By Jaki Underwood, Editor-In-Chief
Site Selection Magazine has named Maricopa County #1 county in the U.S. for economic growth. This isn’t just a title—it reflects big job gains and major business investments from January 2023 to March 2024. Let’s dive into how all this growth is transforming the housing market in Maricopa County.
What’s Behind the Economic Boom?
Maricopa County’s rise to the top is fueled by significant investments and workforce training across critical sectors like healthcare, construction, manufacturing, logistics, IT, and finance. Some standout projects include:
- Taiwan Semiconductor’s $65 billion campus
- LG Energy Solution’s $5.5 billion battery complex
- Amkor’s $2 billion semiconductor facility
- Intel’s expansion in Chandler, backed by federal funding
Why Businesses Love Maricopa County and the State of Arizona
Arizona has made it a haven for businesses with smart planning and policies, such as:
- Decades of water planning
- Tax cuts
- Proposition 479, a sales tax extension for transportation
These efforts make Maricopa County an attractive business hub, ensuring sustained growth and stability.
Population Growth Fuels Housing Demand
Maricopa County welcomes about 200 new residents every day! It’s also the fastest growing, adding over 56,000 residents between July 2021 and July 2022. This influx is driving up the demand for housing. Here are the latest stats for Maricopa County Residential Real Estate Market from Arizona Ascent Real-Time Market Profile Report from July 1, 2024:
- Active Listings: 18,121 (up 57% from last year)
- Pending Listings: 4,407 (down 12% from last year)
- Monthly Sales: 6,318 (down 15% from last year)
- Average Price per Sq. Ft.: $295.39 (up 2.7% from last year)
- Median Sales Price: $450,000 (up 1.69% from last year)
Diverse Housing Needs
With a diverse workforce moving in, there’s a growing demand for all housing types—from luxury apartments to affordable family homes. The market is bustling with new developments catering to various segments. Investments in infrastructure, including improved roads, schools, healthcare facilities, and recreational areas, enhance the county’s appeal, and push up property values.
Despite the increase in available homes, the market remains balanced. The Cromford® Market Index, which measures market health, sits comfortably at 102.5. This equilibrium ensures fair deals for both buyers and sellers and avoids abrupt price fluctuations.
Maricopa County is not just growing—it’s growing responsibly, and here’s how:
- Lower Property Taxes: The county has slashed property taxes for four consecutive years, making homeownership more affordable.
- Budget Efficiency: Despite economic expansion, the county has reduced its overall budget by 11%, demonstrating effective financial management.
- Key Infrastructure Projects: Significant investments are earmarked for critical projects, like a new downtown facility, ensuring continued growth.
- Public Safety Commitment: Nearly half of the county’s budget is dedicated to public safety, supporting law enforcement and judicial services.
Maricopa County is the fourth-largest county in the U.S., with a population of 4.5 million. Spanning 9,224 square miles and encompassing 24 cities and towns, the county’s expansive infrastructure and vibrant community make it an ideal destination for businesses and residents.
Maricopa County’s remarkable economic growth is boosting job opportunities and reshaping the housing market. With ongoing investments and a balanced real estate landscape, the county offers promising prospects for homebuyers and investors. Whether you’re looking to settle down or capitalize on the thriving market, Maricopa County is a beacon of growth and prosperity in the United States.
