Real estate firms across the country are leaving the metro area amid a statewide shortage of vacant land.
The industry is leaving SCOTTON, Scottsdale, Phoenix and Flagstaff, Arizona real estate companies said in a statement on Wednesday.
Real estate firms are leaving SCOTT, Scotchesdale, Scottys Phoenix and other metro areas due to a nationwide shortage of homes and office space.
The shortage is due to the state’s severe weather, which has resulted in severe and sustained flooding.
It also is due in part to the lack of affordable housing, which is not being built, and the shortage of office space, which needs to be built, the statement said.
Real estate owners across the metro region are expected to take the next six to 12 months to relocate their staff, according to the statement.
“We’re going to be looking at our entire workforce and working with our partners in other states to figure out how we can bring our staff and our office space into Scottsdale and other locations,” said Scott Hines, CEO of The Scotts Valley Real Estate Group.
In 2016, Scotters Valley Real estate and the Arizona Department of Economic Security reported an estimated $1.9 billion deficit.
The city and county of ScottsDale also announced a $600 million bond issue for the construction of housing for displaced workers and the development of new rental housing for residents.
The metro area’s unemployment rate is now 10.7 percent, and is expected to rise to 12.1 percent this year.
The number of people employed has been rising since the downturn began.
More than 100,000 people have lost their jobs since the start of the recession, and many others have been laid off.