Phoenix is a great city. Sunshine, warm (and hot weather) all year long, a dry climate, gorgeous sunsets, and incredible people make it a wonderful place to call home. With all the amazing amenities and activities you can find in Phoenix, like the aquarium, zoo, great places to hike, high-end resorts and retreats, it’s no wonder business is booming. The economy in Phoenix and the surrounding valley is booming and here’s what’s driving the growth.
Food and Retail Businesses
Phoenix is experiencing a boom in the food and retail business sector. With almost 5 million people living in the Phoenix, Chandler, and Mesa area, there are plenty of people with shopping and food needs. That doesn’t even include students and part-year residents who call the Phoenix metro area home. The reason for this growth can be attributed to several different factors. Of course, people moving to the area are driving growth in other ways. Many businesses have moved their headquarters to the Phoenix area and this means more of everything from schools to businesses to healthcare services.
Rise in Small Business Development
Small businesses are an important part of Phoenix's economy. They employ many workers in the area, and small business owners account for a lot of the wealth. With a lot of focus on how to develop a business, more and more people are dipping their toes into the water and seeing great results. As there is a rise in brands that create new foods for the supermarket, new products for stores, and even new services for hair and for pets, this small development growth is one of the driving forces in the business growth in Phoenix and the valley. The growth is so dramatic that some food brands might need to look out of state for manufacturing. They can find help in Nebraska, Connecticut, and Minnesota food manufacturers to get their products on the shelves.
High-End Housing Developments and Custom Homes
There's a lot of money flowing into Phoenix, and it's not just from tech companies. High-end housing developments and custom homes are on the rise in the area. Custom home builders are reporting an increase in sales. This is driving up the cost of housing, however, so it’s getting more difficult to find affordable options. However, this movement of money into the region means that small boutique businesses have more customers to sell to.
Healthcare Business Growth
Healthcare is a business and one that is booming as more people move near Phoenix and its suburbs. There are many large healthcare providers already in the area, but things like smaller medical offices, urgent care facilities, and even specialty clinics like for plastic surgery or weight loss are seeing an increase as well. Because of the great weather, these healthcare businesses are also helping to drive medical tourism into the region.
Medical Technology and Biotechnology
Oncomyx Therapeutics and Exploragen are just two biotechnology companies that are based in Phoenix. Because of the proximity to California tech companies, the international airport, and undeveloped space, this region is quickly becoming a hotspot for tech advancement.
Strong Sense of Community
The sense of community in the Phoenix area is extremely strong. There are many events that bring people together, such as festivals and parades. The arts and culture scenes are also thriving in Phoenix with museums, theaters, and galleries popping up in small towns nearby and in the big city as well. These cultural events bring people in from all over which helps to fill hotel rooms, restaurants, and other shops. The business growth continues because locals and visitors alike love what Phoenix has to offer.
Quality Educational Opportunities
Phoenix is home to many of the state's best educational institutions, including Arizona State University, which is one of the largest universities in the country. ASU Polytechnic Campus is located in Mesa and offers a variety of programs for students interested in STEM fields.
Revitalization of Older Neighborhoods
The revitalization of older neighborhoods is an important factor in Phoenix's growth. In many cases, this means converting abandoned buildings into new uses and rehabbing older homes. The rise in the DIY culture means that people are seeing rough-looking buildings as opportunities instead of liabilities. This means that older neighborhoods are getting a fresh look and new people are moving in.
Conclusion
The city of Phoenix and the surrounding valley is booming for business. If you’re looking for a great place to relocate to, why not consider coming here? Phoenix could be just what you need!
