Economic activity in downtown Salt Lake City is being enhanced by a combination of visitors, workers and residents, according to a new study.
The Downtown Economic Benchmark Report, with data from several sources and written by the Downtown Alliance staff, indicates that those three groups represent a growing number of customers for downtown businesses. The report also reflected growth in the number of customers, visitors, workers, residents and event ticket sales downtown.
“The data confirms what many of us have sensed: Downtown is gaining further momentum,” Derek Miller, president and CEO of the Salt Lake Chamber, said online about the report. The Downtown Alliance is part of the chamber. “One of the clearest indicators of downtown’s momentum is the steady rise in customer activity.”
In 2024, downtown Salt Lake City had 20.9 million total customer days, representing a 3.6 percent rise over the previous year (a customer day is a person spending more than 90 minutes downtown). Visitors accounted for 13.1 million visitor days, up 1.5 percent from the prior year. Workers represented 6.2 million worker days, up 10.5 percent. Residents accounted for 1.6 million resident days, up 27.5 percent, reflecting a growing demand for urban living.
“This activity reflects more than movement; it reflects confidence — confidence in downtown as a destination for investment, for lifestyle and for long-term opportunity,” Miller said. “And the momentum doesn’t stop there.”
The report shows that a young, educated workforce totals 1.1 million workers within an hour of downtown, “and Utah’s elite economy, business-friendly environment and quality of life certainly sweeten our appeal,” the report says.
The number of residents downtown was up 27.5 percent in 2024 and is projected to climb another 28 percent by 2030.
The report says it is “bullish” on retail concepts that target downtown’s young professional residents, like personal health, fitness, pet care and other services, and it foresees opportunities for food and beverage operators capitalizing on the growing audience for downtown sports, entertainment and arts. It noted that downtown has 221 bars and restaurants and 204 merchants.
“Demographic shifts show that residents are increasingly young, highly educated and often car-free, underscoring emerging trends in modern urban living,” Miller said. “Commercial activity is strengthening, and our downtown workforce is growing.”
That workforce grew 10.5 percent in 2024 as employees chose, and employers required, more office interaction. While most companies have a hybrid work arrangement, more CEOs plan on shifting toward a 100 percent in-office workforce. Workers’ time in the office is projected to grow 10 percent in 2025, “a positive trend for downtown restaurants, merchants and office leasing,” the report says.
People attending ticketed events — sports, arts, film, concerts and others — in 2024 reached over 4 million, up 18.4 percent year over year and nearly as high as in 2018. The report indicates that the 36 days with the highest downtown visitation were highly correlated with days that had major conventions, events and performances.
Miller previewed continued expansion of the economic figures as projects come online, including the Power District; the Sports, Entertainment, Culture & Convention District; Intermountain Health’s new hospital campus; and the University of Utah’s downtown expansion.
“These are not isolated projects,” he said. “They are interconnected investments shaping the next chapter of our capital city.”
The report also notes Salt Lake City landing the 2034 Olympic Winter Games. “As one of the nation’s best-performing mid-size cities, Salt Lake City is not only building momentum, it’s building a downtown ready for the next generation of talent, tourism and transformative investment,” it says.
The economic effects of downtown Salt Lake City also have a bearing on the rest of the state, according to the report. Within 60 minutes of downtown are 1.1 million workers, 2.8 million residents and 80 percent of Utah’s population.
“When looking at Utah’s economic trajectory, downtown Salt Lake City offers one of the clearest indicators of where we’re headed,” Miller said. “As the economic and cultural heart of the state, what happens downtown has a meaningful impact far beyond city boundaries.”