Phoenix housing construction remains strong post-recession, along with the population growth to fill it
Both single family homes and multifamily unit completions throughout the Valley have steadily increased since the trough of 2011.
April 23, 2019
- Both single family homes and multifamily unit completions throughout the Valley have steadily increased since the trough of 2011, bringing in a total of 139,387 new housing units for Phoenix’s growing population. At an average growth rate of 33.1% per year since 2011, Phoenix is quickly catching up to its average total completions of 31,793 total units.
- While both single and multifamily activity took a hit during the recession, multifamily has returned to pre-recessionary levels at a much quicker pace, with developers taking advantage of Phoenix’s desirable average rental rates. 37% more multifamily units were delivered in 2018 than the yearly average since 1990 (5,058 units).
- Although overall population growth has inched downward, growth throughout the Phoenix Metro area is projected to continually increase by 110,000 – 130,000 residents per year for the next seven years. At the end of 2018, the Phoenix Metro area ranked #3 amongst the 20 largest metro areas for the largest 5-year growth projection rate at 8.3%, only behind Houston (10.1%) and Dallas (9.4%). 2019’s overall growth is estimated to be approximately 37% over that of 2018 due to favorable median rents and healthy employment opportunity.
Source: JLL Research, Moody’s Analytics, Bureau of Labor Statistics
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