During the housing crisis of 2009, the effect on the number of new home construction was staggering. With the amount of companies that were unable to complete their projects as well as the number of people unable to fund loans for new housing, the entire industry was hit hard. Many construction companies and home builders left the Phoenix market and the amount of new homes available had decreased, thus the need for new builds. Although the need for new builds has risen, many construction companies were apprehensive to begin new projects. As of July 27, 2013, the number of new home builds contracted has surpassed 1,000 for the first time since 2008. Across Maricopa County including Phoenix, Scottsdale and surrounding areas, the number of new build contracts is growing. While it is still early to predict the amount of new home construction that the Phoenix market will see in the future, it certainly is a positive trend to see the amount of new build permits in the Desert Ridge, Scottsdale and Phoenix areas.
The effect that these new buildings have on the economy as a whole is impressive. The Phoenix area has been a front-runner when it comes to the amount of rebounding seen in the wake of the previous housing crisis. The number of homes for sale has decreased due to high demand and the area, once known as a foreclosure stand out, has turned the corner on a positive note. With the new construction comes an increase in the amount of employment available in the industry as well as the money going back into the local economy. Overall, the trend in Phoenix, Scottsdale and Desert Ridge realty is on an upswing and that now includes new construction.