Phoenix: A Hot Market for Opening a Business

It’s hot in Phoenix, no matter how you look at it. If you’re looking for a place that has more than 300 days of sunshine each year and year-round warm temperatures, Phoenix is your place. If you’re looking for a market with a growing population and economic base, again, Phoenix is your place.^[1]

The capital of Arizona is the fifth-largest city in the United States, with a population of over 1.6 million. The overall metro area, which includes Chandler, Glendale, Scottsdale and Tempe, has a population of nearly 4.5 million, covering 2,000 square miles.^[2]

Arizona’s economy is growing at its fastest pace since 2007, and for the past two decades, Phoenix consistently ranked as one of the fastest growing economies in the nation. The economy is rooted in information technology, financial services, healthcare and bioscience, with a diversified manufacturing base that’s especially strong in aerospace and electronics.^{[3] [4] [5]}

The job market has increased by 3.2 percent over the past year. Future job growth over the next 10 years is predicted to be 40.8 percent, higher than the U.S. average of 38 percent.^[5]

“As a top-10 fastest-growing metro market, the need for educational child care in the Phoenix market continues to grow,” said Jeff Brazier, Kiddie Academy’s Vice President for Franchise Development. “Demand for new housing is outpacing the supply, meaning more future developments will be built to meet the projected growth. Where we see new housing developments, we see families moving in with child care needs.”

Things to know about Phoenix:

• Area in Miles – 516.70^[2]
• Population – 1,626,078^[2]
• Median household income – $52,080^[2]
• Children age 0-5 – 288,722*^[6]

* Maricopa County

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Sources:

¹ Climate for Phoenix, Arizona – U.S. Climate Data

² Quick Facts: Phoenix city, Arizona – United States Census Bureau

³ “Arizona’s economy growing at fastest pace since 2007” – Phoenix Business Journal

⁴ “Job growth to fuel Phoenix economy in 2019, report says” – Phoenix Business Journal

⁵ “Why Phoenix?” – GrowthNation

⁶ Arizona Kids Count Data Book – Children’s Action Alliance, The Annie E. Casey Foundation