Phoenix has been mistakenly classified as a construction- and real estate-intensive metro by many, when in fact the economy is very diverse relative to other metros and states. Despite trade, transportation and utilities as well as professional and business services being the primary employment sectors, education and health services has grown over… Read More
Phoenix employment slowed in May to 1.6 percent over the last 12 months. The Valley added just 28,000 new jobs over the last year.
The public sector has been a heavy weight on Phoenix’s positive employment growth as government shed over 9,000 in the last year. Education and health services as well as… Read More
In August, Phoenix gained 30,100 jobs, but unemployment rose from 7.0% to 7.4% due to changes in the civilian labor force. Government had the biggest impact gaining 23,500 jobs. Education and Health Services gained 6,200 jobs and Trade, Transportation, and Utilities gained 1,900 jobs. Construction, Manufacturing, Professional Business Services, and Other Services all… Read More
Phoenix is showing all the right symptoms of a recovering economy. The metro area continues to add jobs and has maintained a steady year-over-year growth rate of 2.5 percent for the last several quarters. Although residential housing prices have slowed their climb in the last few months, they continue to trend upwards and are 23 percent above their levels last year. Unfortunately, these indicators are… Read More
How serious of a problem is sequestration? It depends whom you ask…
What is the impact of the government shutdown on commercial real estate?
A temporary government shutdown will have minimal immediate impact on the commercial office market; essential functions will not be disrupted and the government will continue to fund its financial obligations (e.g. rent payments.)
A long-term shutdown would further delay GSA decision-making, postponing leasing decisions and likely pushing some federal leases into… Read More
In June, Phoenix lost a staggering 32,500 jobs, resulting in a 100 basis point increase in the unemployment rate from 6.2% to 7.2%. Although most sectors recorded job losses, government had the biggest impact losing 28,100 jobs. Trade, Transportation, and Utilities as well as Professional Business Services both posted gains adding 2,200 jobs and 1,200… Read More