Great News For Gilbert
Earlier in April, the website Realtor.com released their list of America’s Top Boom Towns. The top spot on the list belonged to Gilbert, Ariz., followed by Los Angeles, and Dallas. According to the website, these towns are booming with new home construction, jobs being created and an extraordinary increase in numbers of households – the golden standard for housing market growth.
“The strength of the residential real estate market is closely correlated to growth in jobs and households,” said Jonathan Smoke, who is a Chef Economist for Realtor.com.
“The good news for these markets is that these growth factors have already started to translate themselves into new construction. However, at the same time, it may be a year or so before some of the markets on our list start to see an increase in inventory. If anything, this list is a road map for where builders should be thinking about where to break ground next.”
The towns topping American’s Top Boom Towns list are all demonstrating extremely strong growth in jobs, household formations and housing starts. Each and every market on the list has experienced an increase of one to five times the average job growth of the Top 100 counties in the country.
They all also have household growth between one and seven times that of those Top 100 areas, too. The economists at Realtor.com also predict that they expect each of these towns to see a projected growth in households of between nine to 19 percent over the next half decade.
Gilbert, part of the Phoenix metropolitan area, is located just 30 miles east of downtown Phoenix and has close proximities to where GoDaddy and PetSmart have large operations. It’s appeal to snowbirds and year-round residents alike mean it is no real surprise that it is an area on the rise.
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