Phoenix, AZ

Phoenix is one of many cities that is hoping to capture businesses looking to relocate.

Workers here do not need to make as much as those in New York or San Francisco to enjoy a similar standard of living. Combined with its talent pool from nearby universities, this makes it a good option for companies looking for a cheap place to set up shop. Local officials have been courting these companies for a long time – even offering themselves as a trial for delivery via drone – and these efforts are beginning to bear fruit. Phoenix is one of a handful of markets that saw a lot of growth in 2020 and 2021.

Construction volume is expected to remain steady through the early part of the decade. 2021 is looking like the market’s peak, but spending in the next few years is significantly higher than before the pandemic. Labor will have some distance to cover before it can catch up, so costs should be higher than average in the short term. The first half of 2022 has seen the market make an almost full recovery in terms of unemployment as well.

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* Other structures include religious buildings, amusement, government communications, and public recreation projects.
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