July Market Updates: Phoenix's High Impact Growth Across Sectors
the Phoenix MSA is Expanding Influence in Various Sectors Across Arizona
In July, the Phoenix MSA demonstrated its expansive influence across various sectors in Arizona, reinforcing its position as a top relocation destination and a hub for hospitality, entertainment, and economic growth. Significant developments in the region are paving the way for entrepreneurial ventures and industry advancements. This blog post explores key updates from July, showcasing factors contributing to Phoenix’s dynamic economic landscape and its growing appeal as a multifaceted business hub.
Economic Powerhouses: Phoenix MSA Leads the way
phoenix and mesa: leaders in economic growth
Phoenix and Mesa have secured their positions as top cities for economic growth in the U.S., ranking within the top three according to recent reports. Mesa and Phoenix ranked #1 and #3 for the best U.S. cities for economic growth, with a combined recorded 37.82% increase in GDP. Phoenix stands out in an entrepreneurial activity surge with 54% more business applications registered from 2018 to 2022, totaling 83,305. This recognition underscores the robust economic environment and development potential in these cities. The vibrant economic landscape is attributed to diverse business activities, including advanced manufacturing, technology, and service industries, making the region a fertile ground for innovation and business expansion. (AZ Big Media).
glendale’s new hilton hotel
Downtown Glendale is set to welcome Hilton’s first LivSmart Studios hotel in Arizona, enhancing the hospitality landscape of the area, wrote AZ Big Media. This development is expected to attract both business and leisure travelers, contributing to the local economy by creating jobs and stimulating tourism. The hotel’s strategic location in Glendale’s downtown district will also complement ongoing urban revitalization efforts, making the city more appealing for both residents and visitors. “We are thrilled to be bringing their exceptional new brand to Downtown Glendale. This is a testament to city leadership and their revitalization efforts,” stated Chris DeRose, President of CivicGroup.
Tempe’s Thriving Business Scene
Dutch Bros has announced a new office lease in Tempe, occupying the former Carvana headquarters. This move signifies Tempe’s growing reputation as a prime location for corporate offices. The new office is expected to bring numerous job opportunities to the area, further boosting Tempe’s economic vitality and reinforcing its status as a business-friendly environment. Dutch Bros has suggested that 40% of its corporate staff companywide will be working in the Phoenix area office by the beginning of 2025. (Phoenix Business Journal).
WNBA All-Star Game Economic Impact
The recent WNBA All-Star Game hosted in Phoenix had a significant economic impact on the region, showcasing the city’s capacity to host major sporting events successfully wrote the PBJ. The event not only brought in around 30,000 visitors that contributed to substantial revenue (the average Arizona visitor spent around $400 per day) but also highlighted Phoenix’s thriving sports culture and community engagement. This success further cements the city’s reputation as a prime location for high-profile events and activities.
Community Impact Across the Phoenix MSA
Phoenix Forms Sports Events Commission
In a bid to bolster its profile as a premier sports destination, Phoenix has established itself as a premier destination for hosting events and the new Sports & Events Commission will build upon that position by pursuing new business opportunities that showcase our impressive package of convention, facilities, athletic fields, hotels, and performing arts venues,” John Chan, Phoenix’s deputy city manager, said in a statement. This initiative aims to attract and manage major sporting events, enhancing the city’s reputation and providing significant economic benefits. By hosting high-profile sports events, Phoenix can expect increased tourism, hotel occupancy, and local business patronage, solidifying its position as a key player in the sports entertainment industry. The commission will be a 501(c)(3) nonprofit operating as a division of Visit Phoenix. (Phoenix Business Journal).
Gila River Resorts & Casinos: 30 Years of Community Impact
Celebrating 30 years of community impact per AZ Big Media, Gila River Resorts & Casinos has been a cornerstone of economic and social development in the region. Their contributions go beyond gaming and entertainment, involving substantial support for local initiatives and charitable activities. Gila River has successfully generated $2.5 Billion since 2003 for a wide range of cities within Arizona. This long-standing presence highlights the integral role such establishments play in the broader community, fostering economic growth and social well-being.
Virgin Galactic’s Mesa Gateway Facility Completion
Virgin Galactic has completed its facility at Mesa Gateway Airport, marking a significant milestone in the region’s aerospace and tourism sectors. This development is expected to attract aerospace professionals and enthusiasts, promoting Mesa as a hub for innovative aerospace ventures. Virgin Galactic occupies two hangars at the Phoenix-Mesa Gateway Airport, in its Gateway Executive Park. The company’s presence spans more than 140,000 square feet, where it will hire hundreds of engineering and manufacturing employees. The facility’s presence underscores the city’s commitment to advancing in high-tech industries and diversifying its economic base. (PBJ).
Tempe Marketplace Welcomes New Tenants
Tempe Marketplace is expanding its tenant mix with four new additions, enhancing its appeal as a vibrant shopping and entertainment destination. These new tenants (Sam’s Club, Nothing Bundt Cakes, Happy Beauty, and Enclave Salon) are expected to attract more visitors, driving retail traffic and boosting local economic activity. The continuous growth of Tempe Marketplace reflects the broader trend of retail and entertainment expansion within the Phoenix MSA. (AZ Big Media).
Phoenix is rapidly ascending as a prime relocation destination, driven by its diverse neighborhoods, strong job market, and affordable living standards. The region’s dynamic growth is evident in its flourishing hospitality and entertainment sectors, highlighted by high-profile developments like the new Hilton hotel and Dutch Bros’ new office lease. Additionally, innovative ventures like Virgin Galactic’s facility and significant sporting events bolster the local economy, creating a vibrant environment for multifamily investments. Overall, Phoenix’s strategic advancements in technology, healthcare, and commercial real estate further solidify its status as a burgeoning hub for business and residential growth.
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Rise48 Equity is a Multifamily Investment Group with local offices in Phoenix, AZ, Dallas, TX, and Charlotte, NC. “At Rise48 Equity, we provide opportunities for accredited and non-accredited investors to protect and grow their wealth and achieve passive cash-flow. Our team brings expertise to acquire, reposition and return capital to investors upon reaching our business plan. Through our research and strategically formed partnerships, we acquire commercial multifamily apartment properties, strategically add value to the properties, and create passive income for our investors through cash-flow and profits from sale.”
Since 2019, Rise48 Equity has completed over $2.27 Billion+ in total transactions, and currently has $1.83 Billion+ assets under management located in Phoenix, Dallas, and Charlotte. All of the company’s assets under management are managed by Rise48 Equity’s vertically integrated property management company, Rise48 Communities.
