Recently, a City Lab article named Salt Lake City the third fastest growing population of the creative class. From 2005 to 2019, Salt Lake City has seen a 43.6% growth, just trailing behind San Jose and San Francisco (47.2% and 45.2%, respectively). 

Richard Florida, the author, discusses the concept of “the rise of the rest.” The concept is described as, “a result of both increasingly unaffordable housing in established hubs and the improvement of the economies in less-established hubs.” 

The dominate hubs, like San Francisco, are notorious for the presence of fast-growing tech companies and extremely unaffordable housing units. Less-established hubs, like Salt Lake City, offer more affordable housing units, cheaper labor, and the ability to attract college graduates. 

So – Florida wanted to visually analyze this ever-evolving growth onto maps. 

With the help of Todd Gabe, an economist at the University of Maine, they collected data from the U.S. Census American Community Survey (ACS).

“I decided to take a closer look at what is actually happening to the geography of talent. I zeroed on changes in the location of the creative class for a period immediately before, during, and post-recession. While most studies equate talent with the share of adults who hold college degrees, my creative class metric is based on occupation. About nine in 10 Americans with a college degree are members of the creative class, which is made up of up of knowledge workers in education, healthcare, law, arts, tech, science, and business. But, only six in 10 members of the creative class hold a college degree.”

Florida and Gabe compared the concentrations of creative class growth and shares at 2005 and 2017. 

In 2005, Salt Lake City had one of the smallest shares of the creative class (at 31.6%), compared to the largest share, Washington D.C. at 47.8%.

Although from 2005 to 2017, Salt Lake City is at the top of the list for the fastest growth in creative class shares, at 24.1%

Salt Lake City shows no signs of slowing down. If your business is looking for a new place to grow, come join an inspiring community of the creative class at Work Hive located in the heart of Salt Lake City!.

Published in Coworking Blog

Salt Lake City, a city, surrounded by grand mountains and endless recreational opportunities has been gaining attention as a hub for Millennials. Salt Lake City was recently named one of the best cities for Millennials to live and work!

Homes.com recently published a study that ranked the 50 largest metropolitan areas in the United States according to how they met the needs of three generations: Baby Boomers (ages 55 to 74), members of Generation X (ages 35 to 54), and Millennials (ages 20 to 34). 

Looking at data specific to each generation, Homes.com focused on criteria that met the needs of each particular generation. For Millennials, median home price, number of entry-level jobs, and the population share of this age group were the criterion for ranking the best and worst cities. Cities that had lower median house prices and more entry-level jobs available were named the best for this generation.

The Millennial population in Salt Lake City is one of the highest in the country, at 32%. For every 100,000 people, there are over 422 jobs for Millennials to obtain. The median home price is at $322,000, which is the third highest in the top ten best cities.

Interested in moving to Salt Lake City?

Another study completed by RentCafe has shown the migration of Millennials from suburbs to urban areas. The study looked at zip codes and population of Millennials. The Salt Lake City zip codes with the highest percentage of Millennials include Central City, Granary District, Central Ninth, Ballpark, and Liberty Park

These neighborhoods provide Millennials more access to everyday needs, restaurants, public transit, and events. The City’s Sustainability Communications Manager, Sophia Nicholas says, “Our millennials realize that living downtown is a fantastic choice if you’re seeking to reduce your impact on the planet: It’s easier to have a lower environmental footprint when you’re living in denser communities. It’s easier, cheaper, and cleaner to use public transportation and to live close to where you work. Multi-family dwellings have lower resource requirements; and there are many local food options—from downtown community gardens to the year-round local farmers’ market.

If Salt Lake City sounds like your next adventure, make sure to stop by Work Hive for a tour of our space. Our workspace straightforward and it’s simple to get started. It only takes one minute to schedule a tour, two minutes to sign up for a membership, and three minutes to see the space and pick your seat. Come see our new productive workspace and join us as you build something for yourself. 

Published in Coworking Blog

Co-working is a rapidly growing option around the world for entrepreneurs.  From building a brand, to growing a business in a professional work space, different companies choose co-working for different reasons. Work Hive provides an open studio environment for working, collaborating, creating and fostering new businesses.

Tim Houghten from G Code outlines many great benefits to coworking:

10 Benefits of Coworking for Entrepreneurs
1. Ability to leverage the press and visibility of space to improve brand awareness
2. Higher productivity free from the distractions of home
3. Enhanced credibility with a professional office, mailing address and meeting space
4. Built in networking opportunities and organized events
5. Natural meeting place for angel investors looking to fund early stage startups
6. Endless collaboration opportunities with fellow coworkers
7. Leveraging an intelligent knowledge base (for free)
8. Only pay for what you need, eliminating traditional office expenses
9. Cross-promotion opportunities for low cost-high impact marketing
10. Inspirational surroundings for creating your best work
Published in Coworking Blog