As reported in February by North Phoenix News and In&Out Magazine, plans for the USAA Real Estate Company project harken to Kierland Commons or Scottsdale Quarter, with restaurants and shopping along a Main Street and lofts above stores. Also planned is a recreation center with pool, a community park and a hotel.
The development sits on 398 acres between I-17 and 19th Avenue, and Happy Valley and Jomax Roads.
In June, Money magazine rated Phoenix the third-hottest city for technology jobs. The publication’s report cited a 188 percent growth in technology jobs, a median monthly housing rental cost of $1,345 and median home prices at $216,000. Additionally, CompTIA’s 2017 Cyberstates report found there are more than 139,400 technology jobs in Arizona with an average wage of $97,400.
Arizona’s economy will expand 2.6 percent this year and 2.8 percent in 2018, topping U.S. growth estimates of 2.2 percent both years, according to a quarterly study by BMO Financial Group of Toronto. Business conditions — which include population growth, exports and bankruptcies — are the strongest component of Arizona’s economy, according to the analysis, while state finances — including tax receipts, state-government finances and pension liabilities — are the weakest.
Arizona’s hospitals generate an economic impact of $23.8 billion, according to a new study commissioned by the Arizona Hospital and Healthcare Association.
For a look at the top 10 hospitals in Arizona generating the greatest economic impact, click here.
Banner Health has begun construction on an $8.7 million clinic across from Desert Ridge Corporate Center.
Ryan Cos. US Inc. is providing development, construction and financing services for the 29,350-square-foot project, which will provide primary care services, dermatology services with spa and laser treatments and X-ray imaging. The health center also will have 30 exam rooms, an independent laboratory and conference room.
People want to move here.
Maricopa County tops the U.S in highest annual population growth, according to U.S. Census Bureau data from July 2015 to July 2016. Maricopa County gained 81,360 people during that 12-month time frame. Harris County, Texas (i.e. Houston) was second at 56,587.
The Valley’s growth translates into 222 people per day moving to the desert.
That’s good for retailers, restaurants, attracting businesses who need workers, apartment builders and filling those empty offices and shopping centers.
There are more than 4.24 million people living in Maricopa County.
Phoenix tends to run hot and cold, and currently it’s in hot mode. Arizona is among the top handful of U.S. states for economic and population growth, creating strong demand for multifamily.
Multifamily construction in Greater Phoenix returned to record level highs for completed number of units, rental rates and investment activity for the first time in over a decade.
This year marks one of the highest rates of completion of multifamily developments since 2000. It also exceeds investment activity levels not seen since 2007. In turn, rental rates rose for a seventh consecutive year, which marks a 30 percent rise since 2009.
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