Tucson Economy on Fire
It was just announced that Raytheon is expanding its presence in Southern Arizona and plans to add 2,000 new jobs over the next 5 years. In a recent article posted by Tucson News Now Arizona Governor Doug Ducey was quoted, “Just more proof that Southern Arizona's economy is on fire”. The article goes on to outline a report by the Governor’s office detailing other major companies who have announced expansion and growth plans in the region, “Home Goods new distribution center added nearly 1,200 jobs. The Comcast regional service center added another 1,500. Caterpillar, a Fortune 500 company will bring another 600 high paying jobs. And with Raytheon's five year expansion plans, another 2,000.” The article concludes with a final quote from Governor Ducey, “We can sit at the table with any company and any CEO and compete." he said. "Tucson is attractive and can win in this game”
Since moving to Tucson in 2007 to attend the University of Arizona (UA) it was clear that the city did not want to compete and had no desire to attract companies that could bring substantial job growth. Over the past few years this mentality has shifted, growth appears to be encouraged and the local government is ‘playing the game to win’ and winning they are. The cost of living is extremely low, the climate (outside of a few 110 degree days) is wonderful, and the UA produces what seems to be a never ending talent pool of young professionals. With the local government now on board it is no wonder so many companies are jumping at the opportunity to grow their businesses here.
As job growth occurs and more and more well-paying jobs become available there are going to be substantial changes in the real estate market in Tucson. Undoubtedly, demand will increase and home prices will follow suit. However, what is unique to Tucson is the untapped potential of so many neighborhoods and barrios that are located in the heart of the city. They have never received the capital injection necessary to modernize and improve. There are countless neighborhoods near downtown Tucson and close to the UA that from a location perspective are unrivaled. Over the next three years these neighborhoods are going to see rapid growth. Property values are going to increase, and entire neighborhoods will be transformed.
Tucson is waking up! What once seemed like a mid-sized city trapped in a small town frame is finally starting to understand its identity. I fell in love with Tucson shortly after moving here and could not be more excited about the growth and direction for the community as a whole!
Source: Tucson News Now
Source: Apex News