As we all know, most people want to live in areas that have great job opportunities, good weather, and are affordable. Welcome to Phoenix, AZ. Phoenix has been known for sunshine, green golf courses, and an affordable place to live.
As of 2020, Phoenix is now the fifth largest city with a population over 1,600,000. That’s an 11.2% increase over the past decade. Christine Mackay from AZCentral says, “People are coming here not because of resorts, golf courses, and retirement, but to find high tech jobs and a great quality of life”. This is not only true for the city of Phoenix, but immediate surrounding cities as well such as; Gilbert, Mesa, Goodyear, Avondale.
The Job Outlook
A few major major demand sectors in Phoenix are Trade, Transportation, Utilities, Education, Health Services, and Professional and Business services. Job growth in Phoenix is continuing to outpace other large cities in the nation. According to Sandra Watson at AZCommerce, “Arizona is experiencing the third-fastest jobs recovery in the nation, with a workforce that reached pre-pandemic levels in March and continues to grow.”
New Developments
According to Governor Doug Tracy, Intel has broken ground on two semiconductor fabrication facilities in Chandler, AZ. Intel is one of the leaders in computer chip technologies and has a major footprint in Arizona with employing over 22,000 people and providing more that $8 Billion in wages. Intel plans to add an additional 3,000 high tech jobs by 2024 when the plant is ready for production.
Lucid Motors recently opened production at Casa Grande, AZ with nearly 1,000,000 Sq. Ft. in production space. Lucid Group also has a large footprint in the Arizona Electric Vehicle space. Lucid will add approximately 6,000 direct jobs with an economic impact of more than $100 Million by 2029, according to Governor Doug Tracy.
As seen in AZCommerce, Facebook, the social media giant, has announced plans to build a 960,000 sq. ft. facility in Mesa. Facebook plans to invest $800 Million into the facility and is among the most advanced, energy efficient data centers in Facebook’s global infrastructure.
In Conclusion
Phoenix continues to add great jobs, and people are swarming to the Valley Of Sun. These demanding sectors will continue to drive demand for a great workforce, which creates an incredible outlook for the Multifamily Sector.
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Sources:
https://azgovernor.gov/governor/news/2021/09/intel-breaks-ground-two-new-semiconductor-factories
