According to StorageCafe’s development report, which tracks the evolution of the construction market from 1980 to 2023, Phoenix ranks second in real estate development in the U.S., trailing only Houston, Texas. Phoenix leads the nation in single-family home construction, having issued over 215,000 building permits from 1980 to 2023, the highest among major cities. In the multifamily sector, Phoenix issued approximately 188,000 permits during the same period. While development has been steady over the past 40 years, the 2020s are notably outpacing previous decades. This current decade is on track to be the most robust period for multifamily construction, with an average of 8,609 permits issued annually from 2020 to 2023.