Construction cranes all over the Valley of the Sun are proof of the amount of commercial construction ongoing in the Phoenix metro area. State wide Arizona has added a whopping 23,800 jobs in nonresidential construction in January, 2020. Figures from the U.S. Labor Department show Arizona has gained 97,700 jobs in the sector over the past 12 months – a year-over-year increase of 2.1%. The largest increase was in the specialty trade segment, which added 17,200 jobs in January. This lowered the construction unemployment rate in Arizona to 5.4% for the month. So if you want to work in construction, now is the time to move to Arizona.
Last blog I wrote about Arizona being a leader in population gain due to our job growth, housing market, and weather. So that raises the question – which state had the most outbound moves in 2019? For the second consecutive year New Jersey lost the most people. Apparently the Garden State isn’t where a lot people want to live right now despite all the good things that state has to offer. Maybe the Chamber of Commerce’s new slogan should be “There’s Plenty of Room in New Jersey”.
The numbers show that Arizona continues to be popular with people from elsewhere, taking in 2.2 million new residents from other states since 2010 to 2018. Job growth, Arizona’s steady economy and lifestyle are the major reasons that people say they are attracted to our state. The highest traffic was between neighboring California, with Texas in second place (137,320 people). Illinois sent 102,897, which is which makes sense considering the number of Chicagoans here. A surprise to me was the 127,772 people Washington sent south to our state since 2010. All these numbers put Arizona in the top five of states with the most inbound moves.
The Phoenix area added 13,200 construction jobs during the 12-month period that ended in June, an 11% jump. The figures come from Associated General Contractors of America, which analyzed federal data for jobs in construction. Those numbers show that the Phoenix market added more building jobs than any other market in the U.S. during that time.
The National Association of REALTORS reviewed employment growth, household income and qualifying income levels in nearly 100 of the largest metropolitan areas across the U.S., to determine which areas with employment gains above the national average also have the largest share of renters who can afford to buy a home. Despite the recovery of our real estate market and its recent price gains, Phoenix is in the top 50.