Population growth is a main driver behind metro Phoenix’s housing market.
Estimates on the number of people who could move to this state in the next decade or two help determine business, government and consumer decisions.
The region’s population growth was also one of the most popular topics at a panel discussion on the housing market last Saturday at Arizona State University. I joined W.P. Carey School of Business real estate experts Mark Stapp and Mike Orr at the event.
Stapp kicked off the conversation with these attention-getting statistics:
— The Phoenix area is expected to grow by approximately 96,000 people a year for the next three decades.
—The region’s population will increase to 6.9 million in 2040 from 4.3 million now.