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

Bears Ears Sacred Site Unites 24 Tribes With Rock Climbers, Conservationists

Anne MinardA coalition of 24 Native American tribes working to create a conservation area would be strong. Add the support of rock climbers, l…

Published: July 25, 2016 - 11:59 pm @ http://indiancountrytodaymedianetwork.com/2015/07/…

Erdogan’s Purges Threaten Future of Turkey’s Secular Society

Print Turkish President Meets Opposition After Failed Coup Turkey Aims New Crackdown at Journalists, Academics, Airline Workers Turkish Ruling…

Published: July 25, 2016 - 11:37 pm @ http://www.voanews.com/content/erdogans-purges-thr…

Texas, facing a lawsuit, makes it easier for U.S.-born children of immigrants to get birth certificates

Last year, a group of Central American and Mexican immigrant parents sued Texas in federal court, claiming that the state had denied their chi…

Published: July 25, 2016 - 11:03 pm @ http://www.latimes.com/nation/la-na-texas-birth-ce…

Hiker rescues up in 2016; hundreds helped off Valley mountains so far

PHOENIX - It's a desperate situation that frankly firefighters are seeing way too often. "I think that this year we've just had some real trag…

Published: July 25, 2016 - 10:29 pm @ http://www.abc15.com/news/region-phoenix-metro/cen…

Protests Over Western Troops Threaten Libyan 'Unity' Government

Print Libya's UN-backed Government Condemns France Following Crash Three French Soldiers Killed During Operation in Libya Islamist-backed demo…

Published: July 25, 2016 - 9:36 pm @ http://www.voanews.com/content/libya-un-backed-uni…

Phoenix Serial Street Shooter likely using multiple vehicles

PHOENIX - Phoenix police said they are getting new details and tips about a serial shooter connected to seven murders . But investigators can’…

Published: July 25, 2016 - 8:58 pm @ http://www.abc15.com/news/region-phoenix-metro/wes…

Group behind $12/hour minimum wage initiative wants lawsuit dropped

Arizona Healthy Working Families, the group behind a ballot initiative to make the state's minimum wage $12 an hour by 2020 , wants to dismiss…

Published: July 25, 2016 - 8:35 pm @ http://www.abc15.com/news/state/group-behind-12-an…

Larry Fitzgerald remembers Dennis Green in essay

Dennis Green was more than just a football coach. In a Player’s Tribune piece written by Larry Fitzgerald, the wide receiver recalls his longt…

Published: July 25, 2016 - 8:28 pm @ http://arizonasports.com/story/744945/larry-fitzge…

Praising Kaine: How Clinton's choice of a widely respected senator drives a deep wedge into the GOP

Hillary Clinton announced her selection of Virginia Sen. Tim Kaine as her running mate late on Friday evening, and something incredible has al…

Published: July 25, 2016 - 8:27 pm @ http://www.dailykos.com/story/2016/07/23/1551229/-…

Arizona becomes the last state to provide health insurance to low-income children

Arizona is rejoining a children's health insurance program for low and middle-income families, becoming the last state in the union to provide…

Published: July 25, 2016 - 7:58 pm @ https://www.washingtonpost.com/news/to-your-health…

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…