As 2020 gets underway, metro Phoenix continues to see rapid commercial expansion and population growth. With this surge, real estate remains a hot topic, leaving many wondering: What’s next for the Valley? To answer that question, some are looking to recent comments made by Governor Ducey during a January Valley Partnership meeting. Here are some of the plans Governor Ducey has announced for the Valley in 2020:
- During the meeting the governor spoke with 260 real estate professionals and citizens. He acknowledged the Valley’s recent success but cautioned that responsible growth involves thinking of future generations.
- According to reports, the governor identified the state’s business-friendly culture as being key to its continued economic success.
- He stated that the state’s recent population growth could be attributable to certain government practices. The governor said, “There are certain policies that have made our state attractive. Lower taxes. Lighter regulation.”
- Governor Ducey specifically mentioned two of the state’s recent business developments—Glendale’s acquisition of Mark Anthony Brewing and Nikola Motor Co.’s new hydrogen-electric truck manufacturing plant in Coolidge.
- The governor made clear that while he believes education is a priority, he opposes new taxes and does not want to raise taxes as a funding source for this need.
- Governor Ducey mentioned the U.S.-Mexico-Canada Agreement, or USMCA, which was waiting for President Trump’s signature. If approved, the new highway would extend from Nogales to Wickenburg, and eventually to Kingman and on to Las Vegas. Ultimately,1-11 would connect the Las Vegas and greater Phoenix metro areas with an interstate highway.
- The governor mentioned several local roadway projects that are projected to finish over the next three years, including:
- Widening 23 miles along 17 north in Phoenix
- A commitment to widen to six lanes the remaining portions of Interstate 10 in both directions between Phoenix-Tucson.
- Continuing improvements on State Route 189 in Nogales, U.S. 95 in Yuma, and along the newly opened Loop 202.
- Governor Ducey also spoke about the state’s ongoing water conservation concerns and efforts. He stated that multiple groups would have to work together to resolve water supply issues.
- Groundwater was predicted to be a significant issue in the upcoming legislative session.
- The governor stated that state lands have significant potential for economic development and cited to the sale of property north of Loop 101 in Scottsdale to Nationwide Mutual as an example.
- Labor shortages and the need to support K-12 and university education were mentioned. Additionally, the governor discussed programs supporting prison inmate rehabilitation into the workforce.
- The state’s strong trade relationship with Mexico and negotiations with area tribal nations regarding the gaming industries also received comment.
The governor covered several important real estate-related topics during his meeting, and the year is off to an active beginning. It will be essential to stay up to date on new events and trends in the Phoenix area real estate market as new developments arise.
Laura B. Bramnick is an experienced real estate attorney who can help you evaluate your real estate investment and purchase options in Maricopa county and beyond. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.