. George, Utah (9.8 percentage points) and Ogden/Clearfield, UT (9.8 percentage points). Logan's performance is somewhat better--"only" a 4.2 point difference. The Salt Lake MSA managed the smallest Utah education gap--still large at 2.5 percentage points. Every single Utah MSA ranked among the 20 percent of MSAs with the largest education gaps.
Keep in mind that in 40 percent of the nation's Metropolitan Statistical Areas, a higher percentage of women have obtained a Bachelor's degree than have men. If Utah's women are falling far behind men in educational attainment, it should come as no surprise that they are falling far behind men in earnings.
Note:
Since I am interested in women's labor force issues and don't usually look at this type of data below the statewide level, I took the opportunity to look at the actual Forbes article. Forbes used 2010 American Community Survey data for "large" Metropolitan Statistical Areas (MSAs) and focused on females working year-round and full-time. Unfortunately for comparative purposes, Forbes doesn't tell us what they considered a large MSA.
With median female earnings for year-round, full-time workers of $31,400, the Provo/Orem MSA ranks 249 out of 374 MSAs nationwide. Incidentally, the "smaller" MSAs of Logan and St. George showed lower female median earnings ($27,100 and $26,700, respectively). Other large Utah MSAs appear higher in the rankings--Salt Lake ranks 154, while the Ogden/Clearfield MSA ranks in the 200 spot.
However, keep in mind that areas with low female earnings might also have low earnings for both genders. In other words, an MSA's low female earnings may be reflected in low male earnings as well. Cost of living, age of the labor force, industrial mix, etc. affects wages generally. . .not just for women. In my mind, the true question perhaps should be: How do men and women's earnings compare in Utah's most populous communities?
In 2010, U.S. median earnings for women working year-round, full-time measured 78.6 percent of the comparable male figure. (This wage gap has contracted decidedly in recent decades.) How do Utah's MSAs stack up? Honestly, not so great. The Ogden/Clearfield MSA shows a female/male wage ratio of 63 percent, the Provo/Orem MSA shows 65 percent ratio. Logan's ratio measures 70 percent, and St. George's figure is 71 percent. Even in Utah's best MSA performer--Salt Lake City--the female median wage measures only 74 percent of the male median wage. More than 70 percent of the nation's MSAs show female/male wage ratios better than Salt Lake City.
What's up? Why the low female-to-male wage rations in Utah? Undoubtedly many factors come into play. However, one major influence on the large difference in wages seems to come to the forefront. I call it the "education gap" and it is a primary factor behind Utah's larger-than-average wage gap. Statistically, there is a well-know relationship behind one's earnings and one's education. In general, the higher a person's level of education, the higher their earnings.
What's the education gap? By my reckoning, it is simply the percentage point difference between the share of the male population (over 25) with at least a Bachelor's degree and the share of the female population (over 25) with at least a Bachelor's degree. Nationally, there is a six-tenths of a point difference in the share of men and women with at least a Bachelor's degree (28.5 percent and 27.9 percent, respectively). In other words, in the U.S. there is currently very little difference between the share of men and women with a four-year degree or better.
The three MSAs with the largest male/female education gap in the nation? Number 1--Provo/Orem, Utah (11.3 percentage points). Neck and Neck for the number 2 spot--St. George, Utah (9.8 percentage points) and Ogden/Clearfield, UT (9.8 percentage points). Logan's performance is somewhat better--"only" a 4.2 point difference. The Salt Lake MSA managed the smallest Utah education gap--still large at 2.5 percentage points. Every single Utah MSA ranked among the 20 percent of MSAs with the largest education gaps.
Keep in mind that in 40 percent of the nation's Metropolitan Statistical Areas, a higher percentage of women have obtained a Bachelor's degree than have men. If Utah's women are falling far behind men in educational attainment, it should come as no surprise that they are falling far behind men in earnings.
Saturday, January 28, 2012
Utah hotel occupancy, rates up slightly
Utah occupancy and average daily room rate for hotels and motels were both up slightly in 2011. According to the Utah edition of the Rocky Mountain Lodging Report, the 2011 occupancy rate was 62.7 percent, up from 59.7 percent in 2010.
The average daily room rate for the year to date was $95.69, compared to $93.29 for 2010. Revenue per daily room rose as well, from $55.70 in 2010 compared to $60.04 for 2011. Salt Lake City recorded the best in 2011, with a 69.6 percent occupancy rate and average daily room rate of $93.65.
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Ogden occupancy was at 60.7 percent, Cedar City at 53 percent, St. George at 60.1 percent, Logan and Utah County at 58.1 percent, and other Utah cities and towns at 61.2 percent. Salt Lake Tribune
Monday, December 19, 2011
Think tank ranks Utah cities among those best for business
The Milken Institute, founded in 1991 and based in California, has released a new list of best performing cities for the year. Salt Lake City, Provo and Ogden ranked in the Top 25 among large metro cities, while Logan ranked No. 1 among small cities. Logan skyrocketed from its No. 19 ranking in last year's list.
The research looked at 179 small cities and 200 large metros. In the large-city category, Salt Lake was ranked No. 6, Provo was listed at No. 9, and Ogden took the 15th spot on the list. St. George, which falls in the small-city category, was ranked 124th. No other Utah cities made the list. Herald Journal
The research looked at 179 small cities and 200 large metros. In the large-city category, Salt Lake was ranked No. 6, Provo was listed at No. 9, and Ogden took the 15th spot on the list. St. George, which falls in the small-city category, was ranked 124th. No other Utah cities made the list. Herald Journal
Tuesday, September 13, 2011
Most of Utah's Metropolitan Statistical Areas experience GDP growth in 2010
The U.S. Bureau of Economic Analysis just released annual Gross Domestic Product (GDP) estimates for Metropolitan Statistical Areas (MSAs) today. Remember that GDP represents the value of all goods and services produced in an area. Real (inflation-adjusted) U.S. GDP for metropolitan area increased an average 2.5 percent in 2010 after declining 2.5 percent in 2009. Growth proved widespread with real GDP increasing in 304 of 366 (83 percent) metropolitan areas, led by national growth in durable-goods manufacturing, trade, and financial activities.
In Utah, growth also dominated the figures with only the St. George, UT MSA displaying an annual decline in real GDP (down 1.6 percent). In general, GDP growth in Utah's MSAs registered below average. The Logan UT, MSA showed the most rapid expansion (4.0 percent).
For more information about the 2010 GDP figures for MSAs, click here.
In Utah, growth also dominated the figures with only the St. George, UT MSA displaying an annual decline in real GDP (down 1.6 percent). In general, GDP growth in Utah's MSAs registered below average. The Logan UT, MSA showed the most rapid expansion (4.0 percent).
For more information about the 2010 GDP figures for MSAs, click here.
Tuesday, August 9, 2011
New Total Personal Income Estimates at the Metropolitan Statistical Level
The U.S. Bureau of Economic Analysis (BEA) has just released 2010 total personal income estimates for U.S. Metropolitan Statistical Areas (MSAs). According to BEA, personal income rose in 2010 in all but four of the nation’s 366 metropolitan statistical areas. Fortunately, none of Utah's five MSAs ranked among those with declining personal income. On the other hand, some MSAs performed far better than others. Overall, personal income in the U.S. increased 2.9 percent between 2009 and 2010. Here's a few highlights of the MSA stats:
Logan, UT-ID MSA--Personal income in this MSA totaled $3.4 billion in 2010, an increase of 4.1 percent from the previous year. This ranked this MSA 53rd in terms of growth--the highest of any Utah area. This area also showed the highest gains in net earnings--3.4 percent.
Ogden-Clearfield, UT MSA-- In 2010, personal income in this MSA reached $18.2 billion reflecting a 2.7 percent gain over 2009. This MSA showed the third highest growth in personal income among Utah MSAs and ranked 197 (out of 366 MSAs) nationally.
Provo-Orem, UT MSA--With total personal income expansion of 2.8 percent, this MSA tied for second in the Utah ranking and 179 nationally in terms of 2010 growth. During 2010, total personal income measured roughly $13.4 billion.
St. George, UT MSA--This MSA showed the worst growth performance in the state. Between 2009 and 2010, personal income increased only 1.5 percent to equal $3.6 billion. Still suffering from the economic downturn, net earnings in this MSA dropped by 1.1 percent--the only decline among the Utah MSAs. Nationally, St. George ranked 344 for percent growth nationally.
Salt Lake City, UT MSA--Utah's most populous MSA experienced a 2.8 percent increase in total personal income during 2010. That places Salt Lake City in the number 176 spot for growth among MSAs nationwide. Here, total personal income is estimated at $43.6 billion.
For the complete release on personal income from the Bureau of Economic Analysis, click here.
Logan, UT-ID MSA--Personal income in this MSA totaled $3.4 billion in 2010, an increase of 4.1 percent from the previous year. This ranked this MSA 53rd in terms of growth--the highest of any Utah area. This area also showed the highest gains in net earnings--3.4 percent.
Ogden-Clearfield, UT MSA-- In 2010, personal income in this MSA reached $18.2 billion reflecting a 2.7 percent gain over 2009. This MSA showed the third highest growth in personal income among Utah MSAs and ranked 197 (out of 366 MSAs) nationally.
Provo-Orem, UT MSA--With total personal income expansion of 2.8 percent, this MSA tied for second in the Utah ranking and 179 nationally in terms of 2010 growth. During 2010, total personal income measured roughly $13.4 billion.
St. George, UT MSA--This MSA showed the worst growth performance in the state. Between 2009 and 2010, personal income increased only 1.5 percent to equal $3.6 billion. Still suffering from the economic downturn, net earnings in this MSA dropped by 1.1 percent--the only decline among the Utah MSAs. Nationally, St. George ranked 344 for percent growth nationally.
Salt Lake City, UT MSA--Utah's most populous MSA experienced a 2.8 percent increase in total personal income during 2010. That places Salt Lake City in the number 176 spot for growth among MSAs nationwide. Here, total personal income is estimated at $43.6 billion.
For the complete release on personal income from the Bureau of Economic Analysis, click here.
Feds help pay for Utah’s flood damage
Utah will receive federal aid to pay for this spring’s flood damage. President Barack Obama signed a Utah disaster declaration and ordered federal funds to supplement the recovery effort from flooding between April 18 and July 16.
The funds are available to state, tribal and eligible local governments, and certain private nonprofit organizations, on a cost-sharing basis for emergency work and repair or replacement of facilities damaged by the flooding in the counties of Beaver, Box Elder, Cache, Daggett, Duchesne, Emery, Millard, Morgan, Piute, Salt Lake, Sanpete, Sevier, Summit, Tooele, Uintah, Utah, Wasatch and Weber, and the Uintah and Ouray Indian Reservation. The state could be eligible for $9.5 million in federal aid. Salt Lake Tribune
Wednesday, March 30, 2011
Has Utah's housing bubble deflated yet?
Housing bubbles aren't like most price bubbles. Typically, speculation drives up prices (of stocks, crude oil, and back in the 17th century even tulips) like an expanding bubble. Eventually, it becomes obvious that item is extremely over-valued and prices "pop" and collapse. Yes, that's why we call them bubbles.
Remember a couple of years ago when gasoline prices went through the roof? You can blame a bubble market in crude oil. (Some SEC reports indicated that 80 percent of crude oil trading during the height of that price expansion was speculative.) In just seven months, the producer price index (seasonally adjusted) for crude oil went from 339.9 to 108.8. That change represents a decrease of almost 70 percent! Talk about a popping bubble. (And, you might want to note the similarity to the current price increases in oil/gasoline.)
On the other hand, housing bubbles tend to slowly deflate rather than pop. Why? Think about it. If you bought a home at the height of the bubble for $400,000 do you really want to sell it for $250,000? No. Most private individuals aren't able to afford that kind of loss. For many American families, a home is their largest asset. So, if you must sell, you will keep trying to sell at a higher price until the market makes it clear that just isn't going to happen. In other words, home prices are sticky downward, so it will take longer for home prices to deflate after the speculation ends.
It also becomes readily apparent why there is such a foreclosure mess in this country. Obviously, many home-buyers took out loans they couldn't afford in the long run. Then, the recession exacerbated other home-buyers' ability to pay. In addition, even if home-buyers can afford to make their payments, aren't the incentives skewed towards walking away rather than paying off the $400,000 mortgage on a home that is now worth only $250,000?
Well, this housing bubble has certainly taken its time collapsing. However, the market is working her magic and there does seem to be light at the end of the tunnel--at least according to the Federal Housing Finance Agency's Housing Price Index (HPI). (For more information on the HPI see this previous post or the Agency's website.)
(Click on image to enlarge.)
The chart that accompanies this posting certainly provides a lovely portrait of a housing market bubble for Utah's Metropolitan Statistical Areas (MSAs)--particularly for my own Washington County. You can watch home prices explode and then collapse (the chart shows the percent change compared with the same quarter a year ago--which eliminates seasonality).
The Logan, UT MSA (Cache County) seemed to participate the least in the run up of home prices and also appears closest to the end of the price declines. As of fourth quarter 2010 (the most recent index available):
- Logan home prices are down only 1.0 percent compared with prices in fourth quarter 2009.
- Ogden-Clearfield MSA home prices are down 1.8 percent.
- Salt Lake City MSA prices are down 2.0 percent.
- Provo-Orem MSA prices are down 2.4 percent.
- St. George MSA prices still show the largest price declines--4.8 percent.
Wednesday, February 23, 2011
Metropolitan GDP figures released
The U.S. Bureau of Economic Analysis (BEA) has just released 2009 estimates of Gross Domestic Product for Metropolitan Statistical Areas (MSAs) across the nation. (Yes, that's not a "typo" 2009 data is the most recent information available for MSAs.) Given the economic downturn, it may be surprising that only 80 percent (292 of 366) of the nation's MSAs experienced a decline in real (inflation-adjusted) gross domestic product.
How did Utah's MSAs perform? Three of five Utah MSAs showed an increase in gross domestic product in 2009--Logan, Salt Lake City, and Ogden-Clearfield. In fact, the Salt Lake City MSA (which includes Salt Lake, Tooele, and Summit counties) placed in the top quintile of all MSAs. The gains weren't phenomenal (just under 1 percent), but during a recession, any gains are certainly welcome.
The St. George, UT MSA (Washington County) produced the worst Utah decline in GDP during 2009--3.4 percent. Of course, the St. George area participated in housing market speculation to a much greater degree than any other area in the state. Indeed, Washington County's decrease placed it in the lowest quintile of all MSAs. It's performance ranking? It ranked 310 out of 366 MSAs. In addition, Provo-Orem experienced a 1.7 percent drop.
For more information on recent GDP performance: http://www.bea.gov/newsreleases/regional/gdp_metro/gdp_metro_newsrelease.htm
Home prices hit post-bust lows in most big cities
Home prices in a majority of major U.S. cities tracked by a private trade group have fallen to their lowest levels since the housing bubble burst. The Standard & Poor’s/Case-Shiller index fell in December from November in all but one of the 20 cities it tracks. The 20-city index declined 1 percent.
The only market to see a gain was Washington, D.C. Along Utah’s Wasatch Front, according to a Jan. 27 report, the residential real estate market, mired in one of the worst downturns ever, is showing a few signs of improvement.
In Salt Lake County, 1,934 existing single-family homes were sold in the fourth quarter of 2010, down 21 percent compared with the fourth quarter of 2009, according to the Salt Lake Board of Realtors. The median selling price was $215,000, down 4.4 percent from the same three-month period in 2009 and off a peak of $256,000 in the summer of 2007. Salt Lake Tribune
Note: The Federal Housing Finance Agency also publishes the Housing Price Index for all Metropolitan Statistical Areas (MSAs). The following chart shows the year-to-year change in the index for Utah MSAs. The most current index is for third quarter 2010. A bottom to housing prices according to this chart would occur when the year-to-year is equal to zero. At this point, the Logan, UT MSA is closest to a bottoming in prices, followed by the Ogden-Clearfield MSA. Not surprisingly, these two areas experienced the lowest level of speculation in the housing market. You can access this information at: http://www.fhfa.gov/Default.aspx?Page=14
Friday, February 4, 2011
Rebound comes too late for 7 Utah restaurants
Six eateries owned by national chains and the independent Acme Burger Co. in downtown Salt Lake City have closed. In Utah, restaurant sales taxes paid during fourth quarter of 2010 increased more than $350,000, compared with the same period a year earlier.
But not everyone is prospering as the eateries and their customers adapt to new economic realities. Five Ruby Tuesday outlets in Utah closed in January, leaving only the Park City franchise at 6585 N. Landmark Drive. The shuttered restaurants were in Draper, West Jordan, West Valley City, Logan and St. George. The closings cost at least 200 employees their jobs.
Also shut down were the Lone Star Steakhouse in Sugar House at 1206 E. 2100 South, and Acme Burger, 275 S. 200 West. Acme, a small independent eatery known for grass-fed beef and good reviews, was closed for nonpayment of taxes. It opened in 2007. Salt Lake Tribune
Note: What this article fails to mention is that there have also been numerous openings of restaurants during the past year. Even in the best of times, some restaurants fail and others open. Our most current data (September 2010) actually shows more Utah restaurants in business this year than the year before.
Saturday, January 22, 2011
For Utah hoteliers, 2010 better but not real good
Compared with a year earlier, occupancy rates last month were up 1.7 percent statewide and 2.6 percent in Salt Lake County. With those lukewarm results, hotels statewide finished the year with a 59.7 percent occupancy rate, up from 56.9 percent in 2009. Although an improvement, the number of rooms filled nightly remained significantly below levels in 2008 (63.7 percent) and 2007 (68.4 percent). In addition, the downturn continued to impact the amount of money hoteliers could charge for their rooms. The average nightly room rate in 2010 was $93.29, about 75 cents cheaper than a year earlier but $5 a night below the going rate in 2008.
The Lodging Report breaks Utah down into nine areas. Six regions had better years in 2010 than in ’09, led by 4.9 percent gains in Logan and 4.4 percent gains in St. George. Scattered hotels outside of Utah’s main metropolitan areas did even better, filling 5.2 percent more rooms than a year earlier. Small declines occurred in Ogden and Davis County. Salt Lake Tribune
Tuesday, June 22, 2010
Hotels see boost in May
Utah hotels saw a nice little bump in business last month, especially compared with May 2009. Typically a slow travel period, May of last year was even worse than usual, with hotel occupancies across Utah dropping to less than 55 percent each night.
But this May, hotels statewide were 59 percent full on a nightly basis. The average daily room rate did not increase commensurately, but pretty much held steady.
Although occupancy was up 4 percent, the statewide room rate could not keep pace. Still, it rose about $1.50, to $86.70 nightly last month, according to figures from the Denver-based Rocky Mountain Lodging Report. The Salt Lake Tribune
Utah Hotel Occupancy
Hotels statewide generally filled more rooms last month than in May 2009 (in parenthesis):
Salt Lake County » 66.3 percent (59.4)
Ogden » 68.5 (67.2)
Davis County » 68.3 (68.0)
St. George » 59.0 (54.4)
Utah County » 58.9 (55.0)
Logan » 52.3 (37.4)
Cedar City » 46.5 (51.9)
Mountain resorts » 24.9 (25.7)
Rest of Utah » 71.4 (68.3)
Total » 59 (54.9)
Source » Rocky Mountain Lodging Report
Wednesday, May 26, 2010
Home prices still falling in Utah's metropolitan areas
According to information released by the Federal Housing Finance Agency, home prices have yet to bottom-out in Utah's various Metropolitan Statistical Areas. Compared to prices a year ago, St. George MSA prices are down almost 18 percent, prices in the Provo-Orem MSA are down 13 percent and the Salt Lake City MSA prices are down about 10 percent. Both the Ogden-Clearfield MSA (down 6 percent) and the Logan MSA (down 3.4 percent) show slower home price declines.
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