Phoenix is Booming

The Wall Street Journal Reports that despite the slow residential real estate market, commercial construction in Phoenix is booming.

Part of this growth is the continued strong economics of the Phoenix valley. Construction of office, retail and industrial is strong.  If these investors and institutions did not see a profit potential in the Phoenix market they would not be investing here. 

Theirs is a more long term vision and in the long term, Phoenix is a growth city.  Besides the fledgling construction industry, "Phoenix has a lot of other sources of growth, and that will tide it over" said chief economist for Economy.com.
The article states that the increasing population has been an engine for economic growth.  Indeed, Phoenix is the 5th larges city in the U.S., now bigger than Philadelphia, with over 1.5 million people and a young median age of 33.  "These demographics continue to attract employers to the region..."

If you look at downtown Phoenix, the Metro Light Rail, South Scottsdale, Glendale, and North Scottsdale, the positive economic outlook is clear.