4 Compelling Economic Factors for Cedar City Investors
When it comes to trivia about Cedar City, many locals are knowledgeable about current events and historical facts. There are, however, some things that might surprise even the oldest residents. For example, a lot of people may know the commonly cited historical fact that Cedar City was named after the wrong tree. What they may not know is that their hometown was originally a fort known as Fort Cedar before being established as a town. Although there are many interesting facts about this charming town, what will interest local and visiting investors the most are the facts about how successful Cedar City is compared to other, larger cities in the state of Utah. The top economic drivers of the area bring unique economic benefits, and that has caught the attention of investors from all around the country.
For natives who want a more secure place to put their money, or for visiting people looking to invest in an economically diverse place, here are some quick, compelling facts about the area:
#1 Cedar City has ranked in the top twenty in gross sales among all the cities in Utah. Considering the relative size of Cedar City to the much larger cities near the Salt Lake and Ogden region, this is no small feat. This is one of the most compelling evidences of the economic opportunities of the region.
#2 Tourists generate over 100 million dollars in revenue for the Iron County area, of which Cedar City is the biggest city. This revenue stream has allowed for consistent growth in tourist-based accommodations, including restaurants, hotels, outdoor rentals, and recreational tours.
#3 Over 2.5 million people visit the nearby Zion National Park every year, and over half a million visit Cedar Breaks National Monument. This is only a small portion of the tourists coming to the area for adventures at the local parks, mountains, and lakes, as well as the many other attractions found locally.
#4 Southern Utah University has been named in the top ten schools for providing the best education for the cost of tuition, and currently has almost 7,000 students enrolled each year. With steady growth at this nationally recognized university, there is a steady demand for rentals, condos, and homes to house students.
There are many other strong drivers that make Cedar City a unique place to live, invest, and own a business. With aggressive expansion to the north, south, and west parts of town, new businesses of all sizes are expected to come to the area. Considering the national economy has stabilized, now is a promising time to invest in commercial buildings, homes, condos, and apartments. During the past year in southern Utah, prices have leveled off and started to trend north, and there are still many opportunities to invest at a low price before things take off.