Arizona - one heck of a future!
by Kaushik Sirkar, Chandler REALTOR®
Chandler AZ Real Estate
Yes, there is currently a Real Estate slump in AZ. Bust, slowdown, slump, correction - use whatever terminology you would like to - things sure aren't hopping like they were in 04' through a good portion of 05'. Does that mean nobody should purchase Real Estate in Arizona anymore? Should we all wait X years before buying? Should we dump all the property we currently own? Only an individual knows the specifics of their situation enough to make such decisions. But one thing I'd like to point out - AZ HAS AN EXTREMELY BRIGHT FUTURE!!
Read this article from Foreign Direct Investment Magazine. For the past two years, Entrepreneur magazine said AZ was #1 in the US to start a business. Chief Executive Magazine ranks AZ as America's 4th most desirable state for corporations. More than 100 foreign-owned companies have operations in AZ. The article then breaks down to discuss the three distinct portions of AZ
Southern AZ -
Great Tucson has passed 1 million in population. High tech employers including IBM, Honeywell, TI, Ventana Medical Systems and Raytheon. The University of Arizona - a major top 20 public research university spawns huge amounts of technological and scientific advances. Yuma has even been expanding drawing lots of industry specifically in renewable energies and agricultural biotechnology.
Northern AZ -
Flagstaff Airpark is expanding. An internationally renowned TGEN Center for Pathogen Diagnostics & Research. A new science and technology park. A large base in the medical device industry and an academic base provided by Northern Arizona University. Lockheed Martin's expansion.
Central AZ -
Will grow to ~ 5.9 million by 2030 (from current 3.7 million). Fastest growing county in the nation. 300 aerospace companies are located in/around Phoenix including Honeywell, Boeing and General Dynamics. Microelectronics and software firms abound including Intel, Agilent and Google. Academic base? Try ASU with a huge pipeline of emerging technologies throughout various incubators. Biomedical and life sciences? Try the ASU Biodesign Institute, Translational Genomics Research Institute and the Mayo Clinic.
I quote....
"For 10 consecutive years, Arizona has reduced taxes or passed legislation that is favourable to business. In 2005, significant property tax reductions were introduced along with a new law that allows multi-state businesses operating in Arizona to ‘super-weight' their sales to reduce income tax liability to the state.
Arizona also offers a unique Foreign Trade Zone Programme, which provides qualifying companies with the lowest effective property tax rates available in the US. Other programmes, including Arizona Job Training, Enterprise Zone and other business assistance, add significant value to a qualifying company's bottom line.
By any measure, Arizona's economic opportunities are wide and varied."
I can't think of too many places in the US that have as bright (no pun intended) as Arizona. I can only expect that, despite the current hiccup(s), the Real Estate market will thrive as we continue to experience such grand business development!
Special thanks to AR member, friend and colleague Terrie Kenney for initially sending me this article!
Thanks for Reading :)
Kaushik Sirkar, Chandler Realtor®
http://www.homesphx.com
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