Thomas Maynard from the Greater Phoenix Economic Council (GPEC) gave a presentation on the state of the metro Phoenix economy at the Scottsdale Association of Realtors (SAAR). GPEC, globally recognized as a top economic development organization (EDO), works to attract and grow quality businesses and advocate for the competitiveness of Greater Phoenix. A data-driven regional EDO, GPEC works with 22 member communities, Maricopa and Pinal County, and more than 200 private investors to accomplish its mission and serve as a strategic partner to companies across the world as they expand or relocate to Greater Phoenix. Over the past 36 years, GPEC has fueled the regional economy by helping over 1,075 companies, creating nearly 195,000 jobs and more than $76.5 billion in capital investment.
Highlights & Key Takeaways for Real Estate Investors and Brokers – GPEC Phoenix Market Update
- Phoenix outpaces the national average in GDP growth, with strong job recovery and a healthy 3.1% unemployment rate.
- The region is experiencing significant population growth, driving demand for both residential and commercial real estate.
- Housing affordability remains a challenge, with costs about 16% above the national average, but Phoenix is still more affordable than many peer markets.
- Industrial real estate dominates new development, accounting for 80% of deal flow, while office demand remains below pre-pandemic levels.
- Major investments from semiconductor and advanced manufacturing companies (e.g., TSMC, Intel, LG Energy Solutions) are fueling job creation and attracting supply chain businesses.
- Zoning and land use remain local issues, with state land policies impacting development opportunities.
- Most new jobs are being filled by local talent, but ongoing population inflows from states like California are expanding the workforce.
- International investment, especially from Asia, is at an all-time high, further boosting the region’s economic prospects.
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