News Article From: 10-05-2012
Construction employment in Phoenix hits 4-year high
Metro Phoenix's construction industry reached a milestone in August. Adding the third-highest number of new jobs of any metropolitan area in the nation, the region pushed the size of its local workforce to a four-year high. The Valley recorded 90,800 construction workers in August - an increase of 7%, or 6,300 jobs, from the same month last year. Only Los Angeles and Houston brought on more workers than Phoenix.
Read article - Phoenix Business Journal
Investors Clear Backlogs, Snap Up Single-Family Rentals
The Blackstone Group has become the largest investor in the U.S. of single-family rental homes, spending more than $1 billion so far this year. The private-equity firm has purchased more than 6,500 foreclosed homes this year in eight metro areas. Investors have been taking advantage of lower home prices over the last few years by snapping up foreclosed properties at big discounts and turning them into rentals. Private-equity firms and other investors have raised an estimated $6 billion to $8 billion in purchasing single-family rentals.
Read article - Realtor Magazine