Best of Living in Scottsdale & Phoenix Arizona Newsletter
Posts
🤯 Intel's AZ Expansion, $MM Homes & AZ's Wealth Rankings

🤯 Intel's AZ Expansion, $MM Homes & AZ's Wealth Rankings

Check out what's shaping Phoenix and Scottsdale's economy right now.

Josh Zuniga
July 19, 2024

Happy Thursday!

As usual, Phoenix is booming with plenty of good news this week.

Intel has launched its first U.S. learning program right here in Arizona, and a unique luxury community is in the works in Paradise Valley!

We’re also taking a look at the top 1000 wealthiest zip codes ranking and how Arizona stands out on that list.

Enjoy!

— Josh

💻 Intel Launches Trailblazing Apprenticeship Program in Arizona

Driving the news: Intel Corp. has launched its first U.S. registered apprenticeship program in Arizona, aiming to train semiconductor technicians.

The initiative, supported by a $4 million investment from the state, begins this fall with 10 women from the Phoenix-based Fresh Start Women's Foundation.

Details:

Participants: Women who completed the QuickStart semiconductor technician program at Mesa Community College.
Program Duration: One year, combining classroom instruction and on-the-job training.
Job Guarantee: Participants will be guaranteed a job at Intel upon successful completion.
Initial Cohort: 10 women from the Fresh Start Women's Foundation.
Future Plans: Intel aims to train more facility technician apprentices over the next five years and potentially expand the program to other U.S. sites.

Why it matters: This program addresses the shortage of skilled semiconductor technicians and offers significant opportunities for women in Arizona.

With salaries ranging from $50,000 to $90,000, it provides a pathway to middle-class careers and contributes to the local economy.

The big picture: Intel's initiative is part of a broader trend in Arizona, which has seen over 40 semiconductor company expansions since 2020, generating significant capital investment and job growth.

What’s next: Intel plans to use part of its $50 million CHIPS Act funding for workforce development, which includes supporting this apprenticeship program.

Additionally, the ACA and SEMI Foundation aim to scale the apprenticeship model across the semiconductor industry, further enhancing Arizona's role as a leader in semiconductor investments.

The bottom line: Intel's registered apprenticeship program is a strategic move to bridge the skills gap in the semiconductor industry in Arizona.

🎥 Tour a 55+ Phoenix Townhome with
2 LARGE Patios & Golf

Take a tour of this 1,800 sq. ft., 2-bedroom home in a 55+ community in Phoenix, AZ! You’ll love the modern upgrades and top-notch amenities, perfect for active adults.

Home highlights:

🍽️ Updated countertops & stainless steel appliances
🛁 Both baths are updated
🌳 Access the patio from both bedrooms
☀️ High ceilings
🏌️‍♂️ Minutes from Golf & Medical Facilities

💎Silver Sky Development Elevates Paradise Valley with New Luxury Homes

Driving the news: Silver Sky Development has begun construction on an 18-acre luxury community in Paradise Valley, named Silver Sky.

Details: The project will include 12 luxury homes situated at the base of Mummy Mountain.

The initial phase features Nova, an 11,965-square-foot home priced at $18.5 million. Nova is designed by Stratton Architects and includes a wellness center, sauna, steam room, cold plunge, and a backyard pickleball court.

Construction for Aquarius, a 9,444-acre estate designed by Drewett Works, is slated to begin this fall. This home is priced at $16.5 million and includes 17-foot floor-to-ceiling glass doors and a large rooftop viewing deck.

Why it matters: This development marks a significant investment in Paradise Valley, bringing high-end, award-winning architecture to the area.

The addition of these luxury homes is expected to boost local property values and attract affluent buyers to the community.

The big picture: Silver Sky’s development highlights the demand for luxury living spaces in desirable locations like Paradise Valley.

The project’s quick progression, with two lots sold and two more under contract, underscores this trend.

What’s next: With infrastructure complete and several homes already in progress, the rest of the lots are expected to see development by the end of the year.

Buyers looking to customize their homes still have four available lots to choose from.

The bottom line: Silver Sky Development is poised to transform Paradise Valley with its luxurious, thoughtfully designed homes.

🎥 North Phoenix BOOM: Could It Be the NEW Scottsdale?

Discover North Phoenix's transformation with the $65 billion TSMC semiconductor fab. Learn why it could become the next Scottsdale with new infrastructure and growth!

🤔How Does Your ZIP Code Rank Among Arizona's Wealthiest?

Driving the news: The Business Journals' Wealthy 1000 ranking has crowned Paradise Valley's 85253 as the wealthiest ZIP code in Arizona, placing it at No. 418 nationally.

This new ranking offers a fresh perspective on Phoenix Business Journal's 2024 rankings, which previously placed Scottsdale's 85262 at the top in Maricopa County.

Details: The Wealthy 1000 analysis includes multiple factors beyond median household income:

Income: Median household income data from the U.S. Census Bureau.
Home Value: Zillow's home equity estimates.
Savings: Estimated savings and other financial metrics.
Poverty Rates and Population Density: ZIP codes with high poverty rates or population density but lower income levels were excluded.

Why it matters: These rankings highlight the nuanced definition of wealth, showcasing how different factors influence the perceived affluence of an area.

For local residents and potential investors, understanding these metrics can guide decisions on real estate and community investment.

The big picture: Paradise Valley's 85253 leads Arizona's representation in the Wealthy 1000, with eleven ZIP codes making the list:

Paradise Valley's 85253 (No. 418)
Scottsdale's 85251 (No. 430)
Scottsdale's 85258 (No. 440)
Phoenix's 85018 (No. 615)
Tucson's 85750 (No. 623)
Scottsdale's 85266 (No. 667)
Carefree's 85377 (No. 776)
Scottsdale's 85255 (No. 830)
Scottsdale's 85262 (No. 987)

The top 25 ZIP codes nationally are clustered around major metros such as New York, San Francisco, Chicago, Miami, and Boston.

What’s next: Wealth migration trends continue to evolve, with the Sun Belt experiencing a surge in high-income residents, particularly during the pandemic.

The bottom line: Understanding the factors behind these wealth rankings can help local stakeholders make informed decisions about investments and community development, potentially benefiting from the influx of wealth and the evolving economic landscape.

📊Market Insights

The housing market in Phoenix is HOT!

If you are looking to buy a home in this market, new construction is a great option that I highly recommend if you want to avoid competing with other offers.

You’ll want to have a good search and offer strategy when looking for existing homes and be patient because it could take a while to find the right one at your desired price point.