Utah's industrial market prepares to support rocky mountain population growth

While Utah has a fairly balanced inbound and outbound migration rate that is slightly skewed to inbound by 6%; the growth of nearby states is very important to note for projections of Utah's industrial market. As a result of a 28% outbound difference in California's migration and other large changes from the northeast, many Rocky Mountain and Southern states are receiving an influx of people moving in, with the largest growth in inbound Idaho at a 40% difference. Utah is a central position to support Idaho and Arizona which also boasts an impressive inbound difference of 28% comparative to outbound. The incoming inland port and other large developments such as Copper Crossing @I-80 will be vital to supporting growth of construction and supply chains in the interior states near the Rocky mountains

Rising Steel Prices Push Construction Costs Higher, But May Be Short Lived

While short term costs are rising, insiders project there could be a correction due to oversupply by summer 2021.

The Transition To Cleaner Businesses

Working to use environmentally friendly building and shipping practices is important to the future of the industrial market as it is important to the future of the people it serves. As we recover from the pandemic, goals for a carbon-neutral America will be a challenge; but success in the market is about finding new and innovative ways to change the world for the better. IPG is working to change our environment from our LEED Silver Certified offices in Salt Lake City and we continue a long-standing commitment to sustainability in our development consultation and brokerage practices.

https://www.forbes.com/sites/feliciajackson/2021/01/05/energy-transition-is-leading-to-industrial-transition-are-you-ready/?sh=408878156c38

North American industrial markets grow stronger as companies move manufacturing to Mexico.

With a push to Nearshore manufacturing to North America, and with the new USMCA trade regulations to assist, we could see some changes in the United States industrial market. Even with slowing due to Covid-19, there is still industrial market expansion along the Mexico border with big investments from Chinese, Korean and Japanese companies. With Salt Lakes strong industrial market, and central position in the west, it is exciting to see what additions to our market may come with these changes.

https://www.cpexecutive.com/post/u-s-mexico-cre-activity-continues-to-expand-into-2021/?utm_source=whatcountsemail&utm_medium=cpe%20daily&utm_campaign=cpe%20daily%20newsletter

Industrial Market Success in 2020

The United States industrial market has shown a lot of resilience through recovering from the pandemic. This is a great article showing that it isn't just Salt Lake showing impressive industrial numbers, though we are noted in the article as having some of the best Net Absorption Growth.

https://www.globest.com/2020/12/07/industrials-positive-absorption-totals-165m-square-feet-in-q3/