Tag Archives: recession

JLL’s Chief Economist shares his view on today’s U.S. economy and its impact on Phoenix

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JLL Chief Economist Ryan Severino recently visited Phoenix to present his views on today’s U.S. economy and the impact national conditions may have on the Phoenix commercial real estate market. Here are his top 4 takeaways.

1.Goldilocks economy should continue, with the potential for upside depending upon policy.

Global growth continues to accelerate… Read More

Q1 Industrial Outlook: 2015 marks a turning point in the Phoenix economy

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IndustrialOutlookEconomy
The Phoenix economy exceeded expectations in 2014, and despite a seasonal slowdown after the holiday season, the first quarter of 2015 kicked off in the right direction as well. The core industries in the Valley, including financial services, tourism, and professional services, have been driving much of the growth. Phoenix is outperforming the Western U.S. in year- over -year nonfarm payroll growth and continues to see strong levels of hiring. Unfortunately, a few pockets of weakness continue to delay a full recovery in Phoenix. Construction and Manufacturing industries within the Valley are stagnant and have not added many new jobs since the recession. The single-family housing market has cooled and developers remain stubborn as new construction permits remain at record low levels. Demographic trends within the Phoenix metro area continue to defy limited new residential construction. The Valley is seeing population gains accelerate and are expected to exceed the historical average soon. A majority of growth stems from migration into Phoenix as evidenced by the fact that the local pool of residents grew nearly twice as fast as the nation’s in 2014. These demographic trends support growing household formation, labor force expansion, and additional residential construction in 2015.… Read More

Chart of the Week: Employment winners and losers in Phoenix

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BLOG_COW_Phoenix_November10

Phoenix has yet to recover all the jobs lost in the recession. A few employment sectors such as financial activities and leisure & hospitality have already exceeded their previous peak. Unfortunately, their gains are not enough to offset the dramatic losses experienced by the lagging industries: manufacturing and construction.

Click here for more market insight… Read More

Chart of the Week: Rent growth accelerating in the Valley of the Sun

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 COW_Phoenix_August18_Blog

All product types are finally seeing rent growth in the Phoenix valley. The last time Phoenix saw rising rents across the board was in 2006 right before the economic collapse. As expected, Class C product dropped their rates the most during the recession, but all properties have been dropping rates… Read More

Phoenix Employment Update | August 2014

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August Phoenix Employment UpdatePhoenix employment growth picked up in May to 2.1 percent over the last 12 months. The Valley added just under 37,700 new jobs  over the last year.

Education and health services as well as financial activities continue to drive the market forward with the biggest gains. In fact, the two sectors combined make up about 35… Read More

Chart of the Week: Residential construction hits a speed bump

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COW_Phoenix_May 1

Residential construction in Phoenix has seen slow but steady growth since the worst of the recession when the construction sector lost over 106,000 jobs, a third of all jobs lost in Phoenix. The last two quarters have recorded the trend flattening. Slow economic growth in the overall US economy may be hindering the growth that Phoenix needs.

Click here for more market insight on our Phoenix research… Read More

Chart of the Week: Phoenix unemployment in the middle of the pack

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COW_Phoenix_March 31

Phoenix is seeing strong annual job growth which has helped bring down the unemployment rate from 10.5 percent during the recession to its current rate at 6.7 percent. Riverside, CA and Detroit, MI had unemployment exceed 15.0 percent during the recession and continue to have the highest unemployment rate among the largest 20 metropolitan… Read More

Chart of the Week: Phoenix’s healthy side

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COW_Phoenix_February 10

Every major employment sector in Phoenix lost jobs through the most recent recession, except for education and healthcare. This sector managed to maintain positive job growth through the worst of it all. Average job growth for all other sectors over the last 20 years has been 2.5 percent… Read More

Chart of the Week: Employment Highs and Lows

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COW_Phoenix_November 11

Phoenix was hit hard by the recent recession and lost over 300,000 non-farm jobs across almost every employment sector. Construction was one of the hardest hit sectors shedding 57.0 percent of its labor force. Fortunately, since early 2010, Phoenix has rebounded substantially outpacing national job growth and adding almost 150,000 new non-farm… Read More

Q2 2013 U.S. Construction Perspective: It’s a residential story…again.

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U.SWhile the overall US economy is still struggling to maintain growth, the sector that was at the root of the recession has managed to gain solid traction. The recovery in housing will positively impact the industry in terms of job opportunities and activity, as well as increase demand for materials, and longer term, will generate more jobs. 2013 will likely be the year… Read More