#2 Fastest Growing U.S. Market for 2007
July 1, 2000: 3,278,532
July 1, 2006: 4,039,182
Percent change: 23.30 percent
* Population statistics from the U.S. Census Bureau
Percent change: 20.03 percent
* Job statistics from the Bureau of Labor Statistics
|Table of Contents|
|The Top 10 Fastest Growing Markets in America|
|1.||Las Vegas, Nevada|
|7.||Charlotte, North Carolina|
Within the city of Phoenix, the population grew by 8.22 percent from 2000 to 2006; much of the MSA’s growth took place outside of Phoenix proper. Nearby Mesa saw growth of 24.40 percent during that period and Scottsdale experienced 9.65 percent growth.
The population within Phoenix experienced moderate growth in most categories but saw large increases in a few categories: 44.91 percent in the 55 to 59-year-old age group; 24.02 percent in the 60 to 64-year-old age group; and 36.80 percent in the 85 and older age group. The key 25 to 34-year-old age group saw 8.41 percent growth within the city.
Mesa’s population grew substantially in nearly every age group, with particularly large growth in the 55 to 64-year-old age group. It is no surprise that Phoenix and Mesa saw the largest increases in the population over 55; the area has a warm climate and is very attractive for retirees.
The Phoenix-Mesa-Scottsdale MSA had particularly significant job growth each year since 2003, with impressive growth of approximately 6 percent annually in 2005 and 2006.
Sky Harbor Airport, eighth busiest in the nation, and the sprawling city behind it| alt=|Sky Harbor Airport in Phoenix|]The city of Phoenix had large job growth in construction, with an increase of 55.89 percent from 2000 to 2006. More recently, the national housing market slowdown has begun to affect construction in the MSA. Single family home permits declined by 19 percent in the MSA from August 2006 to August 2007, and multi-family permits actually increased by 21 percent, for a combined overall decline of 12 percent—much less severe than the national average decline of 24 percent, according to the National Association of Home Builders (NAHB).
Other substantial sectors in the city of Phoenix with large percentage growth from 2000 to 2006 include: 18.73 percent in finance and insurance, and real estate and rental and leasing; 20.04 percent in professional, scientific, and management, and administrative and waste management services; 16.34 percent in educational services, and health care, and social assistance; 14.55 percent in transportation and warehousing, and utilities; and 10.88 percent in arts, entertainment, and recreation, and accommodation, and food services.
Because this area is popular with retirees, jobs servicing the retiree population are growing and attracting younger people to fill those jobs. In addition, construction has been booming in recent years and has employed a large number of people.