Recent data from the U.S. Census Bureau revealed that for the third year in a row, Maricopa County had the highest population growth rate in the nation.
Between July 2017 and June 2018, Maricopa County attracted 81,244 people from out-of-state. In other words, over 200 people move to the Valley every day. Presently, Maricopa is the fourth-largest county in the nation, providing residency to over 4.4 million people with over 300 people moving into our local market on a daily basis.
The population growth has a cyclical effect on our local economy. To clarify, people are attracted to the Valley because of the strength of its economic system. Once here, these newcomers contribute to expanding the economy even further.
Don’t believe me? Here’s a word from our governor:
“Arizona is open for opportunity — and the word is out,” said Arizona Governor, Doug Ducey. He went on to celebrate Arizona’s booming economy: highlighting increasing wages, the unbeatable quality of life, and local government’s plans to expand those opportunities through great health and safety initiatives.
Moreover, a recent report by the U.S. Bureau of Economic Analysis revealed that Arizona had the fourth-highest wage growth rate in the nation last year (5.8%) and the fifth-highest personal income growth rate (5.5%, which eclipsed the national average of 4.5%). It is no surprise to me based that Maricopa County leads the rest of the nation in population growth.
It is the hard work of job creators, entrepreneurs, and employers that have contributed to the increase in income for our fellow Arizonans. It’s happening at one of the fastest rates in the nation, making for an ideal economic environment to live and work. According to our government leaders, it’s only the beginning of job growth and opportunity for the Valley and beyond.
Arizona is growing and the rest of the nation is watching.
In March 2019 Arizona passed the PropTech Bill. This legislation has a big impact on the real estate industry in our state. It changes the way we rent, sell, buy, develop, and manage property. PropTech companies will now have a place to develop their products while still making certain to protect consumers. With this bill, Arizona continues to send a message to the rest of the nation that this is the best place to advance cutting-edge technologies.
As the leader of a forward-thinking real estate brokerage that relies on technology, I am excited to help facilitate the needed changes to our industry and support this bill. Tru Realty is always exploring new and innovative ways of operating in order to better support our agents and deliver excellence to our clients.
Maricopa County is the hottest place in the nation for the third year in a row – and not just because of its high desert temperatures! Real estate in Arizona continues to stay affordable compared to the rest of the nation and we are poised to tackle a recession head-on. If you are looking to work for a forward-thinking brokerage or looking for an amazing experience buying, selling, or investing in Arizona, we would love to hear from you.
Sarah C. Richardson is one of the preeminent leaders of residential real estate in Arizona. As the CEO and founder of Tru Realty, she is responsible for both the daily operations and oversight of the multiple growth strategies that the brokerage carries out. Sarah launched Tru Realty in 2010 as a way to serve a marketplace that was seeing a shift from auction centric fix/flips to an MLS flow. She is now rethinking the way her brokerage uses technology to better serve clients and agents alike.