Last week we shared that the millennial population represents approximately 23 percent of the Utah population which makes sense that Downtown Salt Lake City is increasingly a hub for young, tech-savvy workers who live and play among the skyscrapers. The Salt Lake Tribune shares that Salt Lake City’s downtown is thriving — and changing. Young, educated and tech-smart workers are moving into condos and apartments close to their jobs and a host of new restaurants, bars and theaters across the business core.
A new study, commissioned by the Downtown Alliance, representing merchants in the heart of Salt Lake City, has documented that growth in the working-age population, comparing it to other large cities in the West. Its key finding: Utah’s downtown workforce is more tech based but also on the lower end of the national salary scale for that sector.
The availability of highly skilled workers is a leading factor — more important than office rents or other metrics — for companies deciding to locate in Salt Lake City, said Matthew Vance, senior research director and economist for CBRE, who led the research. And as Salt Lake City’s downtown continues to flourish along with Utah’s overall economy, that talent pool is giving it a competitive edge among major cities such as Denver, Portland, Seattle, Boise, Omaha and Austin. It is also pushing related growth in markets for office space, residential units, hospitality and retail outlets. “Job growth is the driving force for all things real estate,” Vance said.
Matt Baldwin, board chairman for the Downtown Alliance, said “the future for Salt Lake City’s downtown has never been brighter. The economy is growing and the skyline is rising.” Baldwin noted that five major high-rise projects would get underway in 2020, adding nearly 100 stories to the skyline between them, along with 2 million square feet of new office space and hundreds of apartments and hotel rooms.
Along with the pending renovation of the Salt Lake Temple by The Church of Jesus Christ of Latter-day Saints, he said, those projects will make next year the city’s “Year of the Construction Crane.” Commissioned by the Downtown Alliance and conducted by analysts at real estate firm CBRE, the study finds that Utah’s capital ranks high among comparable cities, many with larger populations, for the recent growth in its working-age population.
Those workers are younger — median age just above 32 — and have more technology degrees per capita than their counterparts in at least six other metropolitan areas. And at least in the technology sector, the average wages in a range of top jobs are lower here than in Seattle, Denver, Portland and Austin, CRBE found. Only similar workers in Omaha and Boise had lower average wages, at $70,349 and $66,556 yearly, respectively, compared to Salt Lake City’s average annual wage of $71,710.
This probably why Salt Lake City is also the Best City for Young Entrepreneurs. Small Biz Trends shares which cities are most popular with young entrepreneurs between the ages of 25 and 34 and Salt Lake City comes in first. The rankings reflect the percentage of young entrepreneurs to the overall population in metropolitan areas of the United States with over 50,000 people. We also identify factors such as industry clusters, lifestyle, infrastructure, costs, workforce availability and a thriving entrepreneurial community nearby.
1. Salt Lake City - Known for its booming tech industry leading to the area’s designation as part of the Silicon Slopes, Salt Lake City is a magnet in the western U.S. for young entrepreneurs. Today, 1,973 young entrepreneurs call the city home, accounting for .17% of the population. Plenty of networking and a welcoming business community are hallmarks of Salt Lake City. Entrepreneurs like Robert Brady, the Founder of Righteous Marketing says he travels from his home base in Idaho down to Salt Lake regularly to network and connect with other entrepreneurs. “They are an amazing group of people.”
2. Oklahoma City - Often called simply OKC, the city is also OK with young entrepreneurs.
3. Denver - Millennial migration to Denver is now well documented. So the presence of so many young entrepreneurs in the metro area is a no-brainer.
4. Seattle - The city that launched Kurt Cobain and the Grunge revolution is still young at heart.
5. Los Angeles - LA is home to 15,409 young entrepreneurs. That may make it sound like the city deserves a higher ranking here. But in the behemoth that Los Angeles is, that number represents only .12% of the metro population.
6. Portland - Oregon’s largest city keeps young entrepreneurs busy and when not working on their businesses, these young entrepreneurs have plenty to do in Portland’s unique culture that celebrates “weird.”
7. Tampa - The city’s major industries include finance, retail and insurance, But the local economy is also buoyed up by shipping, national defense, professional sports, tourism and real estate.
8. Minneapolis - The city trails only Chicago and Detroit as the largest economic centers in the Midwest. And it is home to such Fortune 500 companies as Target, U.S. Bancorp and Ameriprise Financial.
9. San Diego - San Diego is named for a Spanish saint but the metro area is clearly revered by young entrepreneurs as well.
10. San Jose - Located in California’s Silicon Valley, the area is already known for tech entrepreneurs. And there are many young entrepreneurs too — a total of 2,156 of them work in the metro area making up .11% of the population.
Sometimes we need to relax and here are 6 Tremendous Spa Treatments for the Athlete (and Weekend Warrior) by Park City Magazine. Recover from hard-charging, on-mountain fun with these specialty massages, salty floats, and more.
Foot Zoning
Park City Massage and Spa (formerly Silver Mountain Spa) In addition to all the classic spa treatments, Park City Massage and Spa’s robust menu offers everything from jet lag recovery to Cranial Sacral Therapy to body mapping. One unique option for athletes is Foot Zoning, done by intuitive wellness and certified foot zone therapist Wendy Wise. Using massage that taps into the nerves on your feet (which connect to corresponding areas in your body), foot zoning “improves circulation and the body’s ability to communicate with itself and detoxify,” Wise says. “We nickname it the ‘Ph.D. level of reflexology’ because people have heard of reflexology, but it’s much more than that—it’s easiest to understand once you experience it.” By focusing on your feet, Wise says she can strategically open structural space and help oxygenate the entire body. You’ll learn a lot about your immune and hormonal systems and overall health in the process, too.Alpine Body Rescue
Spa Montage Deer Valley To alleviate muscle pain and tension from outdoor endeavors, Spa Montage Supervisor Dominic McKenzie recommends the Alpine Body Rescue, a strong-pressure massage that includes a therapeutic heat pack and aromatic blend to relieve neck and shoulder tension. For a more relaxing head-to-toe treatment, he also suggests the Seasonal Renewal, a blend of full-body exfoliation and dry brushing followed by a hot stone massage and grounding foot treatment.Float Therapy
SYNC Float Center Athletes have long used Epsom salt baths to recover from hard workouts, and float therapy amplifies those pain-relieving benefits. During a 30- or 60-minute float, you’ll be immersed in a pod filled with water and 1,000 pounds of magnesium sulfate, which allows you to float on the surface. “There are three different therapies going on during a float,” explains SYNC co-owner Justin Hunter. “Magnesium absorbs into the skin and helps relax tension and lowers stress response, facilitates healing, and increases antioxidant production.” Also, the water allows you to spread out over the surface and elongates your muscles—great for compressive sports like mountain biking or skiing—and the sensory reduction enhances focus, clarity, and creativity. “Research has shown that an hour float is equal to four hours of sleep as far as what the body can get done,” Hunter says.
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