State and county Population Increases
Recently the U.S. Census Bureau released state and county population numbers. The time period for the change in population is from July 2017 to July 2018.
Table two has the top five states for numeric population increase. Arizona was ranked fourth with a gain of 112,770 people. Amongst these five states, Arizona was number on in percentage growth at 1.7%.
Table two: Top Five States for Population Increase
Once again Maricopa County Number One County for Increase in Population!
According to the U.S. Census Bureau out of all the 3,142 counties in the United States, Maricopa County had the largest numeric increase in population. See table four. This is the third consecutive year Maricopa County has been the leader in numeric population increase. Year-over-year the population of Maricopa County increased by 81,244 or 222 people per day. This increase of 222 per day outshined last year’s report by 20 or ten percent more people per day when the population grew by 202 per day.
Table four: Top Ten Counties for Population Increase
Job Growth Momentum
With labor shortages throughout the country, Maricopa and Pinal counties are destinations for businesses locating and relocating their operations to take advantage of our explosive population growth. People looking for job opportunities are moving to these counties because of their awareness of businesses locating and relocating here. Other reasons that both companies and people are moving to these counties are lower state and corporate taxes than where they currently reside, along with less expensive housing.
According to data from the Arizona Office of Economic Opportunity the monthly average number of people employed in Maricopa County in 2016 was 1,910,800, in 2017 1,966,000, in 2018 2,034,100 and for the first quarter of 2019 2,086,467.
Arizona above Average for Personal Income Growth
For all fifty states personal income increased 4.5% in 2018 over 2017, according to the U.S. Bureau of Economic Analysis. When breaking out personal income year-over-year by state, Arizona finished at 5.5%, making it the third highest. Washington State was first at 6.8%. Finishing last was Hawaii at 2.8%.
For a real estate market to thrive you need demand and supply. Demand is fueled by an increasing number of people with jobs along with growing personal incomes. This is all present in Greater Phoenix. Supply is the challenge. Because of the lack of existing inventory for sell, homebuilders, over the next few years should experience some of their best years ever.
We love discussing this with our current and potential owners and investors. If you have any questions about how this could impact your investment property or property management in Phoenix, please feel free to contact us at Service Star Realty!
**This article and the information contained was taken from the Arizona Journal of Real Estate & Business, June 2019, Vol. 34 No. 6. Written by Fletcher R. Wilcox, V.P. Business Development and Real Estate Analyst, Grand Canyon Title Agency; 602.648.1230, firstname.lastname@example.org, Founder TheWilcoxReport.com.