Job Market Will Bring Buyers Boosting Real Estate Demand

Job Market Will Bring Buyers Boosting Real Estate Demand

Jobs mean population growth, and population growth drives housing demand. The Phoenix housing market will probably have plenty of all three in 2014.The outlook for the area’s job market is positive, to say the least. Last month, Moody’s Analytics did a state-by-state analysis and projection for job gains. By their estimation, Arizona will soon have the fastest rate of job growth in the country, averaging 3% annually over the next five years. This would be a huge turnaround for a state that had one of the highest job-loss rates during the recession — and a major boon for the local real estate market.Jobs bring people. Population growth, in turn, creates more demand for housing and puts upward pressure on home prices. This is one of several factors driving our positive predictions for the Phoenix housing market in 2014. Phoenix is currently the fifth-largest city in the United States. It is expected to climb to #4, or even higher, within the next six years.According to estimates by the  U.S. Census Bureau, the city’s population could reach 2.2 million by 2030, while the greater metro area could climb to 6.3 million. It’s no wonder economists are predicting an increase in new-home construction.The Greater Phoenix Blue Chip Real Estate Consensus Forecast is provided by a panel of economists and real estate analysts within the metropolitan area. The group’s latest report forecasts a steady rise in the number of single-family residential building permits over the next couple of years. The panelists were unanimous on this subject. Every member predicted a rise in permits in both 2014 and 2015.Here are their expectations for single-family construction permits in the greater Phoenix area:

  • 14,640 units in 2013
  • 20,657 units in 2014
  • 25,000 units in 2015
This prediction is yet another sign of a strong local economy in general, and a robust housing market in particular.

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Phone: 623-703-7445
Dated: December 10th 2013
Views: 2,491
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