LGE’s Q1 2024 Construction Delivery Outlook.
Dallas and Phoenix stand at the forefront of local trends in construction and real estate. Dallas, ranking as the nation’s third busiest city, is currently experiencing a construction boom marked by rising costs and labor shortages. In Phoenix, now a rising tech hub, major projects from industry giants like Google and Intel reflect the city’s efforts to attract stability. The growth of the semiconductor industry in Phoenix reflects a pivotal role for technology without direct reference to national initiatives. However, labor shortages remain a shared challenge impacting construction and manufacturing locally.
Over-the-year percent change for total nonfarm employment in the United States and the Dallas metropolitan area, November 2020–November 2023.
Both cities defy national trends in industrial space occupancy, showcasing adaptability within their specific economic landscapes. The Dallas-Fort Worth region’s remarkable rise aligns with its resilience to overall economic slowdowns, rather than being part of a national economic strategy. Phoenix’s leadership in occupied space gain reflects local interest in strategic locations with expanding consumer bases.
As this document explores office real estate, construction trends, and supply chain challenges, it presents a localized view of how Dallas and Phoenix navigate economic shifts. From the cautious optimism in Phoenix’s office real estate to Texas’s defiance of remote work trends through continued construction, this narrative captures the unique positioning and challenges faced by these cities within their local economic contexts as of the closing quarter of 2023.
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