With 45,000 single-family and multifamily permits underway in metro Phoenix, the region is one of the hottest housing markets in the United States, according to Greg Vogel, founder and CEO of Land Advisors Organization.
“Demand, from a national perspective, continues to be hitting cycle highs,” Laura Ortiz, president of Evergreen Devco, said. “However, deliveries are still outpacing absorption.”
She noted 2024 was on track to total the most new deliveries since the mid-1980s.
“At this point in time, it does feel like we’re getting close to being able to pinpoint when supply and demand will be back to equilibrium,” she said.
Metro Phoenix’s business-friendly environment is one factor in the success of its housing development, but rising material costs, labor shortages and land availability are squeezing developers at the same time.
Source: https://inbusinessphx.com/commercial-real-estate/building-arizona
