There is a lot to love about Provo when it comes to real estate development. By almost any measure, Provo represents one of the best property investments in Utah and the country, and nearly 60% of Provo residents are renters.
Provo is growing
Looking at cencus data, the Provo-Orem metro is the 10th fastest growing in the country, and it's not a new thing. The population has doubled in the last 30 years, and is expected to double again in the next 30.
The Provo metro area boasts an impressively low unemployment rate of 2.8% in Feb. 2019, according to the Bureau of Labor Statistics. In fact, from Feb. 2014 to Feb. 2019, unemployment in the Provo metro are has averaged 3.1%. Over that same period, the national unemployment rate averaged 4.8%. In 2018, Provo's strong job growth was recognized as the best in the country.
Provo is the heart of Utah county
Provo is the county seat of Utah County, one of the fastest growing counties in the country, and a major source of technology companies outside of Silicon Valley. Provo is of course home to Brigham Young University, the prestigious private university with over 30,000 students which is also the largest employer in the county.
Over the last decade, several projects have cemented Provo's downtown as the cultural and business center of the region. The Utah Valley Convention Center was completed in 2012 and has over 85,000 square feet of conference and meeting space. The Church of Jesus Christ of Latter-day Saints turned the historic Provo tabernacle into it's 150th operating temple in 2016, creating a favorite wedding destination for hundreds of couples each year. in 2019, the eitght-story, $90 million Fourth District Court House was completed, becoming the "crown jewel of courthouses in Utah" and home to hundreds of employees.