Speaking at an April 5, 2007 seminar entitled "Frontiers in Real Estate: Hedging Your Bets", at the W.P. Carey School's Center for Real Estate Theory and Practice Larry Seay(CFO Meritage) & Crocker Liu(McCord chair in real estate) said:
 

But don't despair, Seay cautions, because the Phoenix market is one of the most attractive in the nation based on:

·         Population -- The greater Phoenix metro area boasts 3.8 million people, with a growth of 128,600 last year. Arizona was the fastest growing state in 2006.

·         In-Migration -- Over a 10-year period, from 1993 to 2003, in-migration was up 60.9 percent.

·         Employment -- The metro area employs 1.9 million people. In 2006, the market added 90,700 jobs. Unemployment as of the beginning of the second quarter 2007 stood at 4 percent

·         Job Growth -- In 2006, Phoenix ranked second in terms of job growth right behind number one, Nevada, and ahead of number three, Idaho, two states with a much smaller population base. From 2005 to 2015, the Phoenix job market is expected to expand by 24.3 percent. In comparison, Dallas/Fort Worth will expand 19.4 percent, but Las Vegas should grow by 35.5 percent.

·         Household income -- The median household income stands at $50,651, which is above the national average. Says Seay, "Phoenix gets a bad rap for not having good jobs, but the median is higher than the national average."

·         Lifestages -- Again, says Seay, people talk about Phoenix being a retirement areas, but the percentage of the local population that is in the "mature years" is just slightly ahead of the national average.

 

Concludes Seay, for the period 2005 to 2010, expect Phoenix population growth, household growth and household income to run ahead of the national average.