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s Utah heads into its 2024 legislative session, Governor Spencer Cox has made addressing housing affordability his top priority. He aims to build 35,000 starter homes for first-time owners within five years, a goal he believes can only be achieved through construction. Real estate interests and developers seem to share this vision, pouring hundreds of thousands of dollars into Cox's campaign.
According to an analysis by The Salt Lake Tribune, commercial and residential real estate interests and construction companies have contributed over $1.5 million to Cox's campaign, making up a significant portion of the $7 million he has raised since 2021. This total is the most any governor has raised in history, with Cox raising more than nine times as much as his opponent, Democrat Brian King.
Cox's fundraising figures have drawn attention from political science professor Matthew Burbank, who notes that the governor doesn't need to raise a lot of money due to his strong position. "He's raising money because he can raise money, not because his campaign feels like it's really going to get pressed," Burbank said.
The real estate industry is already influential in Utah's Capitol, with 38.5% of legislators making money from building or selling real estate or owning rental properties. This has led to concerns about the potential for undue influence and favoritism towards the industry.
Cox's biggest donors come from various industries, including banking and finance, health care, tech, and energy and mining. King's campaign, on the other hand, draws its largest segment of contributions from the legal community and healthcare field.
King's campaign manager, Gabi Finlayson, notes that their grassroots effort is funded by everyday Utahns, not special interests. "Unlike Spencer Cox, our campaign is funded by people who will hold him accountable," she said.
Cox's single largest donor was Reagan Outdoor Advertising, a billboard company with frequent issues at the Capitol regarding billboard placement and removal. Other notable donors include Scott Anderson of Zions Bancorp and the Larry H. Miller Group, which has developed the Jordan River Fairpark District area in hopes of luring a baseball team to the area.
