In 2024, Utah's home prices reached near-record highs despite a slight drop in 2023, while high mortgage rates hindered new buyers. The state's economy grew, with a population increase of 1.5% and job growth at 1.7%. However, unemployment rose to 3.1%. Over 70% of households spend less than 30% of their income on housing, complicating affordability issues. Utah's GDP surpassed $300 billion, and crude oil production hit an all-time high. Despite inflation, taxable sales remained strong, indicating healthy economic growth.
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