Two large commercial construction projects that have been on hold are now getting ready to commence.  The first, a $187 million research and education building at the Phoenix Biomedical Campus is expected to bring about 2,000 new construction jobs to downtown Phoenix.  The second, the $185 million Interdisciplinary Science and Technology Building at Arizona State University is also expected to bring around 2,000 new construction jobs to Tempe.

Phoenix is one of six major metropolitan areas that have shown continuing decreases in the cost of construction.  The other cities are Las Vegas, Denver, New York, Washington, and Honolulu.  While construction costs in Phoenix continue to decline, the rate of decline has slowed with a drop of 0.42% for the first quarter of 2010.

Despite the decreases in construction costs, both residential and commercial construction in Phoenix have remained stagnant for the last two years although there are some indications that a turnaround may be imminent.  This will be good news to many Phoenix law firms who have had to lay off attorneys due to the construction downturn.