Kirk P. McCarville, CCIM, Pinal County Specialist, Land Advisors® Organization
Land investment and development in Pinal County has been vastly improving since the bubble broke in 2007. The City of Casa Grande is at the epicenter of major new developments. With an ample supply of shovel-ready land, Pinal County is drawing companies from all over the nation to start up business here. Land Advisors Organization (LAO) recently closed a deal with one new project now under construction in Pinal County – LKQ Corporation – a Fortune 500 auto parts and vehicle recycling company, which has plans for a 107,000 square-foot warehouse on 156 acres of land in Casa Grande.
Another point of opportunity for job creation that LAO is working on in western Pinal County, in conjunction with Pinal County, City of Casa Grande and the Central Arizona Commerce Park, is with the addition of Lucid Motors, the Menlo Park, California-based electric car manufacturer. Lucid Motors was given an extension on the time to purchase 500 acres in Casa Grande. The extension was given to Lucid, the buyer, by the sellers and the purchase agreement is in effect. The extension allows Lucid Motors to continue to secure funding for its endeavors, which seems to be going exactly as projected.
With the rise in new development comes the need for more workers, making Pinal County a popular destination for the workforce, especially for those in the automotive and manufacturing industries. LKQ Corporation has plans to hire up to 100 people in their new Casa Grande facility and Lucid Motors has plans to hire 2,000 employees by 2022.
Since March 2017, Pinal County’s unemployment rate has remained steady at 4.9 percent. The county is expected to see an increase in nearly 2,900 jobs over the next two years, resulting in an annual job growth rate of 2.2 percent, according to the Arizona Office of Economic Opportunity industry employment projections. LAO anticipates that the Construction and Manufacturing industries will show the largest increases – evident by the companies making their way into Pinal County and more specifically into Casa Grande.
Not only is Pinal County’s industrial past success in locating industrial users improving job numbers and the economic base, but people are making their way to the area to live as well. Pinal County is one of the few counties where home buyers can take advantage of affordable home pricing. Looking at Casa Grande, Coolidge, Florence, Maricopa and surrounding Pinal County, single family permit numbers increased by an astounding 49 percent year-over-year, according to the Home Builders Association of Central Arizona.
Casa Grande and Pinal County are prime locations for the future of land development and investment opportunities in Arizona. With the market rapidly improving, we can look forward to better employment and housing opportunities for our residents.
Come and see our new office in Casa Grande at 442 W. Kortsen Road, Suite 203.