Was Governor Huntsman’s speech at the Economic Summit a bunch of ‘bull’? I don’t think so*

At the Governor’s Utah Economic Summit yesterday, Governor John Huntsman Jr. focused on Utah’s current favorable economic position, outlining a few ways in which we can become better. Yes, he acknowledged that we face uncertain times, but his emphasis was on progress, research, and education.

But in typical newspaper fashion, one local paper decided to turn the story into an opportunity for disgruntled workers to voice their complaints. I know very well that there are construction workers losing their jobs. I just wrote about it a few days ago. So naturally if you decide to base Utah’s economic state on the opinions of a few struggling individuals in a struggling industry, you are going to get a negative report.

The Economic Summit convened to help business leaders improve their businesses, to the end that more people can be employed and the economy can prosper. If it so happens that most of the people in the room were wearing suits and ties, then so be it. Employers and business owners tend to do that.

I thought it was funny that the news report chose to mention that many people outside of the Summit had never in their lives worn a tie to work. One “outsider” even claimed that all the Summit “insiders” had money and didn’t have to worry about gas prices like us normal people do. Maybe that’s true, maybe it isn’t. Like it or not, employers (those who provide jobs for the rest of us) will make more money than us. They will attend Economic Summits to learn how to improve their businesses. They don’t do it to rub in your face that they have more money than you. I’d bet that most of them do it so they can expand their businesses – an act that benefits those who work for them.

Lets take the constructive from Huntsman’s speech. He said that technical training needs to improve. Education needs to improve for our youth. We need better prepared kids to qualify for better jobs. Math and science are key, but are being neglected. We also need to continue to reform our health-system.

I really do feel for the guy at the TRAX station struggling to find work and pay for gas. The housing and construction market is tough right now. I’m in it – I know. But I can’t say that the Huntsman speech was a bunch of bull just because our sector is down. I agree that we can’t focus on the negativity and have it become a self-fulfilling prophecy.

*My service doesn’t stop here! In addition to maintaining The Salt Lake City Utah Real Estate Blog, I also help people buy and sell homes in Utah. When you need help with either of these, contact me!

Tags: economy,Utah economy,John Huntsman,Utah housing market,Salt Lake City real estate

Utah home sales drop, so does median sales price*

The National Association of REALTORS released a report yesterday that shows Utah homes sales dropping by 33.8%. That is, from fourth quarter 2006 to fourth quarter 2007.

Our median sales price in Utah also dropped 7.13% from 3rd quarter to the 4th quarter of 2007.

What does this mean for our market? Simply that we are in a correction. We are not in market freefall, or panic mode – we are just returning to normal. This return scares a lot of people because they see what has gone on in other states as a preview of what will happen in Utah. I think prices may continue to drop throughout 2008, but I don’t believe that Utah will see it to the same degree as other states have.

I think Dave Mansell of the Utah Association of Realtors is right on when he said in an interview that historically, Utah hasn’t seen the same peaks and valleys that other states have. He said we don’t go up as fast, or fall as fast or as hard, so we are more stable here.

I have the feeling he’ll prove to be right as we see what unfolds in 2008. Additinally, with the passage of the economic stimulus plan that raises the limit on conventional and FHA loans, Utah’s market will benefit by easing the crunch that jumbo loan applicants have felt lately.

I think we’re in a fairly good position in Utah. I can’t predict what will happen this year, but I’m hoping for the best.

*My service doesn’t stop here! In addition to maintaining The Salt Lake City Utah Real Estate Blog, I also help people buy and sell homes in and around South Jordan, Utah. When you need help with either of these, contact me!

Utah’s home sales drop, so does median sales price*

The National Association of REALTORS released a report yesterday that shows Utah homes sales dropping by 33.8%. That is, from fourth quarter 2006 to fourth quarter 2007.

Our median sales price in Utah also dropped 7.13% from 3rd quarter to the 4th quarter of 2007.

What does this mean for our market? Simply that we are in a correction. We are not in market freefall, or panic mode – we are just returning to normal. This return scares a lot of people because they see what has gone on in other states as a preview of what will happen in Utah. I think prices may continue to drop throughout 2008, but I don’t believe that Utah will see it to the same degree as other states have.

I think Dave Mansell of the Utah Association of Realtors is right on when he said in an interview that historically, Utah hasn’t seen the same peaks and valleys that other states have. He said we don’t go up as fast, or fall as fast or as hard, so we are more stable here.

I have the feeling he’ll prove to be right as we see what unfolds in 2008. Additinally, with the passage of the economic stimulus plan that raises the limit on conventional and FHA loans, Utah’s market will benefit by easing the crunch that jumbo loan applicants have felt lately.

I think we’re in a fairly good position in Utah. I can’t predict what will happen this year, but I’m hoping for the best.

*My service doesn’t stop here! In addition to maintaining The Salt Lake City Utah Real Estate Blog, I also help people buy and sell homes in and around South Jordan, Utah. When you need help with either of these, contact me!

Attend the Utah Economic Summit ’08*

Lately I’ve been hearing quite a bit of talk about an event coming up in March, called the Utah Economic Summit. Until this year, I didn’t know anything about it, but I’ve looked into it a bit, and it seems like it would be worthwhile.

From what I understand, this event will be an overview of Utah’s economy, where we are, and where the plans will take us. Some of Utah’s business and economic leaders will speak about where they feel Utah is going and what it needs to enjoy future prosperity.

In addition, you will be able to attend various Executive Breakout Tracks, or specialized forums focusing on specific industries such as real estate, business law, business promotion, etc. One that looks particularly interesting to me will be about Web 2.0 and how to survive in the midst of it.

The event is on March 20th, and will go from 7:00 am to about 3:15 pm. Lunch will be served following a keynot speech by Governor Huntsman. It should be good, and I encourage all you interested in Utah’s economy to attend.

View the Utah Economic Summit website here.

*My service doesn’t stop here! In addition to maintaining The Salt Lake City Utah Real Estate Blog, I also help people buy and sell homes in Utah. When you need help with either of these, contact me!