Utah housing building permits decreased from 3,070 in March to 2,089 in April, a 32% decrease. Interestingly, this came just after a March in which the greater Salt Lake City area (MSA) saw the highest number of housing permits in decades, and perhaps ever – over 1,500. The next month, they plummeted: April saw a decrease to just over 800.
Meanwhile, regional housing start estimates across the West indicate a dramatic dropoff, from 325,000 in March to 184,000 in April (a 43% fall). However, data still to be released may reveal Utah is outperforming the region as a whole, given its better performance on other economic indicators such as unemployment.