By STORAGECafe | AzBigMedia
From single family homes to multifamily units, industrial complexes, office buildings, retail spaces and self storage facilities, Phoenix has become a real estate powerhouse. The city’s strong push to accommodate the influx of new residents and businesses has resulted in a massive boom, placing Phoenix second among the most active real estate development markets in the U.S. over the last half-century.
That’s according to our most recent StorageCafe development report, which analyzed the evolution of the construction market from 1980 to 2023 — the lifespan of a millennial from birth to the present.
Here are some key highlights:
- Phoenix is at the top for single family home activity in the United States. Between 1980 and 2023, more than 215,000 building permits were issued, the most among major cities. However, the pace slowed significantly after the Great Recession. During the peak in the 2000s, about 7,068 permits were issued each year. From 2020 to 2023, the average dropped to 4,443 units per year.
