Market Info: Why Phoenix?

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Why advertise in Phoenix?

• Phoenix is a growing and vibrant market home to over 4.4 million in population and ranked 11th amongst major metros in the nation. Republic Media reaches 1.8 million adults in the past week and 1.1 million adults daily.
• Phoenix is a top destination for pleasure and business travel.
• Phoenix continues to grow in population and remains an affordable place to live.
• Phoenix is among the top 10 U.S. states for doing business.
• Phoenix offers more affordable housing today than ever before.
• Phoenix has a growing percentage of well-educated, diverse, skilled-knowledge workers.
• Phoenix offers a modern infrastructure to position itself for the future.

Solar Energy Heats Up in AZ

The solar industry is an emerging driver of economic growth in Arizona and has instigated the recent boost in construction payrolls in the state. According to Barry Broome, President of Greater Phoenix Economic Council, "Solar has a huge economic upside for Arizona. Since 2010, nearly a dozen companies have invested almost $2 billion in the region, creating more than 6,000 jobs." Investments from major corporations exemplify how the tax incentive program is creating a sustainable economic platform, which rewards companies for locating in Arizona while also creating jobs and making investments in the state.

Population
"The recent recession wiped out a decade's worth of progress, but Arizona's growth will return and once again rank amongst the leading states. Arizona has been the second-fastest growing state over the past several decades, and is expected to continue riding the crest for at least the next few decades. Over the next 30 years, Arizona will add six million residents, nearly doubling size."
Marshall Vest, Forecasting Project Director - Eller College of Management, The University of Arizona

• The population in the Phoenix metro has increased 30% since the 2000 Census, 2nd best among the top 50 metros.
• Over the last 20 years, the Phoenix population almost doubled in size.
• Maricopa County is the 4th most populous and fastest growing of the 10 largest counties in the United States.
• Phoenix was ranked as the 3rd fastest growing metro within the top 50 metros.

Housing

• Phoenix has experienced a high foreclosure rate, due to the housing bubble that burst in the late 2005. As a result, homes have become very affordable.
• Housing affordability in the Phoenix metro has reached an all-time best level, aided by historically low mortgage rates.
• Additonally, the cost of living in Phoenix is amongst the lowest in major markets at 99.5 - making it attractive for continued population and business growth.

Retail
Phoenix is a top-ranked city for business and living and is home to high-end retailer and mall growth.

•  Cityscape, the high-rise mixed use entertainment district has opened Phase 1 in 2010, beginning with retail destinations. Cityscape is one of the leading projects hoping to transform downtown Phoenix and serve as a catalyst for future development and investment. Gold's Gym, CVS Pharmacy, Lucky Strike bowling, Five Guys Burgers and Urban Outfitters are some of the first retailers to take residence in the development.
• Biltmore Fashion Park is one of Arizona’s premier shopping and dining destinations, offering a unique outdoor setting and more than 70 one-of-a-kind boutiques and restaurants including Saks Fifth Avenue, Apple, Ralph Lauren, Cartier, Escada and Calypso. The center just completed a major redevelopment blending hints of rich heritage with a new modern twist. New tenants such as Seasons 52, Haagen Dazs and Little Artika.
• In Scottsdale, where shopping is a high priority activity for its luxury seeking residents, as well as the 7.5 million domestic and international visitors, Scottsdale Fashion Square offers the very best in every category. Barneys New York and Swedish retailer H&M recently moved into this mall. Other elite brands are found throughout this mall-- Burberry, Jimmy Choo, kate spade, Gucci, Louis Vuitton, Juicy Couture, Tiffany & Co.
• According to Entrepreneur, Greater Phoenix  is a haven for start-up companies thanks to its rapid growth, well-developed institutions and generous loan and grant programs. August 2009
• As of December 2009, Phoenix has been awarded $309.1 million in funding for green initiatives. Funded projects include green-retrofitting of public housing; improvements to bus park-and-ride lots and bus stops, and Central Station Transit Center; street improvements; retrofitting city facilities for energy efficiency and to add solar panels; water projects to replace aging infrastructure; and to restore 8 miles, or 380 acres of the Salt River.

Tourism
Greater Phoenix is an excellent location for tourism and business travel now and in the future.

• Phoenix Sky Harbor serves more than 100,000 passengers, with 1,500 flights per day, and a daily economic impact that surpasses $90 million for the Phoenix metro area.
• The METRO Light Rail system opened in December 2008 and features a 20-mile starter line with 28 stations to provide an environmentally friendly and efficient way to get to school and work, connect with Sky Harbor Airport and discover the Valley’s best shopping, dining and entertainment.
• The Phoenix Convention Center underwent a $600 million expansion and is now one of the top 20 convention venues in North America. Phase 1 was completed in July 2006 and Phase 2 in 2008. The Convention Center has an estimated $250 million in annual economic benefit from conventions - a figure that is estimated to grow to $500 million by 2013.

• Unemployment rates for Phoenix in August 2010 are well below the national average and the averages for several major metro areas.
• During the Phoenix market boom, construction and tourism industries dominated the job market. Now that they city has been built, the economy has become more diverse. The employment landscape has changed to include industries employing higher-educated, skilled-knowledge workers.

• $193 million in state funding in 2007 was allocated to accelerate freeway construction projects by as many as 14 years.
• $1.1 billion was put into developing an automated train system at Phoenix Sky Harbor International Airport. The first phase is scheduled to be completed in 2013.
• $1.4 billion was invested in a light rail system, which opened in December 2008. A central mesa light rail station will add an additional 3.1 miles and is scheduled for completion by 2016.

Sources:

2010 Phoenix CBSA Scarborough Release 1 (Feb 09- Jan 10)
2010 Claritas
Greater Phoenix Economic Council
ACCRA Cost of Living Index
azcentral.com
Phoenix Sky Harbor International Airport
Bureau of Labor Statistics, September 2010
City of Phoenix
Newsweek Magazine