Arizona’s Booming Construction Industry
The construction industry continues to boom across the state of Arizona, especially in the Phoenix area.
The Valley of the Sun
Downtown Phoenix is seeing the biggest boom in the construction industry in the past 50 years. There is currently over 5.5 million square feet of space that is under construction, being used for offices, housing, retail stores and hotels. All of this growth in the construction industry has been critical to the strong economy in Arizona.
The Growth in Housing
Most of the new construction is planned to be used for housing. The new housing developments in the area are taking up most of Phoenix and even more are in the works. In fact, over 2,000 apartments have been built in the downtown Phoenix area just in this last year. In addition, over 1,400 apartments are still under construction. Thousands of housing developments are expected to be built in the near future as well. This is due reports stating that about 95 percent of the housing in the area is leased out, a higher rate than most of the other surrounding cities in Arizona.
Use of Retail Spaces and Restaurants
With the demands of new housing in the downtown Phoenix area, there is also a great demand for retail shops and restaurants. Phoenix is already home to some amazing restaurants and they are only looking to add more to the mix.
Working with a Construction Attorney
If you are involved in a construction project like the ones in Phoenix, you may want to speak with an Arizona construction attorney. Issues can easily pop up during these construction projects and it will be helpful to you speak with an attorney who is well-versed in Phoenix construction law. From the start of the project, to drafting and reviewing contracts, to finalizing all of the details, the team at Murphy Cordier PLC is full of skilled and trustworthy attorneys that will assist in all things construction law.