November 29, 2023

How Arizona’s population boom is impacting the economy

 

Arizona has become a magnet for a significant migration wave, with Phoenix (the state’s capital and largest city) at the epicenter of this population boom. The population has increased by 11% over the past decade, outpacing the national growth rate, according to the U.S. Census Bureau. The Greater Phoenix Chamber reports that the metro area’s population swelled to nearly 5 million, making it the fifth most populous city in the United States. This influx of residents brings significant economic growth to the state of Arizona as well.

This recent economic growth is marked by a significant increase in job opportunities. Over the past decade, employment increased by 492,645 jobs, from 2,537,571 jobs in 2010 to 3,030,216 jobs in 2020. For many, the move to Phoenix is fueled by job opportunities and economic growth. Frank Doyle, the vice president of sales for an engineering company, explained the reason for his move to the Phoenix area; “I kept hearing a kind of buzz around jobs in Arizona,” Doyle said. “There were opportunities here, so I took one and moved to Phoenix and so far it’s been great.” According to experts, Arizona is projected to keep rising in employment and job creation rates. The State Office of Economic Opportunity predicts that Arizona will add about 477,968 jobs over the next 10 years. 

Experts say that the recent increase in Arizona residents is also partially accredited to a thriving real estate market. Median home prices have risen, reaching $350,000, well below the national average. This affordability, coupled with a growing demand for housing, has propelled Arizona into a vibrant real estate market, attracting both buyers and investors. Phoenix real estate agent Andrew Piane, commented on the nature of Arizona’s current housing market. “I tell all my clients it’s a buyers’ market right now,” Piane said. “The market is great, and more than that there is a surplus of people looking to find a home.”

 

 

Phoenix is currently one of the Nation’s fastest growing communities in the nation and now is the time to get in! Everyday Phoenix welcomes about 200 new residents. With new residents comes new businesses and demand for commercial real estate. Team Trbo’s experienced brokers are ready to help with any of your commercial real estate or investment needs, please do not hesitate to reach out!

 

Team Trbo

Craig Trbovich & Niki Saunders

 

Source: AZBigMedia

In the News, Phoenix Commercial Real Estate News
About Craig
Craig Trbovich is a commercial real estate broker with Commercial Properties, Inc. in Scottsdale, Arizona, specializing commercial sales and landlord representation in the Phoenix Metro Area. He applies 35 years of experience as a CPA and an investor to help other owners and investors maximize their returns, bringing a strong financial and tax perspective to all aspects of commercial real estate ownership. His strengths include sales and leasing, as well as an in-depth knowledge of the development community and the local market.