Utah’s Economy: Washington County’s Housing Bubble

Utah's Economy- Washington County's Housing Bubble
No other county in Utah experienced a housing bubble quite like Washington County. In fact for most counties the housing crash was due primarily to loss of demand rather than a supply bubble. But not in Washington County where “irrational exuberance” and speculation led to a very serious housing bubble that continues to negatively affect the local real estate market.From 2003 through 2006 the number of housing units in Washington County grew by one-third, increasing from 39,000 units to 52,000 units, an annual growth rate of 7 percent. This boom drove construction employment up by 207 percent. By 2006, one out of every six jobs in the county was in the construction sector.Read the entire report

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