What's Coming to the Greater Phoenix Metro: New Communities, Business Parks, Retail, and Arizona’s Booming Semiconductor Industry

Explore New Communities and Exciting Developments in the Greater Phoenix Metro Area: Your #1 Source for Comprehensive Arizona Real Estate News and Updates!

Arizona Cities Lead Nation in Economic Growth

Several Arizona cities lead the nation in economic growth, according to a recent study. Mesa and Phoenix ranked No. 1 and No. 3 among large cities, respectively, due to significant population growth and increased median earnings. Gilbert and Chandler topped the medium-sized city category, while Surprise ranked fifth among small cities. Peoria just missed the top 10 for small cities, placing 11th. From 2018 to 2022, these Valley cities saw a 38% GDP increase and a 34% rise in infrastructure, with over 16,000 miles of new roads. Mesa's economic diversification and infrastructure investment earned it the top score of 66. Gilbert and Chandler saw a 38% GDP increase and substantial population and housing growth. Surprise also showed strong growth in GDP and infrastructure, scoring 55.9. The Valley experienced a 54% rise in business applications and a 2% employment rate increase, making Phoenix and its surrounding cities attractive places to live. In May, a PODS Enterprises report ranked Phoenix No. 7 for move-ins, supporting the area's economic expansion.

New Retailers Announced for Shops at Lake Pleasant in Peoria

Vestar, the largest privately held shopping center owner in the western U.S., announced 14 new retailers for The Shops at Lake Pleasant in Peoria, with six already open and the rest by the end of 2024. The shopping complex, nearly 100% leased, spans 90,000 square feet and will be fully operational by Spring 2025. Current tenants include Raising Cane’s, Over Easy, and Visionworks, with others like Handel’s Ice Cream and HonorHealth opening soon. Situated off Happy Valley Road and Lake Pleasant Parkway, the center benefits from a high-income area with nearly 150,000 residents within a 5-mile radius. Peoria, the 6th largest city in the Phoenix Metro area, is recognized for its booming housing market.

Construction Begins on New $100M Business Park in Goodyear

Dallas-based Formation Interests has begun constructing a 688,000-square-foot business park in Goodyear, adjacent to the future Buc-ee's convenience store. This $100 million development, Formation's first in metro Phoenix, will unfold in two phases, offering new industrial, office, and commercial spaces. The 44-acre site at Bullard Avenue and Celebrate Life Way received zoning approval last year. The first phase, featuring two buildings totaling 430,000 square feet, is set to complete by June 2025, with a second phase of 230,000 square feet across three buildings breaking ground next year. Amenities include a 5-acre park for workers. The development, designed by Deutsch Architecture Group and built by Willmeng Construction, aims to attract tenants in advanced manufacturing and technology industries. The site benefits from proximity to numerous amenities, including the future Buc-ee's and the City of Hope Cancer Treatment Center.

Arizona Leads Nation in Semiconductor Investment and Workforce Development

Business Facilities' 20th Annual Rankings Report showcases Arizona's remarkable progress in the semiconductor industry, awarding it the top position for 2024. Since the enactment of the CHIPS and Science Act in 2022, which allocated nearly $53 billion for U.S. semiconductor manufacturing, Arizona has drawn over $102 billion in investments and created more than 15,700 industry jobs. This federal act has ignited 83 projects and over 56,000 jobs across the country. Arizona's attractiveness stems from its expansive land, low risk of natural disasters, and a strong talent pipeline, bolstered by initiatives like the Semiconductor Technician Quick Start program. Public universities in the state, including Arizona State University, are increasing engineering enrollment and launching new programs to enhance semiconductor workforce development. Arizona's proactive measures, such as establishing a new semiconductor workforce training accelerator, solidify its position as a leader in addressing the U.S. semiconductor workforce challenge.

For the latest information on upcoming developments in the Greater Phoenix Metro, visit our 'News, Updates, and Coming Soon' page for weekly updates. Stay informed about what's happening in your neighborhood, city, or area of interest. Book a time with me below to learn more and discuss in detail!