Downtown Rising Aiding Economic Downturn
Oct 01, 2008 by Faroe Robinson
http://www.kcpw.org/article/6775
(KCPW News)With an unprecedented five cranes dotting the downtown Salt Lake City Landscape, some say Downtown Rising projects are helping to keep Utah's economy afloat. Natalie Gochnour, Chief Operating Officer at the Salt Lake Chamber of Commerce, says while Utah has lost 15,000 jobs in residential construction, Downtown Rising is helping.
"The commercial construction sector, thankfully, is strong and its largely because of downtown Salt Lake City, where we have a record and unprecedented amount of construction spending occurring right now. We are seeing more money invested in a shorter period of time than we have ever had in our city's history."
The 54 Downtown Rising projects add up to $1.6 million spent per day on construction. Gochnour says this is significant given the residential construction slump.
"Any kind of downturn in the construction sector has rippling effects throughout the economy, and the economy is still growing overall, but at a much, much slower rate in part because of the residential construction downturn. It's very good at least that we have a commercial or non-residential construction sector that still is strong, still creating jobs, paying high wages that help Utah's families."
Gochnour says while most of the financing for projects has been in place for years, problems could still arise when retail, office and residential spaces start to sell if the economy is still in a downturn. But the most recently completed project, The Metro Condominiums, apparently hasn't had problems selling. A realtor for the Metro Condominiums says they are 75 percent sold.
I think she needs to go back and recount the cranes... there should be 7.
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