Buying a house for investment purposes -- yes! Living anywhere around Phoenix/Glendale/Peoria -- hmm, you may want to reconsider. If anything, you'll want to check it out for yourself first. Lived in burbs of Phoenix (near Tempe) twice in my life....finally left when the air got so bad (you'll see what I mean if you do check out Phoenix and the surrounding areas). Everyone I knew was taking allergy meds! If breathing in bad air and driving in traffic doesn't bother ya AND your sole purpose in life is finding an engineering job, you'll do well there. Drakkon mentioned all the larger employers...you can start checking out their websites.
Last time I was in Austin (TX) vacationing, it still had that "small town" feel, but saw employers like Dell, Motorola, IBM & AMD.
Okay, found a photocopy of Business 2.0 magazine's "Top 20 Boom Towns in America" (March 2004) -- only have the last 10 towns sorry!--but they are Sacramento, Phoenix, Minneapolis, Denver, NewHaven-Stamford, Baltimore, San Diego, Dallas, Charlotte & Philly.
Good luck!