Phoenix/ Real Estate & Development
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Published on May 20, 2024
Phoenix Housing Market Booms as Builders Gear Up for TSMC Job InfluxSource: Unsplash/ Maria Ziegler

The Phoenix housing market is poised to rapidly expand as builders lay plans to construct thousands of homes to accommodate the rush of workers expected to flow into the area due to job growth from the Taiwan Semiconductor Manufacturing Co. (TSMC) plant in North Phoenix. With the TSMC facility anticipated to create around 50,000 jobs, homebuilders are moving quickly to secure land and commence development, according to a report by ABC15 News.

Miami-based Lennar Corp. is poised to build more than 700 residences, with their Middle Vistas community off Interstate 17 and Dixileta already attracting high interest from TSMC employees, some of whom have gone ahead to purchase homes there. Alan Jones, president of Lennar's Arizona division, noted the link between job creation and housing demand, stating, "When we see jobs being created, we're going to do what we can to provide homes in that area. There's a lot of jobs being created." Jones also hinted at the need to "to quickly acquire more land in this area," as per an interview with the Business Journal.

Beyond Lennar Corp.'s ventures, Brookfield Properties is also in the fray with plans to manage 6,000 acres of state land on behalf of the Arizona State Land Department, located east of Interstate 17 and west of Tatum Boulevard. Dea McDonald, president of Arizona Land and Housing for Brookfield Properties, emphasized the importance of the Phoenix market and the company's strategy to invest in areas with robust job growth and housing demand.

Similarly, Mattamy Homes is actively building in the vicinity of the TSMC plant. Phoenix division president Don Barrineau disclosed, "We've already made sales to TSMC folks in our Sendero Crossing community in north Phoenix near Anthem, and in our Sereno community in Peoria." He also revealed that they have nearly 1,500 additional lots under consideration in areas likely to attract TSCM and supplier employees. This continued effort by homebuilders to readily adapt to and meet surging needs, reflects the demand created by the semiconductor giant's presence in the region.

Despite the climbing home prices in metro Phoenix, with current median sales at $450,000, the influx of TSMC-related jobs appears to be fuelling a housing boom. As Keith Burton, a Realtor with the Rider Elite Team mentioned, the forthcoming state land purchase and the anticipated growth is propelling the market. "I have personally assisted people relocating to Phoenix, Peoria and Surprise to work at TSMC," he told the Business Journal, further evidencing TSMC's significant influence on local real estate dynamics.

Phoenix-Real Estate & Development