What The Recovering Arizona Economy Means to REALTORS®
The first of four related topics which include:
- Arizona population will increase faster than the national average
- Arizona job growth to exceed population growth
- Personal income growth in Arizona to be flat
- Meet the economy head-on with concrete tips for REALTORS®
For most REALTORS®, 2014 will be a respectable year, but probably won’t break any records. Looking forward to 2015, this is an excellent time to move outside your normal routine. Attend some real-estate-related meetings (office meetings, mixers, MLS marketing meetings) and check out what is going on around you. Investigate new technology and business ideas very carefully, plan your course of action and make sure you are properly positioned when business picks up again. For details on the economic picture and more tips, read on.
Arizona population will increase faster than the national average
Arizona’s economy depends heavily on population increases to bootstrap growth—additional residents boost consumption, which improves the economy and draws in more people, which boosts consumption, and so on. Here’s what Arizona’s Department of Administration (DOA) Office of Employment & Population Statistics predicts over the next 10 years:
Arizona’s population growth took a hit during the 2009 global recession but is now rebounding steadily. Tracking the blue graph line, we anticipate a sharp rise in growth through 2017, then stabilizing at just under 2% annually. What’s fascinating is where this growth originates. This year, roughly half the increase comes from births and half from newcomers moving to Arizona. By 2017, when the growth rate peaks at 2.1%, over two-thirds of new Arizonans will be from out of state. Over the next five years, our population will swell by 7-8%—a boon for REALTORS®. This surge fuels housing demand, whether for buyers or renters. However, many of these newcomers, including some relocating from abroad, bring unique needs. For instance, I recently connected with a client who’d worked with new betting sites UK 2025, managing their customer onboarding, and needed a home suited for remote work with high-speed internet for international calls. Understanding these diverse expectations means studying housing trends from other U.S. regions or adapting to varied cultural communication styles. Good luck with all you do. Check back tomorrow for the next section, Arizona job growth to exceed population growth. Don’t hesitate to contact me with any suggestions or comments. Ron LaMee, Senior VP of Research and Member Value, Arizona Association of REALTORS®, ronlamee@aaronline.com.
Ron LaMee
Senior VP of Research and Member Value
Arizona Association of REALTORS®
ronlamee@aaronline.com