Whenever there is any sort of volatility in the market, the pessimistic people start preaching the sky is falling, and usually, they so with incorrect statistics, or at the very least misplaced data. I am constantly cautioning locals to not apply everything you hear nationally to the Phoenix market.
Phoenix, is, and has for a long time been the fastest growing big city in the Country. Even including smaller cities, Phoenix ranks #2 to San Antonio in new residents this past year. The entire Phoenix Metro area is growing at near 100,000 people a year. We are currently the 5th most populated metro area in the country, and our population is expected to double by 2040 making us #2 to New York City.
Most big cities have a net loss in population year after year. Not only is that not true of Phoenix; our annual population growth is quite extraordinary! Everyone knows of the obvious reasons people move to the Phoenix area; i.e. weather, no natural disasters, health reasons etc. In addition, we have very business friendly tax laws and incentives for companies to come and/or grow here. As we speak, Google, Facebook and Apple are building large facilities on the East side of town. In the Northwest part of Phoenix, TSMC one of the largest Microchip companies in the world broke ground on a massive building that is said to be the 3rd largest construction project in the whole world! Head on over and count the building cranes, there are so many it’s hard to keep track of which ones you already counted!
So, don’t listen to the pessimistic people, decide for yourself! We have a great city that is extremely clean and still feels new, with massive amounts of people and large companies moving here, no shortage of places to eat and shop, close proximity to lakes, snow skiing, and even the ocean and Vegas are not long drives away! So, with all of this in mind, what do you expect the Phoenix economy and Real Estate market to do in the next 20 years?