Recession holding on in Arizona - Ahwatukee Foothills News: Localnews

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Recession holding on in Arizona

Print
Font Size:
Default font size
Larger font size

Posted: Friday, December 4, 2009 12:00 am

It was hard not to look for a window to jump from after Wednesday’s economic forecast briefing by leading Arizona economists.

“The recession in Arizona is not over,” said Lee McPheters, an economist and research professor at Arizona State University’s W.P. Carey School of Business.

The Arizona numbers he shared were staggering:

Job losses were the worst in state history, with 264,000 jobs lost or expected to be lost between 2008-2010; The first decline in personal income since records were kept; Retail sales declined 8 percent last year and 12 percent this year; The possibility that Arizona’s population may have actually declined. “We’ve just not seen a decrease like this before,” McPheters, an Ahwatukee Foothills resident, told an audience of 1,000 in downtown Phoenix during the 46th Annual Economic Forecast Lunch sponsored by ASU and JPMorgan Chase.

And the bad news hits every segment of the economy including commercial real estate, partly because with employment shrinking, the demand for everything from apartments to retail space has evaporated.

Elliot Pollack, an economist and real estate expert, said that it could take a decade before commercial real estate prices return to the 2007 level. And with a 25 percent vacancy rate for office space, he doesn’t expect any new significant building for five years.

“There is no quick fix,” said Pollack. “I agree with (McPheters) that employment is not coming back quickly.”

But the one thing that the economists did agree on is that things will get better.

“We will work our way out of this,” said Pollack, “but it will take time.”

McPheters said he thought it would take until 2014 before Arizona employment reached the 2007 peak of 2.7 million employed.

The good news is that historically, when Arizona does bounce back from a recession, the recovery is swift.

“When it does come back, it comes roaring back,” said McPheters.

More about

More about

More about

  • Discuss

Space Standoff: The next Cold War is already playing out right above our heads

There’s a cold war in space and virtually no one knows about it. Right now, miles above your head, there are fleets of robotic, weaponized sat…

Published: July 30, 2016 - 10:18 am @ http://www.digitaltrends.com/cool-tech/weaponized-…

The Noise Addicts of New York City: Best #Cityreads of the Week

“Noise is a Drug and New York is Full of Addicts,” Susie Neilson, Nautilus As soon as the door slams, I slide to the floor in a cross-legged p…

Published: July 30, 2016 - 10:19 am @ http://www.citylab.com/design/2016/07/the-noise-ad…

Mesa Mountain View's Hodges Commits to Sun Devils

The good times continue to role for Arizona State this offseason from a recruiting stand point as the Sun Devils have added another local pros…

Published: July 30, 2016 - 9:46 am @ http://www.sports360az.com/2016/07/mountain-views-…

Matt Damon's Company Takes Steps to Address Hollywood's Diversity Crisis

Print 'Black-ish, Other Contenders Could Signal Emmy Diversity Oscars Organizers' Invitation to New Members Reflects Diversity Push Oscar Winn…

Published: July 30, 2016 - 9:17 am @ http://www.voanews.com/content/matt-damon-hollywoo…

Ballot measures explode across country

By Reid Wilson - Supporters of a California ballot measure to raise state taxes on cigarettes have collected more than $16 million in nine mon…

Published: July 30, 2016 - 8:48 am @ http://thehill.com/policy/healthcare/289461-ballot…

Which Pet Care Providers Should You Tip? And How Much?

I’m a dog sitter. Just this morning, a very well-behaved and loving Lab was picked up. He’s a regular client, and, like always, his dad slippe…

Published: July 30, 2016 - 8:46 am @ http://www.dogster.com/lifestyle/which-pet-care-pr…

Planned Parenthood Abortion Biz Sues Arizona to Stop State From Defunding It

Planned Parenthood and the American Civil Liberties Union are fighting back against another state law that could take taxpayer dollars away fr…

Published: July 30, 2016 - 8:45 am @ http://www.lifenews.com/2016/07/15/planned-parenth…

Hyundai updates '17 Tucson with Apple CarPlay, Android Auto, upgraded interior

Hyundai's popular Tucson was just redesigned last year, but already the Korean automaker is enhancing the crossover's interior for 2017. Headl…

Published: July 30, 2016 - 8:24 am @ http://www.thecarconnection.com/news/1105276_hyund…

Monday is deadline to register to vote in Arizona primary

Monday is the last day to register to vote in Arizona's Aug. 30 primary election. Locations where citizens can register in person include coun…

Published: July 30, 2016 - 8:15 am @ http://www.abc15.com/news/state/monday-is-deadline…

UN "Human Rights" Agitator Invited By Obama

After seventeen days of touring the United States, talking to racist agitators, including affiliates of the infamous Black Lives Matter, about…

Published: July 30, 2016 - 7:48 am @ http://rickwells.us/un-human-rights-agitator-blm-a…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…