By Sean Fergus | Builder
Phoenix continues to distinguish itself as one of the nation’s most structurally resilient housing markets. Even as job growth moderates due to national economic volatility and some residential sectors are working through a wave of supply over the past few years, indicators point to an economic and home building engine that remains primed for expansion.
Phoenix’s underlying strength begins with the labor market. From 2019 to 2025, total employment grew by more than 250,000 jobs, which was over an 11% increase and the second highest rate of growth for metros with at least 2 million employees.
While recent hiring has cooled from the explosive gains of recent years, long-term expectations remain firmly positive. The region is positioned for another wave of high-income job creation once broader economic volatility settles. This stability is supported by an industrial transformation underway across the metro.
Phoenix attracted roughly $114 billion in private manufacturing investment from 2021 to 2024, according to the Investing in America report. That ranked Phoenix the highest of any U.S. metro, driven by reshoring efforts related to advanced manufacturing and clean energy. Those commitments will continue to feed job creation for years, creating durable income growth that directly benefits the housing sector.
