The panic came just after the state unveiled a new groundwater update for the Phoenix metro late last week and said it would halt new subdivision construction that haven't already secured water certificates required to build and are reliant on groundwater.
PHOENIX — In the past several days, Chris Camacho, the CEO of the Greater Phoenix Economic Council, said his organization has fielded about 200 messages from stakeholders who have raised questions and concerns over Arizona's future.
The texts, calls, and emails poured in from national site selectors, investors, and their clients wondering if the Phoenix metro could no longer support the substantial growth it has experienced for years in housing, population. and economic development. The panic arrived just after the state unveiled a new groundwater update for the Phoenix metro late last week and said it would halt construction for subdivisions that have not already secured water certificates required to build and are reliant on groundwater.
National media outlets subsequently released stories that said the pause in water determinations, which are required for most for-sale homes because of groundwater regulations in the state, signaled the"beginning of the end" for Phoenix's booming growth.Read more of this story from the Business Journal.
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