Arizona Business Climate Will Spur More Residential Growth

By Buying, Mike's Articles, Phoenix Metro Real Estate News, Selling May 13, 2019

Arizona’s successful business climate continues to demonstrate that whatever the state is doing to achieve more jobs, it’s clearly working, according to a survey published in the Phoenix Business Journal.

Latest accolades worth noting is Arizona’s reputation as one of the best states for business in the country and still improving, according to an annual survey recently published by Chief Executive Magazine.

The magazine revealed this week its yearly ranking of all 50 states and their friendliness toward business. With thousands of new jobs and strong economic growth, Arizona climbed two spots this year to land at No. 7.

In a surprise to no one (no one breathing that is), Arizona’s western neighbor, California, ranked dead last.

According to the article, the state’s economy gained steam in 2018, posting gross domestic product output growth of 4%. That was 4th best among all 50 states, according to government data. Arizona’s population also continues to grow, particularly in Maricopa County — home to the Phoenix area — which is the fastest-growing county in the U.S.

In a surprise to no one (no one breathing that is), Arizona’s western neighbor, California, ranked dead last. The Golden State was knocked for its regulations and high costs. See the full article below.

https://www.bizjournals.com/phoenix/news/2019/05/11/arizona-climbs-on-ranking-of-best-states-for.html?ana=e_me_set1&mkt_tok=eyJpIjoiTnpjNE5qWXlZelpqTm1JeSIsInQiOiJjb2pXYkhzR0hlc01yRXBSRHZnTUpPa2pJWUQydW1vQWdNWERoOWRsN2pRa1d6bUsyUG5kVVNSTXloWlNQQVV1dUw1VFhmOHczanpGYzNYYzE4Y2hnTWJRUjdXRExDXC9mM2hyREF0VEpOVXZLS0FEQ1prRHhCQW5Dc2p0RGV1RSsifQ%3D%3D

In a related article from the Business Journal, Arizona saw the fourth-highest growth in gross domestic product in 2018, according to recently released government data.

GDP in Arizona grew at a brisk 4% last year, according to the U.S. Bureau of Economic Analysis, which released new GDP data for all 50 states this month.

Arizona’s strong growth surpassed the likes of California (3.5%), Florida (3.5%) and Texas (3.2%). Only three states saw GDP grow at faster clips than Arizona: Utah (4.3%), Idaho (4.1%) and Washington (5.7%). Read more in depth below:

http://www.bizjournals.com/phoenix/news/2017/03/28/phoenix-job-growth-projected-to-double-u-s-average.html

So, what does all this mean for residential real estate Mike? Good and not so good, really. For property owners, more and better jobs plus a very healthy economy, sends a message to other states that Arizona is doing business. The more that companies relocate here, the more jobs are created here and the more that income is produced here. This in turn creates more demand here as wages rise – especially in the building trades. The more that business rises here, the better for homeowners (supply and demand).

The downside is at usually that whatever is good for owners/landlords is a knock against renters. And we need them.

About the Author
Michael Bodeen, Associate Broker

     I was born and raised in San Rafael, California, from the mid 50’s to the early 70’s. I had super parents who worked hard to provide 5 kids with a good Catholic education – despite my best attempts to overthrow the knuckle-cracking regime of Sister Mary Anselma. My dad worked as a self-employed butcher until his retirement at 65 and enjoyed many wonderful years until mom passed away in 1992.

     Dad passed away in the fall of 2006 having lived a great and full life into his early 90’s! In California, I attended college in Chico and Sacramento as a “Sosh” major, but like many of my contemporaries, I did not have a clue what I wanted to do when I grew up. Because of my age, I missed the Vietnam War and into my early 20’s I had many typical youthful indiscretions.

     Thankfully, that was a brief period of my life, and with greater thanks, not too much damage was sustained in those early and rebellious years. And by the way, those thanks are due to the answered prayers of faithful relatives who prayed for years that a wayward Michael would turn his life over to the Lord, and in January of 1982 that’s what happened.

     I lived in Sacramento, California in the mid 70’s, and later moved to Truckee, California, which is near Lake

Tahoe and Reno, Nevada. Truckee’s often labeled the “coldest spot in the nation.” Why did I move there?

My father-in-law was a real estate broker in Donner Lake, California, and despite his cantankerous disposition, he seemed very successful in his real estate endeavors. I joined him in sales in July of 1976.

    The Truckee and Lake Tahoe area was a wonderful place to raise a family, but a difficult and cold environment to live in, but we did so for 18 years. In 1994, my wife, Karen, and I visited Scottsdale at a friend’s request, and within 8 months, our family of 5 had relocated to “the valley” – or is it a desert? Whatever it is, it’s warm. At any rate, 24 years have gone by since we made the break from the late great state of confusion, uh, California, and it’s turned out to be a great move.

     As for hobbies, I enjoy family, friends and travel. My kids Robert, Kendra, and Jonathan are now 40,

34, and 31 respectively. I recently became “gramps” for the 4th time as well. It’s a nice time of life. Karen remains as lovely on the inside and outside as the day we were married. We continue to wonderfully grow together as the years advance. As an ordained Christian Chaplain, I volunteer Preaching at Florence Prison with Along Side Ministry. The ministry helps make the formerly incarcerated able to function, even thrive, on “the outside.”

     Should you choose to have me represent you in the sale or purchase of your home, you’ll be receiving my 40+ years of real estate knowledge, counsel, and experience (including negotiation experience).

    Beyond the transaction, I’m always available to you, should you ever need my real estate advice.