St. George, Utah – it’s Wednesday, March 4, 2015 and the number of building permits being pulled in Washington County hits a healthy level, Utah’s Wasatch Front takes on Silicon Valley for tech startups, and St. George Utah’s economy will get a new shot of adrenaline when Sand Hollow State Park hosts a Pro Watercross event June 27 and 28. It’s time for a brief summary of St. George Utah’s Real Estate News and Events for the first week of March 2015.
Thankfully for home appreciation in the greater St. George area, the construction of single-family residential units has declined during the last half of 2014 and the first half of 2015, particularly when compared to the high watermark hit for construction permits issued during 2013. Despite the decrease in building permits being pulled at the Washington County building department, many believe this to be a healthy trend for the already existing inventory’s appreciation levels. With fewer new homes hitting the market and more homebuyers discovering southern Utah, many predict that the greater St. George area will see solid sales numbers throughout 2015. After remaining stagnant during the great recession, that historically ugly little period between 2008 and 2012, Washington County building permits skyrocketed in 2013. Primarily caused by “pent-up demand,” according to Jair Almaraz, of Ivory Homes in southern Utah.
According to a new report issued by the Brookings Institution, software companies and other advanced industries are turning Utah’s Wasatch Front into a cleaner and safer version of California’s Silicon Valley. The new Brookings report indicated that Utah’s Ogden, Provo and Salt Lake City were now a technological and economic force to be reckoned with; thanks to companies like Adobe, Qualtrics, Novell, eBay, E.M.C., and Edwards life sciences. Credited with a “cultural knack for salesmanship and entrepreneurship” among the dominant faith, the report’s author believes that the state’s “super-sectors” are being fueled by the likes of Brigham Young University, tax incentives, and a forward thinking public transportation system. Additionally, the report cited the plethora of high quality students graduating from BYU’s S.T.E.M. (science, technology, engineering, and math) courses as a driving factor in the state’s ability to attract the growing technology sector.
Creating another economic boosts for the southern Utah economy, Sand Hollow State Park has been designated as one of the chosen waterways to host an event during this summer’s National Pro Watercross Tour. The high-speed water race between the world’s elite Jet Ski riders will fire up on June 27 – 28. Guaranteed to entertain St. George’s adrenaline junkies and speed freaks alike, this large-scale event will draw thousands of out of area visitors to witness the closed-course races. The intense and aggressive water race will feature opponents piloting their modified jet skis around a course of obstacles and buoys — all while hitting the throttle and speeds of approximately 85 MPH. In addition to the Watercorss races, the two-event will also feature some highflying freestyle – guaranteed to have southern Utah’s crowds on their feet. According to online reports, “This event fits our objectives perfectly, as it introduces a new demographic to our area and brings them here at a time that is beneficial for tourism.”