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2013-01-26 15:17:18
Phoenix-Mesa-Glendale 8th Largest Growing City

Forbes has ranked the Phoenix-Mesa-Glendale Metro area as the 8th fastest growing large city in the nation, behind Austin TX, Houston TX, Dallas TX, Raleigh NC, Salt Lake City UT, Seattle WA and Provo UT. According to Forbes:

  • 2012 population growth rate: 1.0%
  • 2013 population growth rate: 2.7%
  • Job growth rate: 2.5%
  • Unemployment: 6.5%
  • Gross Metro Product: up 4.1%
  • Median salary: $62,000

We didn't make the top ten last year and Forbes says Phoenix's position was 'a surprise'. It says we are welcoming a fresh influx of newcomers from California and the Midwest.

Phoenix's 2.7% population growth projected for 2013 is the fourth highest of any city in the nation. This is the primary driver of housing demand and if true, it suggests to me that we are not currently building nearly enough housing in the area to cope with the influx. The Phoenix metro had a population of 4,192,887 in the 2010 Census. 2.7% growth represents more than 113,000 people who would typically require more than 43,000 homes.

To put this in perspective, in 2012 developers sold fewer than 10,000 new homes (single family & condo) in Maricopa and Pinal counties. Even though this was a 34% increase over 2011 and growth is expected in 2013, the Forbes projection implies a significant housing shortage. This would normally drive up demand for rental accommodation. It's hard to imagine the multi-family providers can cope with the expected incomers, so this suggest that tenants for single family and condo units will still be plentiful in 2013. Those who move into home ownership are likely to be replaced by newcomers to the area. I don't know how reliable the Forbes projection is, but it is certainly represents a very large increase over 2012.

Source: Cromford Report

About the author

Sheryl Robinson Gilbert Realtor

Sheryl Robinson is a licensed real estate agent based in Gilbert, Arizona and is the owner and an associate broker of Home Key Realty. Sheryl obtained her license back in 2003 and forged her way through the real estate crisis of 2008 by helping many families short sale their homes to avoid foreclosure. Today she is an active Realtor in her local market helping educate buyers and sellers with their real estate needs.

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Phoenix-Mesa-Glendale 8th Largest Growing City

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