Reasons To Invest in Phoenix AZ
In our current situation regarding interest rates, and recession & the uncertainty of what’s to come can be a terrifying thought, only if we keep focusing on it. I want to shift that mindset & focus on the opportunities ahead since it doesn’t get much attention these days. I don’t know about you but once I hear bad news, I start looking for the good ones & I found a few here in Phoenix, AZ. If you’re optimistic about our future & hoping to invest in the near future, here are a few reasons to consider investing in Phoenix, AZ.
Before we start, I want you to do your own research & make the best decision for yourself. There are always pros & cons to everything, I’ll simply speak on the pros, the cons are up to you.
- Fast Growing Job Market
Phoenix is one of the fastest-growing cities with many job opportunities. Arizona is projected to create more than 700,000 jobs over the next decade. In just one year, Phoenix was able to add roughly 90,000 jobs. Some of the major companies relocating to Phoenix are LG Energy (Queen Creek), Meta Platforms (Mesa), Taiwan Semiconductor (North Phoenix), and Intel (Phoenix). We already have giants like Carvana, Opendoor, Tesla & more.
- Residential Real Estate Demand
The growth in Phoenix has kept our real estate market active, although it has slowed down due to recently higher interest rates. Demand continues to be relevant in the residential sector as the population has increased by 2% with the national average being 0.8% (according to Phoenix Business Journal). According to the AZ Dept of Administration, they predict a 23.1% population growth over the next 15 years.
In certain areas rent has kept increasing while in other areas it has reduced to 2020 levels, so make sure to do your research & contact a local realtor who can help you with the process.
- Tourism is Booming
One of Phoenix’s major industries is tourism. Every year, millions of tourists come to Phoenix for major sporting events like the NFL, NBA, MLB, NHL & Golf, musical events & great climate during the winter. The state is covered with beautiful landscapes like the Grand Canyon & Sedona, Petrified Forest & many other locations, making hospitality & real estate a prosperous business if done correctly.
The local economy of Phoenix is more stable than many others. The ample industries that generate money here make a city stable, such as tourism, electronics, aerospace, semiconductor manufacturing, healthcare, military & education. In other words, if Phoenix was dependent on healthcare but AZ passed a law that made certain practices harder to complete, there’s a possibility that industry might look elsewhere which would then cause an economic issue here.
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