By 2010, the financial crisis had pushed construction spending down in Utah’s economy to a twenty-year low of $3.5 billion—the bottom of the cycle’s trough. Since then, the construction industry has had five consecutive years of expansion Figure 1. The first two years saw rather tepid growth, but in the following three, construction value increased at an impressive annual rate of nearly twenty percent. In 2015, the value of Utah’s permit-authorized construction reached $6.9 billion, the fourth highest year ever.
The path of the five-year recovery produced some notable surprises:
Lehi and South Jordan emerged as two of the top three cities statewide in real estate development and construction activity. During the five-year recovery, Lehi has had $1.6 billion in construction activity and South Jordan $1.5 billion.