New businesses are flooding into Fountain Hills as the north East Valley town continues to grow in population and wealth.
A new report by the town details the boom — but it’s already obvious to some business owners.
Fountain Hills radio station owner Dennis Contino said his wife, Renee, just opened a business that sells vehicles to assist people with mobility problems. It’s going like "gangbusters," he said.
The influx of new commerce, besides giving area residents more shopping options, also is boosting the town’s sales tax revenue.
Since January, 132 businesses have located in the Fountain Hills area. A town report shows the new firms helped raise local sales tax revenue by about $1 million. Over the past month, 17 businesses sprang up in the area, five inside town limits.
"People and businesses are coming to a community and being happy with their decision," said Megan Griego, economic development specialist. "It’s not just a planning dream. Growth in our town is real, not stagnant or just in the planning stage."
Griego said businesses are scattered throughout Fountain Hills, with no one area being the greatest draw.
"This growth tells us we’re an attractive place for businesses," Griego said. "Manufacturers, wholesalers and small businesses are looking at a beautiful, affluent community and realize it’s a place they want to be."
Griego said median income in Fountain Hills is $78,258, with the average home purchase price estimated to be more than $500,000.
Contino, who owns radio station KFHX (1620 AM) in Fountain Hills, attributed the new businesses to Fountain Hills’ population spurt.
The town’s residents are typically well-off, which encourages a wide variety of businesses to flourish, Contino said.
"People here have money — they want to spend money where they have quality products," he said.