City Grill

Gary Ellis 
CEO & President
Jacobsen Construction

Ellis says the Salt Lake City construction market should expect a brief lull in early 2025 as several major projects wrap up and interest rates keep some developers waiting. But “the outlook remains strong with numerous substantial projects in preconstruction slated to begin in 2026, and we’re enthusiastic about that,” he says.

“Salt Lake City’s healthy business climate benefits from steady population growth, diversity, strong job creation and a supportive political environment,” Ellis notes. “With new professional sports teams and the 2034 Winter Olympics on the horizon, there’s real excitement for the decade ahead.” He says challenges include a shortage of water and power supply for major new projects “as well as a large shortage of housing, leading to a very expensive housing market.”

Having just completed the tallest building in the state, “we’re exploring new tower developments, along with significant health care and mountain resort projects,” Ellis says. “We’re also wrapping up multiple university housing and higher education projects this year that will greatly enhance our community.”