The Growth of the Construction Industry in Phoenix

The Growth of the Construction Industry in Phoenix

The growth in construction jobs across the state of Arizona, especially in the city of Phoenix, is proof of the growing construction industry. In fact, Phoenix is the 3rd fastest growing economy and is seeing a very strong 2019, especially in the construction industry.

Downtown Phoenix

So far, the construction boom in downtown Phoenix is the biggest they have seen in the last 50 years and is adding to the state of Arizona’s growth. This area is seeing high real estate development, especially since large tech companies are starting to call the city home, which is also decreasing the unemployment rate in the area. In fact, last year Arizona added 25 percent more jobs in the construction industry compared to previous years.

Current Construction Projects

In downtown Phoenix, there is over 5.5 million square feet of space that is currently under construction. These new buildings will be used for offices, housing, retail stores, restaurants and hotels. However, much of this new construction is planned to be used for housing. Since more people are calling Arizona home, more housing projects are going up. In just the last year, over 2,000 apartments have been built in the downtown Phoenix area and around 1,400 apartment buildings are still under construction. With so many housing projects in the works, you would think there would be a lot of vacancies. However, about 95 percent of the housing units in the downtown Phoenix area is leased out, a higher rate than most of the other surrounding cities across the state.

When You Need the Help of An Attorney

If you need some advice regarding Phoenix construction law, MC Attorneys offers a team of experienced construction lawyers to help you with any legal situation surrounding your construction project. When you need a trusted Phoenix construction litigator, MC Attorneys can offer you the legal advice and representation you need as they know all about Arizona’s construction laws and are experienced in handling a number of different construction law issues.

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