Altabanking Podcast Ep. 8 — Why Are Businesses Moving to Utah?
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If you can imagine how much Utah has changed in the last 50 years, try to imagine how much the state will transform in the next half-century. Jake Boyer, CEO of the Boyer Company, a full-service real estate development group based in Salt Lake City, has seen a stunning amount of growth in the community for a while now. However, Jake believes the biggest growth is still yet to come.
The Boyer Company has deep interests not only in the bustling Silicon Slopes area at the Point of the Mountain, but also in the explosive demand for multifamily housing in downtown Salt Lake City. As Jake explains to Altabanking host, and Altabank SVP & Chief Marketing Officer, Stan Sorensen, what is happening now is “unlike anything we’ve ever seen.”
While the growth is exciting, it also presents a number of challenges for the community. Being aware of what issues may arise from a huge influx of construction projects and developments is the first step in meeting any difficulties head-on, as Jake explains to Stan.
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In this episode:
0:42 – Jake Boyer explains his background and his family’s company’s roots in Utah.
2:54 – What’s with all the construction projects in downtown Salt Lake City?
4:54 – Salt Lake City is no longer a hidden gem for developers.
6:48 – Housing is great, but affordable housing is getting harder and harder to find.
9:37 – Why are businesses having hiring and recruiting issues right now?
13:14 – How the shift to remote or hybrid work has affected commercial and office construction work.
23:23 – Are Utah’s challenges also seen in other parts of the country?
25:41 – What kind of projects are being done outside of the I-15 corridor?
32:36 – Is competition among businesses and real estate developers a bad thing?