The state of Arizona always seems to be booming when it comes to the construction industry and it only continues to grow. Some of the latest new construction projects throughout Phoenix and the rest of Arizona has been helping the economy soar.
Downtown Phoenix is seeing the biggest boom in new construction in the past 50 years. Over 5.5 million square feet of office space, housing, retail space, and hotels are under construction in the downtown Phoenix area, which is critical to Arizona’s economy.
Thousands call Phoenix home thanks to all of the new housing developments in the area and more are in the works with no sign of it slowing down as there is still plenty of space. Over 2,000 apartments have gone up in the downtown Phoenix area in the last year and over 1,400 apartments are still under construction. In addition, thousands more are expected to be built in the near future. This might seem excessive, but according to recent reports, about 95 percent of the housing in the area is leased out, which is a higher rate than most of the other surrounding cities throughout the valley of the sun.
Retail Spaces and Restaurants
The demand for new housing continues to grow as well as the demand for retail spaces and restaurants. Investing in a restaurant downtown right now happens to be a safe and smart choice.
Downtown Phoenix is just a small part of the growth of the construction industry in Arizona. Many areas such as Scottsdale, Gilbert, and the west valley are continuing to take on new construction products.
The Help of a Trusted Attorney When Working on a Construction Project
If you are looking to work on a construction project, you will need an experienced attorney who is familiar with Phoenix construction law. Issues can develop with any construction project, we are available to assist in all steps and stages of a construction project. From the start of the project when it comes to drafting and reviewing contracts to finalizing all of the details, our team is full of skilled and trustworthy attorneys that will assist in all things construction law.