Phoenix continues to outperform the rest of the country in industrial construction, with nearly 371,000 square feet of new construction underway through the end of June, according to a new report from CommercialSearch.

Several major projects have already contributed to this sum and will soon bear fruit, including the nearly 3 million square foot expansion of Lucid Group Inc.’s electric vehicle factory and Ross Stores Inc.’s new 1.7 million square foot distribution center in Buckeye.

Construction supply in the Valley has remained high in part due to manufacturing projects, but also because previously delayed developments are now getting closer to completion.

Phoenix is ​​home to five of the 20 largest industrial projects expected to be completed in the second half of 2024. These include speculative developments such as Prologis 303 industrial park, Goodyear Airpark and Luke Field.

The largest project currently under construction in the United States, scheduled for completion in the fourth quarter, is Hyundai’s electric vehicle manufacturing plant in Savannah, Georgia, which is expected to have a total area of ​​1,500,000 square meters when completed.

The nearly 40 million square feet of space will expand Phoenix’s supply by nearly 10%, the second-highest expansion compared to current supply in the United States.

This story was published in partnership with the Phoenix Business Journal. Click here to read the full story.