A growing population helps fuel demand for homes and apartments. But it also helps foster business growth. In high population growth states, new retailers open their doors. Restaurants expand. Whether they are occupying existing space or building new digs, these expanding companies are benefiting Utah’s commercial real estate sector by absorbing retail space.
States with a growing population, especially an educated one as in Utah, also tend to attract more out-of-state business expansion because companies have little trouble finding good workers. These types of expansions benefit the state’s office and industrial real estate sectors. Many times, these expansions in turn add to Utah’s population growth as a number of people relocate to the state for new job positions.
It’s no surprise then that states like Utah, which have high rates of population growth, also often have some of the highest rates of employment growth. Check out this slide show of states with the highest population growth. Four of the five states with the highest rate of population growth – Utah, Arizona, Texas and Idaho – also are among states with the highest rate of job growth in the nation.