Arizona has experienced a 2% rate of job growth since October 2013. The state ranks among the TOP 10 for growth in Construction, Wholesale Trade, Finance, Information and REAL ESTATE!
“While growth is slow compared to past recoveries, we are making good progress compared to other states. Arizona jumped all the way up from the No. 49 state for job growth in 2010 to No. 8 in 2012, and No.7 by October of this year. The long-term economic outlook here is positive.” According to research professor Lee McPheters, director of the JP Morgan Chase Economic Outlook Center at the W.P. Carey School of Business.
Among the Arizona expectations from McPheters for next year:
• Employment growth could rise from 2.1 percent this year to 2.4 percent in 2014.
• Personal income could go up from 4 percent this year to 5.4 percent next year.
• Population growth may jump from 1.4 percent to 1.5 percent.
• Retail sales will likely fall from 7.6 percent this year to 6.5 percent next year.
“The Arizona residential real estate market is improving,” according to Elliott D. Pollack, chief executive officer of Scottsdale-based economic consulting firm Elliott D. Pollack and Company. The median single-family home price is up by more than 20 percent since last year. New foreclosure notices are down to pre-crisis levels. Single-family building permits should be up about another 10 percent this year, on top of a 71-percent boost last year.
It’s a GREAT time to invest in real estate.