PHOENIX: Fundamentals Foreshadowing Multifamily Boom?
All signs point to an apartment boom in Phoenix, with two shots in its economic development arm this week. The city jumped five spots to No. 3 in Forbes’ annual list of fastest-growing cities (behind Austin and Raleigh), with an estimated population growth of 1.67% last year and projected growth of 2.46% in 2014. The city’s median pay stands at $64,200, while unemployment clocks in at 6.4%. Greater Phoenix Economic Council prez and CEO Barry Broome jokes that this year’s harsh winter spurred the population growth. The Valley is seeing strong growth from “all things Internet,” he adds, including software development, cybersecurity, and telecom firms.