Phoenix Growth Continues to Soar
The Phoenix Metro Area has a lot to look forward to economically in 2019 as new reports about jobs and growth continue to show positive trends for the nation’s 5th largest city. According to the CBRE Market Outlook Report the Phoenix Metro area added nearly 77,000 new jobs making it the fourth largest source of total job growth in the country. This expanded the growth of employment in the area by 3.7%, contributing to the rising need for more office and business space.
According to the report, leasing demand is outrunning supply in industrial, office, retail and other sectors; ensuring that the Valley’s economic and physical expansion will continue. As the population grows new opportunities for both businesses and workers will rise, continuing the cycle of attracting companies looking for a solid region to expand or start up in as well as employees looking for a fresh start.
Areas such as South Phoenix, Buckeye, and other industrial locations along the I-10 and Grand Avenue are continuing to fill up with warehouses from a wide variety of industries. This continued expansion tracks with large corporations setting up more and more distribution, headquarters, and other facilities in order to take advantage of the local economic boom as well as the favorable weather. To accommodate the growing population the downtown core is building a large amount of housing for an increasingly urban clientele. This is accompanied by an expansion of bars, restaurants and entertainment to serve the new neighborhoods.
Additionally, expansions in ASU’s downtown and GCU’s main campus are contributing to a growing population of college educated young professionals able to take advantage of higher end positions with companies in fields such as health and technology. This is especially encouraging as it can further encourage wage growth and support the growing number of advanced jobs available to residents of the Valley.
In the background of all of this is an increased support for funding infrastructure projects to support the expanding population. New proposals to expand the Phoenix Light Rail, the bus system, roads and highways are making their way through local government in an effort to keep up the economic situation. Throughout 2019 Phoenix will remain optimistic and enthusiastic about growth, and its residents will continue looking for opportunities to take part in the growth of jobs, wages and other benefits that come with success.