Job growth in Phoenix
Job growrh in Phoenix rose 4.2 percent during the 12-month period that ended Nov. 30, 2018, ranking the second-highest percentage growth of all metro areas nationwide, according to new research from CBRE and the U.S. Bureau of Labor Statistics.
The Phoenix area’s strong, job growth-fueled economy is a major lure for residential real estate investors seeking long-term rental income opportunities with an ever-growing tenant pool.
During the 12-month period, the Phoenix area gained 86,800 new jobs. CBRE tracked 105 job announcements in 2018 for a combined 28,000 new jobs projected to be created in the Valley over the next one to three years.
According to CBRE senior research analyst Jessica Morin, 86,800 `new jobs in a year far outpaces Phoenix’s long-term average of 40,000 to 50,000 new jobs annually.
CBRE’s research tracks data from the Greater Phoenix Economic Council, the Arizona Commerce Authority and media and company announcements of expansions or relocations to the Phoenix area, which usually includes jobs that pay above Maricopa County’s median wage, which was $58,580 in 2017, according to the U.S. Census Bureau.
Job announcements were up from 82 in 2016 and 77 in 2017 to 105 in 2018 according to Morin, who says she expects the trend to continue as the Valley area’s economy continues to do well nationally as talent continues to migrate to Phoenix.
Software and technology sector companies had the highest number of job announcements in 2018 with 33, followed by manufacturing job announcements with 32, banking/finance/insurance job announcements with 14, and health care with eight job announcements, according to the report.
Most of the largest numbers of job announcements were in high-demand submarkets on the Vallet’s east side. The two biggest job announcements of 2018 2,500 jobs, were from Deloitte in Gilbert and Allstate in Chandler, with 2,500 each Second highest was Mayo Clinic, announcing plans to add 2,000 new jobs and expand its north Phoenix campus.
Gentry Real Estate Group’s Buy Low AZ team has been providing property bidding services in Arizona’s Maricopa, Pinal, and Yavapai Counties for almost a decade. Our professional staff has the experience and knowledge of the residential Arizona market to effectively represent your investment while guaranteeing you the best price possible.
Job growth in Phoenix