April 9, 2024

Phoenix Earns No. 8 Spot for Population Gains in 2023

Phoenix is now the eighth-fastest growing metropolitan statistical area in the nation, according to recently released data from the U.S. Census Bureau. The Valley’s population base added 49,200 people from July 1, 2022, to July 1, 2023, the data found.

Sun Belt Markets Dominate Demographic Rankings

 

Many of the top markets are located in the Sun Belt and benefit from similar demographic benefits. The favorable climate, relative affordability and employment opportunities in Texas, Florida, Arizona and the Carolina’s have consistently drawn residents to these states.

Last year’s result marks a modest slide down the ranking compared with 2021 and 2022. In those years, annual gains eclipsed 72,400 people, placing Phoenix in the top four of both years.

A slowdown in domestic net migration to Maricopa County was the primary culprit for less explosive growth in 2023. Last year, 2,200 U.S.-based residents moved into Maricopa on a net basis, down from 33,000 people in 2022 and 43,000 people in 2021. Pinal County helped pick up the slack, recording a domestic net migration of 17,500 people.

 

Although Phoenix’s population growth was not quite as white-hot as it was immediately following the onset of the pandemic, the market maintains a favorable demographic profile. California and Pacific Northwest residents are still moving to Arizona seeking relative housing affordability. Several large-scale operations related to semiconductor manufacturing, renewable energy and aerospace also keep Phoenix well-positioned to continue attracting residents.

 

Healthy population growth is a crucial advantage that supports economic growth and demand for commercial real estate, that is where Team Trbo comes in to help. Our experienced team of brokers are eager to assist with any commercial sales, leasing, or investment needs. Don’t hesitate to reach out!

 

Team Trbo,

Craig Trbovich

Source: CoStar

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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.