Market Info: Why Phoenix?
Why advertise in Phoenix?
- Phoenix is a growing and vibrant market home to over 3.21 million people and 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.
Population“In every economic downturn, the ultimate recovery has seen the Arizona economy rebound much stronger than the nation as a whole – due primarily to Arizona’s faster-than-average population growth (as much as 3% compared to 1% nationally).”Lee McPheters, Director of the JPMorgan Chase
Economic Outlook Center, December 2008
- The population in the Phoenix metro has increased 30% since the 2000 Census, 2nd best among the top 50 metros.
- Over the span of 18 years, the Phoenix population almost doubled in size. The growth rate is expected to slow to 3%, but because the base population is larger, the expected growth is 127,300 higher than years past.
- In 2008 Phoenix was ranked in the top 5 metros for relocations in the U.S. by Forbes February 2009 rankings.
Housing“The bursting of the real estate bubble in Arizona has brought housing prices down to affordable levels once again.”Lee McPheters, Director of the JPMorgan Chase
Economic Outlook Center, December 2008
- In 2005 when the housing industry was at an all-time high, Phoenix was experiencing record growth in population and employment. However, home prices increased, making them significantly less affordable. With the current economic climate, Phoenix once again has an abundance of affordable housing.
- In comparison to other western U.S. metros, Phoenix currently has the highest percentage of affordable homes.
- In addition to affordable housing, the cost of living in Phoenix is among the lowest in major markets – making it attractive for continued population and business growth.
RetailPhoenix is a top-ranked city for business and living and is home to high-end retailer and mall growth.
- CityNorth Phase 1 opened in 2008, Palisene is expected to open in 2012 and will include Dillard’s and other major retailers, Westcor will open a West Valley mall Estrella Falls in 2010 and Scottsdale Quarter which is slated to open its first phase in spring 2009.
- 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.
- One of the very best examples of the new urban lifestyle center, Phoenix's Kierland Commons is the envy of well-to-do communities across the country. It is filled with a distinctive selection of national retail choices, such as Tommy Bahama, Crate & Barrel, Sur La Table, Coach and BCBG Max Azria, alongside favorite local concepts such as Jennifer Croll and Mahsa, and appealing dining spots including Mastro's Ocean Club, NoRTH, The Cheesecake Factory, P.F. Chang's and more.
- 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. Elite brands are found throughout this mall-- Burberry, Jimmy Choo, kate spade, Gucci, Louis Vuitton, Juicy Couture, Tiffany & Co., Neiman Marcus and coming soon: Arizona’s first Barneys New York -- just to name a few.
- Top 10 Best States for Business. Arizona claimed a spot in the top 10 in a study of the nation’s best states for doing business.
- A Hot Spot for Young Professionals. Greater Phoenix ranks 5th in a Bizjournals’ study identifying which metros have the strongest opportunities for young adults. April 2008
- Going Green. Arizona was ranked 8th Greenest State. The ranking is based on nine eco-related criteria, including incentives for renewable energy and energy efficiency, and pounds of pollution released.
- Best Places to Live. Four of Greater Phoenix’s communities – Chandler, Scottsdale, Peoria and Gilbert – ranked among CNN Money’s best small cities to live. July 2008
TourismGreater Phoenix is an excellent location for tourism and business travel now and in the future.
- By 2015, the Airport expects more than 50 million annual passengers.
- Phoenix Sky Harbor International Airport is one of the ten busiest in the world with a $90 million daily economic impact.
- 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.
- $600 million expansion project makes the Phoenix Convention Center one of the top 20 convention venues in North America. The Convention Center has an estimated $350 million in annual economic benefit from conventions – a figure that is estimated to grow to $500 million by 2013.
Employment“Factors causing people to move to Arizona – weather, lifestyle and a faster-than-average rate of job growth – are not likely to change in the next upturn.”Lee McPheters, Director of the JPMorgan Chase
Economic Outlook Center, December 2008
- Unemployment rates for Phoenix in February 2009 are 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 the city had been built, the economy had become more diverse and more people moved into Phoenix. As a result, demand shifted to industries employing higher-educated, skilled-knowledge workers.
InfrastructurePhoenix continues to invest in modern infrastructure which includes strategic transportation investments that make commuting easier for workers and distribution easier to California and Mexico.
- $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.
- Federal stimulus money is going to fuel more than $66 million in Valley transit projects, $100.6 million for public-transportation projects as part of the federal stimulus plan, with about $66 million of it heading to Maricopa County and Phoenix received $129 million in stimulus money to add lanes to Interstates 10 and 17 which are at the top of the county's list of priority. As a result, the stimulus money is expected to help 400,000 people working in infrastructure-related jobs and will save and create 3.5 million jobs.
- Source: Scarborough R12009 Adults 18+ in the Phoenix CBSA
Source: 2008 Claritas
Source: ACCRA Cost of Living Index – 3rd Quarter 2008
Source: National Association of Home Builders
Source: Development Counsellors International. July 2008
Source: Business Facilities’ July 2008 Ranking Report.
Source: Phoenix Sky Harbor International Airport
Source: Phoenix Convention Center & Venues
Source: Bureau of Labor Statistics, February 2009
Source: AZ Dept of Commerce, Research Administration
Source: 2007 Greater Phoenix Economic Council
Source: azcentral.com