ULI’s Emerging Trends Report Lists Phoenix, Salt Lake City as Western Boom Towns

by Amy Works

WASHINGTON, D.C. — Urban Land Institute and PwC’s Emerging Trends in Real Estate Report highlights a significant trend in single-family housing as people are moving to different geographic locations, from denser cities to suburban areas or from apartments to homes. According to the report, markets that offer economic diversity and relative housing affordability, as well as less exposure to industries affected by COVID-19 (such as leisure and hospitality), outperformed.

Western boom markets include Phoenix and Salt Lake City, which have less exposure to industries most affected by COVID-19 and offer affordable markets with pro-growth governments. Denver, Portland, Oregon, and Seattle are on the rise as new boomtowns, as the markets are already starting to recover from massive job losses to due COVID-19, but still offer strong housing markets.

The migration of people is an important indicator of where other real estate sectors may flourish or wither. Based on ULI’s groupings, Phoenix, Denver, Portland, Oregon, Salt Lake City, San Diego and Seattle are magnet markets that are growing more quickly than the U.S. average in both people and companies.

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