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Phoenix entered this recession in a good place. In the last five years, Phoenix has had a strong growth run with the two essential growth metrics firing on all cylinders: employment and population. The area was hit hard during the last recession, and there have been skeptics who wondered if Phoenix would return to its secondary status during the next downturn. Early signs show the market is not only weathering the storm, but outperforming other markets through the worst of the public health crisis.

“Phoenix is well positioned for economic recovery. The market had great momentum heading into the pandemic and while employment was heavily impacted, the unemployment rates in Phoenix were 210 basis points lower than the national average in April,” Duerk Brewer, chief operating officer at Matthews Real Estate Investment Services, tells GlobeSt.com. “This is a result of Phoenix maintaining manufacturing throughout the pandemic and an increasingly diverse employment base that has developed following the Great Recession when construction and other consumption jobs were driving the Phoenix economy.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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