ASU Professors: Arizona Still Two Years Away From Full Economic Recovery

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It's 2014 and some professors at Arizona State University say the state is still two years away from recovering from the economic crisis.

Professors from ASU's W.P. Carey School of Business held their 2014 Annual Economic Outlook Luncheon, which included a discussion about Arizona's slow recovery.

(Check out the W.P. Carey school's highlights and the presentations from the luncheon on its website.)

For example, the number of jobs lost in the national labor market during the recession essentially have been regained. In Arizona, only 56 percent of the jobs lost have been regained.

According to professor Lee McPheters' presentation, this is the eighth consecutive "lean" year of "subpar economic growth."

Generally, the jobs market is trending upward. There have also been concerns that the jobs being added kind of suck, and don't pay well, but that's apparently not the case:

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Mike Orr, director of the real estate department of the school -- and author of the monthly real estate reports -- said demand for homes is extraordinarily low right now, which is hurting the real estate market badly, but rising rents might help that.

"There's every chance that rents are going to rise, which will drive some people to purchase a home," he's quoted as saying. "If a family is going to stay at least three years, there's an overwhelming financial case to buy instead of rent."

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17 comments
Joe Downs
Joe Downs

And agreed, Michael is clearly pretty stupid.

Joe Downs
Joe Downs

Well that's why they're considered bubbles... it's like saying that a few months ago you had the best week of your life, and then lamenting that your current week isn't as good. Want further proof? Look at the tech bubble and where the NASDAQ was in 1999 vs the last 15 years.

Kenny Ilardo
Kenny Ilardo

The economic downturn brought out the worst in everyone.. People's attitudes seemed to change and haven't recovered either.

Matt D'olivo
Matt D'olivo

Az is a joke ,the whole been in a depression since 07" but no one wants to say it!!

Steve Palermo
Steve Palermo

A lot of the jobs lost are construction. Residential construction is down, but commercial construction is steady. Mixed bag.

FutDaWuck
FutDaWuck

So we still need over 136,000 jobs to get back to peak levels and somehow rents are going to rise?

Bryan Jorgenson Wallis Hardie
Bryan Jorgenson Wallis Hardie

The jobs aren't going to come back as long as no one wants to move here due to the horrible educational system and the fact that the politicians try to pass laws that make our state the laughing stock of the country.

fishingblues
fishingblues topcommenter

Gosh, that time frame just happens to coincide with when the inept one will be leaving office.  

Reggievv
Reggievv

Your are correct, Brewer will be leaving office. But the batch of buffoons who think booming private prisons and rich private schools are economic development, will still be in the one party dictatorship legislature.

fishingblues
fishingblues topcommenter

@Reggievv  


My comment was a bit more expansive.  I, of course, was referring to the biggest disaster in American history, B. Obama.   

fishingblues
fishingblues topcommenter

@burt @fishingblues @Reggievv  


Yes and no.  My comment was not partisan at all.  It was a statement of fact and history will show him to be the biggest disaster both domestically and internationally.


Everything you stated after the first sentence is absolutely true and I agree with you.


As to "following the queen", perhaps you forgot to take your meds.  You seem to be hallucinating.  

burt
burt

@fishingblues @Reggievv You're so wrapped up in partisan crap that you can't see that you're trapped in a shell game. No single player is to blame for our national woes, it's a horribly corrupt system and apathetic citizens who don't hold our elected's feet to the fire that's at fault.


Keep following the queen. Keep following the queen.

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