In 2010, Arizona was 49th in job growth, after losing 300,000 jobs during the recession. Hit hard by declining property values, Arizona must recover plenty before returning to its pre-recession state.
However, in a 2013 forecast by Fletcher Wilcox, vice president of business development at Grand Canyon Title Agency, Arizona is getting back on track, reporting increased job growth, more new homes and appreciated home values.
Since its peak in June 2006, the value of single-family median homes depreciated 50%.
However, in a recent turnaround, a classic case of supply and demand has pushed the price of single-family homes up 30%, according to The Center for Real Estate Theory and Practice at Arizona State University. Homeowners are still fighting an uphill battle, but at least the hill is less steep and the loans a little smaller.
Due to a smaller inventory of single-family home inventory, new home sales rose in July 2012 to 58% higher than the previous July.
This boost in sales pushed Arizona to an eight-place tie in percentage increases in construction jobs, jumping from 112,200 last August to 119,700 in August 2012. Single-family building permits have risen 76% year-to-date since August 2011, according to The Home Builders Association of Central Arizona.
For those looking to learn more about the predicted future of Arizona’s economy, Elliott Pollack of Elliott D. Pollack and Company will present “Growing Arizona: 2013 Economic Forecast” from 9:00 a.m. to 1:00 p.m. November 16 at the Arizona School of Earl Estate & Business seminar. For additional information call 480-946-5388 or click here.