The new year is just around the corner and many are wanting to know if the current construction boom in Arizona will continue into 2020. Luckily, the momentum is expected to continue to be strong into the new decade when it comes to the strong economy, but especially when it comes to the construction industry.
Current Construction Boom
During the 2nd quarter of 2019, construction jobs in the Phoenix area grew 12.2 percent, which is the fastest pace of growth since 2006. This is due to the increased residential buildings across the city, especially in downtown Phoenix.
The downtown Phoenix area has been booming with residential and commercial buildings in recent years. Just a short drive across the city and you can clearly see the progress along with the potential, which is promising for a strong 2020.
What is Expected in 2020
The start of 2020 is expected to see a strong economy, continuing from 2019. However, there is a chance that the construction industry might slow down towards the end of 2020. This is when a slow steady decline is expected to start and last for a couple of years. Luckily, it is not expected to take a huge dip.
On the other side of things, housing permits are expected to continue to grow. Recent reports all seem to at least show a relatively strong 2020, due to the start of the steady decline.
Working with a Construction Litigator
If you are involved in a new construction project and are looking for Phoenix construction litigators, the team at Murphy Cordier PLC knows all about construction law. They have experience representing clients all over Arizona and have handled several different construction law areas such as construction contracts and disputes. Issues can easily pop up during construction projects and the team at Murphy Cordier PLC will be with you from the start of the project to finalize all of the details.