Anticipate a thriving small business landscape in Gilbert, Arizona by 2025, driven by growth factors that promise exciting opportunities ahead. Discover what’s in store.
In Gilbert, Arizona, small business growth is forecasted to thrive by 2025 due to a supportive economic environment and a growing population projected to exceed 330,000. The local economy benefits from a diverse industry mix, favorable tax conditions, and initiatives like the "Taking Care of Small Business" program, which offers essential support to emerging businesses. Increased housing availability and infrastructure improvements, including road expansions, further enhance the business climate. With over 37% of the population holding a bachelor's degree or higher, local firms will find a skilled workforce ready to meet their needs, illustrating the optimistic landscape ahead. More insights await on this evolving situation.
Gilbert's economic environment is robust, driven by a diverse mix of industries that include healthcare, technology, and manufacturing. This economic diversification not only strengthens the local economy but also creates a consistent demand for housing and commercial spaces. With a long-term economic development plan in place, Gilbert aims to attract, grow, and retain businesses, ensuring a vibrant community for years to come.
Recent initiatives, such as the STEM workforce program and the Elevate Tech Sales Accelerator, focus on workforce development by equipping residents with the skills needed for high-demand jobs. Such programs signify Gilbert's commitment to nurturing a skilled labor force, which is essential for sustaining economic growth. Infrastructure investments, including transportation, utilities, and public services, further enhance the area's appeal to both businesses and residents, creating an environment conducive to success.
Moreover, Gilbert's competitive tax environment contributes to its economic stability. While a sales tax increase is set for January 2025, the absence of a primary property tax offers an attractive landscape for new and existing businesses. These factors combined create a favorable setting for small business growth, as reflected in the recent rise in the NFIB Small Business Optimism Index. Additionally, the increased housing supply expected in the coming months is likely to support local business expansion by attracting new residents.
As Gilbert continues to implement its economic development initiatives and invest in its workforce, it positions itself as a thriving hub for diverse industries, ensuring ongoing growth and opportunity for the community.
Population trends in Gilbert reveal a dynamic and growing community that's poised for significant change. With a projected population of over 330,000 by 2030, it's clear that demographic shifts are reshaping the landscape. Currently, the population stands at 277,490 in 2024, reflecting an annual growth rate of 0.75% and a 3.09% increase since 2020. This steady growth presents numerous growth opportunities for local businesses.
Consider these factors influencing the community:
The median age of 35.4 years suggests a balance between young families and established adults, while only 10.6% of the population is 65 years and older. This demographic profile indicates that the community is primed for new businesses that cater to families, young professionals, and the growing population segment of college-educated individuals. Additionally, with approximately 70% of residents having some form of college education, this contributes to a well-educated and skilled labor force, enhancing the attractiveness for business investment. As you navigate growth opportunities in Gilbert, recognizing these demographic shifts will be essential for aligning business strategies with the community's evolving needs.
As you explore the housing market in Gilbert, you'll find a landscape that's evolving but still remains competitive. The median home price in Gilbert currently stands at $580,000, reflecting a 2.7% increase year-over-year as of October 2024. This follows an earlier surge of 10.6% in February 2024, highlighting ongoing housing price trends that illustrate the market's resilience. The median sale price per square foot has also seen growth, now at $289, which is up 3.4% from last year.
Despite this upward trajectory, homes are selling slightly slower, with an average of 23 days on the market. This change indicates a shift from the rapid growth phase to a more moderate pace, reducing the frequency of bidding wars and frantic sales. The increased number of days on the market suggests a slight uptick in housing supply, largely driven by new construction projects, which could contribute to a more balanced market demand. Additionally, the competitive real estate market in Gilbert continues to attract a diverse range of buyers, further influencing property values.
The housing inventory has remained relatively steady, although it has seen fluctuations due to seasonal and economic factors. Gilbert's competitive market still encourages buyers to act quickly to secure homes that align with their needs. While affordability remains a challenge, particularly for families and first-time buyers, the market continues to demonstrate potential for investment, with consistent appreciation in home values, indicating a robust environment for both buyers and sellers.
Enhancing infrastructure is essential for sustaining Gilbert's growth and improving residents' quality of life. As the community expands, road improvements and park enhancements are critical in accommodating increased traffic and recreational needs. Significant developments are on the horizon, with a focus on both transportation and community spaces.
Moreover, local park enhancements are underway, particularly at Water Tower Plaza, which is expected to feature new shaded areas, a water-efficient Splash Pad, and improved restroom facilities by fall 2024. The replacement of playground equipment at Cactus Yards Freestone recreation center and Sonora Town Park will further enrich community recreation options.
In addition, the expansion of Gilbert's North Water treatment plant aims to provide essential water services to over 70% of homes and businesses, ensuring that growth is matched with reliable infrastructure. The ongoing construction of the oxbow bridge at Gilbert Regional Park will not only improve traffic flow but also enhance public safety response times.
As these infrastructure developments progress, they will play a pivotal role in supporting Gilbert's overall growth trajectory and enhancing the quality of life for its residents.
Gilbert's small business ecosystem is thriving, thanks to a robust network of support systems and resources tailored for entrepreneurs. The CATALYST Business Resource Center, a partnership between the Gilbert Office of Economic Development and the Gilbert Chamber Foundation, offers a variety of services and a calendar of events designed to support small businesses throughout the year. Additionally, the Gilbert Next Level HUUB serves as a digital hub, providing access to technical assistance, grants, and funding announcements while fostering community connections.
Workforce development is another critical aspect of this ecosystem, with initiatives such as the Gilbert Next Level Resident Career Training Scholarship, which prepares residents for current and future job opportunities. Higher education partnerships with institutions like Arizona State University and Chandler-Gilbert Community College enhance educational prospects, ensuring that the workforce is equipped with relevant skills. Free online professional skills training is also available, providing essential modules that help residents and employees build their capabilities.
Furthermore, the Town of Gilbert has simplified business registration and licensing processes through its One Stop Shop online portal, streamlining the entry for new businesses. Programs like Taking Care of Small Business (TCSB) provide free assistance for emerging enterprises steering through the permitting process. Collectively, these support systems not only promote business growth but also contribute to a sustainable economic environment, ensuring that small businesses can thrive and adapt in an ever-evolving market landscape.
To sum up, the growth forecast for small businesses in Gilbert, Arizona, by 2025 appears promising, driven by favorable population trends, a robust housing market, and strategic infrastructure developments. Research indicates that areas with significant population growth tend to experience higher rates of small business success, supporting the theory that demographic shifts can enhance economic vibrancy. As these factors align, small businesses in Gilbert may find ample opportunities to thrive, contributing to the overall economic landscape of the region.
