Tag Archives: tourism

Q1 Industrial Outlook: 2015 marks a turning point in the Phoenix economy

0 CommentsBy

IndustrialOutlookEconomy
The Phoenix economy exceeded expectations in 2014, and despite a seasonal slowdown after the holiday season, the first quarter of 2015 kicked off in the right direction as well. The core industries in the Valley, including financial services, tourism, and professional services, have been driving much of the growth. Phoenix is outperforming the Western U.S. in year- over -year nonfarm payroll growth and continues to see strong levels of hiring. Unfortunately, a few pockets of weakness continue to delay a full recovery in Phoenix. Construction and Manufacturing industries within the Valley are stagnant and have not added many new jobs since the recession. The single-family housing market has cooled and developers remain stubborn as new construction permits remain at record low levels. Demographic trends within the Phoenix metro area continue to defy limited new residential construction. The Valley is seeing population gains accelerate and are expected to exceed the historical average soon. A majority of growth stems from migration into Phoenix as evidenced by the fact that the local pool of residents grew nearly twice as fast as the nation’s in 2014. These demographic trends support growing household formation, labor force expansion, and additional residential construction in 2015.… Read More

Q2 Office Report: Phoenix market seeing some positive indicators

0 CommentsBy

CaptureThings may be looking up for Phoenix’s office market. Vacancy rates have diminished slightly in the second quarter as more
office space is being absorbed by both large companies restructuring
their operations and smaller businesses that are growing out of their current space.

Phoenix’s job growth in the first half of 2013 was very strong, adding
27,200… Read More