North Phoenix Continues To Grow
TSMC SEMICONDUCTOR PLANT
The North Phoenix corridor we call home is turning into a tech hotbed! The land west of I-17, stretching from the 303 to Carefree Highway, is already slated for construction of a massive semiconductor plant, resulting in an estimated 1,900 good paying jobs. Additionally, one of their main suppliers is also planning to build an Arizona factory - creating hundreds or even thousands more jobs. This is outstanding news for the local economy. Restaurants, shops, and grocery stores can expect their registers to ring more frequently. City coffers will take in more taxes to pay for things like infrastructure and emergency services. And we can almost certainly expect home values in the area to grow.
NORTH PHOENIX JOBS
But, new jobs mean that more people will be looking for a place to live…which depletes the inventory of existing homes…which drives up home prices…which creates demand for new home construction. And if this construction doesn’t keep pace (which it hasn’t), people turn to the rental market, which drives up rent (which may explain the influx of new apartment complexes popping up around town).
Our community is growing - but this growth comes with trade-offs. We dislike the increase in traffic, but love the increase in our home values. We dread the longer waits for a table at a restaurant, but love that our favorite restaurants are profitable enough to stay in business. We hate searching for a parking spot, but love the variety of new businesses that open their doors.
The takeaway here is simple: Changes are ‘a coming. Our town is growing. More people are arriving. These are all signs of growth, which is ultimately a good thing. We may be losing a little elbow room, but it’s much better to live in a growing city than one that is shrinking, or even flat. You’ll find cities all across the country that have stopped growing and look like ghost towns. Home values fall, businesses close, and young people move away. Once this downward spiral begins, it’s nearly impossible for a city to recover.
Who can say just how big North Phoenix will grow? Only time will tell. But if you’ve studied history you know It’s far better to live during the rise of an empire than its decline.