IKEA — which already has one of its super stores in Tempe — is opening the store at the Loop 101 and Bethany Home Road.
That is near the Westgate Entertainment District development. IKEA will start construction of the Glendale store in the fall of 2018 and it would open in the spring of 2020, according to the furniture and furnishings company. The store will total 348,000 square feet. Construction will create 500 jobs and there will be 300 retail workers and managers at the store when it opens, according to IKEA.
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.
The multifamily industry groups also said there are an estimated 11.6 million apartment units nationally in need of renovations to stay competitive.
“The Phoenix metro area will need all types of apartments and at all price points,” said Tom Simplot, president and CEO of the Arizona Multihousing Association. “Phoenix apartment developers, owners and managers and their residents contribute $10 billion to the local economy annually, and that number is expected to rise with increased demand.”
The Phoenix metro area will add 150,000 new units by 2030, according to the NHCA and NPA report.
The region’s population could grow to 6.3 million by 2030. Los Angeles will have 14.5 million people. New York City will have a regional population of 21.1 million, according to the study.
The Valley has seen a build-up of new and renovated apartments since the last recession and real estate crash. That has seen new complexes and units landing in Scottsdale, Tempe and the East Valley as well as central and downtown Phoenix.
Demand has been driven by former homeowners who went through foreclosures and short sales in the last market downturn, millennials putting off home purchases, downsizing empty-nesters and those without incomes and credit scores to qualify for tougher-to-get mortgages.
The industry groups’ report projects 664,000 new apartments being built in California, 127,000 in New York, 749,000 in Texas and 669,000 in Florida.
Close to 39 million Americans live in apartments.
But many new apartments that have landed in submarkets such as downtown Phoenix, Tempe and Gilbert have been more high-end. That creates some concerns about affordable housing, Simplot said.
“For many families, locally and nationally, the shortage of affordable rental housing creates significant hurdles that can hamper their future financial success,” added Simplot. “This is not just a problem for today. By 2030, the affordable housing crisis will become even more severe unless public and private sector leaders take bold, innovative action.”
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.
JPMorgan Chase & Co. is developing a big new 67-acre campus in Tempe with plans of eventually locating more 4,000 jobs there.
Chase (NYSE: JPM) will land the big campus at the Discovery Business Campus at Elliot Road and the Loop 101 freeway. The bank will be shifting a number of jobs from the Chase Tower in downtown Phoenix to the new Tempe campus.
Chase will keep some operations in downtown Phoenix. It has 2,000 workers in downtown Phoenix. Chase Tower is the tallest building in the state. Design and construction planning will start later this year. The first phase of employees moving into the Tempe campus will happen in 2018.
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