Welcome to Gilbert, Arizona — a city that seamlessly blends the charm of the Old West with modern urban sophistication. Located in the Greater Phoenix area, this vibrant community has more to offer than just its sunny weather and the stunning scenery of the San Tan Mountain Regional Park.
Gilbert's rich history is reflected in its revitalized downtown district, brimming with unique shopping, dining, and cultural attractions like the Hale Centre Theatre and Gilbert Historical Museum. The iconic Water Tower Plaza stands tall in the city center, a tribute to Gilbert's roots and a symbol of its journey to modernization. Gilbert's attractive lifestyle, coupled with its proximity to Phoenix's resources, makes it a desirable place to work and live.
Understanding the current job market in Gilbert and the Greater Phoenix area is essential, as this region has undergone a significant transformation. Gilbert, once rooted in agriculture, has diversified its economy, contributing to the growth and dynamism of the wider Phoenix job market. In this post, we'll delve into an in-depth analysis of the current job market, including the city's and the larger region's prospects, and offer tips for jobseekers considering Gilbert as their new professional and personal home.
An overview of Gilbert's job market in 2023
As we navigate the post-pandemic era, the Gilbert job market and that of the Greater Phoenix area have been nothing short of resilient. In fact, the Phoenix metropolitan area has not only recovered all the jobs lost due to the pandemic but is also projected to see continued job growth through 2024.
Fastest growing jobs and industries in Gilbert
The fastest-growing jobs in the region are in diverse sectors, ranging from insurance agents and industrial truck and tractor operators to restaurant cooks and home health aides. This growth reflects a shift from a local market previously driven by construction and retail trade to a more balanced economy. Major manufacturing announcements from companies like Intel and TSMC have played a significant role in this shift, pointing toward a promising trend for the local job market.
The largest industries in the region are professional and business services (16% of the job market), followed by healthcare and social assistance (14%), retail trade (11%), and construction (6%). This diversified job market, coupled with an unemployment rate sitting at around 3%, underscores the resilience and growth of the Greater Phoenix area, including Gilbert. However, it's worth noting that the unemployment rate is expected to rise slightly, potentially reaching as high as 4% or even into the low 5% range.
Personal income is on the upswing
The local economy has also seen a remarkable rise in overall personal income. Both the Phoenix metro area and Arizona have experienced personal income growth rates surpassing the national average. In Greater Phoenix, the growth was 7.6%, and for the state, it was 6.1%, compared with the national rate of 3.3% from 2020 to 2021.
Economic challenges to consider
Despite the encouraging economic indicators, there are challenges to consider. Inflation has significantly impacted the local economy, with metro housing prices increasing for over a decade. However, there is some relief on this front, as housing prices have started to drop after hitting a high in June. Additionally, while the cost of living in Greater Phoenix is 5.8% higher than the national average, it is still more affordable than competitive markets in Colorado, the Northeast, and California. Only cities in Texas and Albuquerque, New Mexico, have lower living costs.
Consumer confidence nationally has remained at or near its lowest level in the past ten years, which can impact spending and business growth. Holiday sales came in lower than expected, which could lead to further drops in consumer confidence. The business confidence index also showed a downturn, with a reading below 100 for the second consecutive month.
New companies continue moving into Gilbert
However, Gilbert's job market has received a boost from the efforts of the Greater Phoenix Economic Council (GPEC). By the end of 2022, GPEC had helped bring in 22 companies, creating almost 5,000 jobs and $23.7 billion in capital investment for the first six months of the current fiscal year. There are about 230 active deals in their portfolio, and if all these companies come through, it could mean a capital investment of $120.5 billion and 32,649 jobs created. About 80-85% of these projects are industrial-focused, including distribution, manufacturing, and data center projects.
The office space market has seen a shift since the pandemic, with a huge swing toward industrial projects and a decrease in office users. There are over 20 million square feet of sub-lease space on the market. However, there is still office activity happening, albeit on a smaller scale, with deals involving back offices, financing, and corporate headquarters. There is hope that a return to office will happen later in 2023 and continue to rise in 2024 and beyond.
Gilbert: a great place to work and live
While there are still challenges to overcome, the job market in Gilbert and the Greater Phoenix area is showing promising signs of growth and diversification, offering numerous opportunities for job seekers and businesses alike. Gilbert's job market is robust and diverse, offering opportunities across a wide range of sectors. Whether you're a recent graduate or an experienced professional, Gilbert has a place for you.
Moving to Gilbert for work also means joining a vibrant community with a rich cultural scene and beautiful surroundings. And as your career grows, you'll want your living situation to reflect that growth. Whether you’re interested in a single-family home or a luxury apartment, you’ll find your ideal living situation here with the help of an expert Gilbert realtor.
If you're moving to Gilbert for work and need assistance with real estate, The Rider Elite Team is here to help. With an intimate understanding of the Gilbert real estate market, we're committed to helping you find the perfect home to complement your professional journey. Don't hesitate to contact us and get started on your next chapter in Gilbert.
