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Phoenix, Arizona

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Welcome to Phoenix

The Valley of the Sun. Learn all about the economy, housing, entertainment, growth and so much more..

Arizona’s Economic Outlook

Business and construction growth ignites job opportunities.

Flipping Phoenix Homes

How the housing market compares to last year

Downtown Phoenix: It’s Cooler Than You Think

Savvy locals know that downtown Phoenix is filled with independent restaurants, live entertainment, cultural attractions, and great hotels within walking distance of it all. But some visitors still manage to wander around in a state of blissful grumpiness.

Successful Phoenix Economic Growth

City Update: Economic Growth Success in Phoenix
Deborah Sedillo Dugan and CED Director John Chan discuss economic growth in Phoenix.

News

Stable market is one of the real-estate trends forecast for ‘14

Stable. Balanced.

Those are words we haven’t heard in a while when it comes to describing the real-estate market.

But they’re among the top trends to expect to see locally and nationally for 2014, analysts and real-estate professionals say.
Read the full article…

Investors foresee megapolitan

Arizona’s population is on track to reach 10.2 million by 2040 — a near 60 percent jump from today.
Learn more…

Real estate 2014: Steady rebound to continue

The metro Phoenix housing market has been in recovery for two years, and it’s been a roller coaster the whole way. Local real estate experts are confident the rebound will continue in 2014.
Read the full story…

Real estate: Number to know

450,000

Arizona State University’s rough estimate of single-family homes, townhouses and condominiums in Maricopa and Pinal counties that are owned without a mortgage. That is about 30 percent of the total housing stock. This is an important number to note given my article last week about CoreLogic’s third-quarter report on negative equity, which is defined as the portion of mortgaged properties that owe more than what the home is worth. The study found metro Phoenix had the third-highest underwater rate in the nation of 23.2 percent. Some complain that figure is misleading given the number of homes owned outright; but, since they don’t have mortgages, it makes no sense to include them in the calculation.

Reporter-Phoenix Business Journal – Dec 27, 2013

Market Overview

About Phoenix

Phoenix is the capital, and largest city, of the U.S. state of Arizona, as well as the sixth most populous city nationally, after (in order) New York, Los Angeles, Chicago, Houston, and Philadelphia. Phoenix is also the most populous state capital in the United States. Phoenix is home to 1,445,632 people according to the 2010 U.S. Census Bureau data.

It is the anchor of the Phoenix metropolitan area (also known as the Valley of the Sun) and is the 12th largest metro area by population in the United States with about 4.2 million people in 2010. In addition, Phoenix is the county seat of Maricopa County and is one of the largest cities in the United States by land area.

Economy

The early economy of Phoenix was primarily agricultural, dependent mainly on the “5Cs” which were copper, cattle, climate, cotton and citrus. In the last four decades most of the farmlands have been turned into suburbs, and the economy has diversified as swiftly as the population has grown. The construction boom collapsed in 2008, as the financial crisis of 2007–2010 began; housing prices plunged. As Phoenix is the state capital, many residents in the area are employed by the government. Arizona State University has also enhanced the area’s population through education and its growing research capabilities. Numerous high-tech and telecommunications companies have also recently relocated to the area. Due to the warm climate in winter, Phoenix benefits greatly from seasonal tourism and recreation, such as the golf industry.

Phoenix is currently home to four Fortune 500 companies: electronics corporation Avnet, mining company Freeport-McMoRan, retailer PetSmart and waste hauler Republic Services. Honeywell’s Aerospace division is headquartered in Phoenix, and the valley hosts many of their avionics and mechanical facilities. Intel has one of their largest sites here, employing about 10,000 employees and 7 chip manufacturing fabs, including the $3 billion state-of-the-art 300 mm and 45 nm Fab 32.

American Express hosts their financial transactions, customer information, and their entire website in Phoenix. The city is also home to the headquarters of U-HAUL International, a rental and moving supply company; as well as Best Western, the world’s largest family of hotels; Apollo Group, parent of the University of Phoenix; and utility company Pinnacle West. Choice Hotels International has its IT division and Operations Support Center in the North Phoenix area. US Airways relocated its Corporate Headquarters to Metro Phoenix area (Tempe) in 2005 after being acquired by America West Airlines. US Airways is the largest carrier at Sky Harbor International Airport in Phoenix. Mesa Air Group, a regional airline group, is headquartered in Phoenix.

Despite the housing collapse, Phoenix is seeing an improvement in its rental housing. “Commercial-property owners are counting on apartment buildings to lead the Phoenix area’s real-estate market toward recovery, based on a recent rebound for units rented and buildings sold.” The military has a significant presence in Phoenix with Luke Air Force Base located in the western suburbs. At its height, in the 1940s, the Phoenix area had three military bases: Luke Field (still in use), Falcon Field, and Williams Air Force Base (now Phoenix-Mesa Gateway Airport), with numerous auxiliary air fields located throughout the region.

Foreign governments have established 30 consular offices and eleven active foreign chambers of commerce and trade associations in metropolitan Phoenix. – Wikipedia

Phoenix Rankings

  • Phoenix and Scottsdale Make Forbes’ ‘Best Real Estate Buy Cities’ List – Forbes Jan 2014
  • Top 10 Cities – Best Places To Live 2013 (Phoenix Cities out 4 of 10) – Forbes Dec 2013
    • #2 Scottsdale, AZ
    • #3 Glendale, AZ
    • #7 Mesa, AZ
    • #10 Phoenix, AZ
    • Gilbert AZ Ranked 33 on Money Magazine’s List of Best Small Cities – Money Magazine Nov 2013
    • Peoria No. 7 on Kiplinger’s ‘Best Cities for Early Retirement’ report – Kiplinger Nov 2013
    • #1 Best State For Expected Job Growth – Forbes Sept 2013
    • Arizona is No. 1 on Forbes List for Projected Job Growth – Forbes Sept 2013
    • Kiplinger Names Phoenix a Top Travel Destination – Kiplinger Jul 2013
    • Kiplinger Ranks Phoenix #7 as in the 10 best Cities for Graduates – Kiplinger May 2013
    • 10 States With Biggest Rate of Job Growth in 2013, Phoenix #10 – Kiplinger Mar 2013
    • The 25 Best Places To Retire In 2012 – Forbes Jun 2012
    • #2 Best Cities for Hospital Care – HealthGrades April 2012
    • #8 America’s 20 Fastest Growing Cities – Forbes 2012

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