Economy @ W. P. Carey

More Good News By: Elliott Pollack

Economy@W. P. Carey — Thu, 28 Mar 2013 06:00:01 EST

By Elliott Pollack

The first quarter 2013 Blue Chip Forecast continues to suggest strong improvement in the real estate sector, especially in residential real estate. Single family permits, after reaching 11,615 permits in 2012, are expected to grow to more than 18,000 units in 2013 and about 25,000 permits in 2014.

It's Hard not to be Optimistic about Housing

Economy@W. P. Carey — Fri, 14 Dec 2012 06:00:01 EST

By Elliott Pollack

Virtually every sector of real estate will be improving through 2014, according to the Greater Phoenix Blue Chip Real Estate Consensus panel. The issue for each sector is how quickly the improvement will occur. For single family, the outlook is bright according to the panel.

2014 Looks Promising By: Elliott Pollack Greater Phoenix Blue Chip Third Quarter, 2012

Economy@W. P. Carey — Tue, 09 Oct 2012 06:00:01 EST

This quarters Greater Phoenix Blue Chip Real Estate Consensus gives us our first insights into 2014. The single family housing forecasts for 2012 and 2013 have changed very little. The consensus forecast for single-family permits now stands at just above 12,000 in 2012 and 19,500 for 2013. This compares with slightly fewer than 6,300 permits in 2011. Thus, large percentage gains are expected both this year and next.

Arizona Ranks Among Top Ten Growth States for Sixth Month

Economy@W. P. Carey — Tue, 25 Sep 2012 06:00:01 EST

by Lee McPheters

Arizona non-agricultural employment increased over-the-year by 2.3 percent in August, a growth rate sufficient to keep the Grand Canyon State ranked among the top ten for the sixth consecutive month. Arizona placed sixth among all states in the rate of job creation, down two notches from fourth position in July. Nationally, non-agricultural jobs increased by 1.4 percent in August over the prior year. Arizona is one of 14 states to post faster job growth than the nation.

Four More Years Until Lost Jobs Come Back?

Economy@W. P. Carey — Sun, 09 Sep 2012 06:00:01 EST

By Lee McPheters

The U.S. economy created 96,000 net new non-agricultural jobs in August, a decrease from the revised figure of 141,000 new jobs in July, according to the latest employment report from the U. S. Bureau of Labor Statistics. The job figure in August was the fourth monthly tally in the past six in which labor markets failed to grow by 100,000 jobs. The average job growth of the past six months is 97,000. In a hypothetical world, at this pace the economy would not finally replace the 8.8 million jobs lost in the recession until sometime in 2016, at the end of the next four-year presidential term. But this dour outlook is extremely unlikely, considering that month-to-month job growth has averaged less than 100,000 in only three years since 1980.

Progress Finally Being Made

Economy@W. P. Carey — Thu, 14 Jun 2012 06:00:01 EST

By Elliott Pollack

Recent strength in single-family activity has caused the Greater Phoenix Real Estate Consensus Panel to raise its estimates for 2012 and 2013. Estimates for 2012 are up from just under 11,000 units to more than 12,500 units. Estimates for 2013 are up from just over 17,000 units to just under 20,000 units.

Arizona Ranks Eighth in March Job Growth

Economy@W. P. Carey — Fri, 04 May 2012 06:00:01 EST

by Lee McPheters

Arizona employment increased by 1.9 percent year-over-year in March, advancing the state into the 8th position in the job creation rankings. Last year at this time, the Grand Canyon State ranked 36th. North Dakota again led all states in the rate of job growth in March, as non-agricultural employment rose 6.6 percent compared to March of 2011. Phoenix ranked in 4th position among large metro labor markets, with growth of 2.3 percent. Phoenix ranked among the top 5 fastest growing large labor markets in information industry jobs (2nd), health care (3rd) and construction (4th) over the past 12 months.

At Least it's a Recovery

Economy@W. P. Carey — Thu, 05 Jan 2012 06:00:01 EST

By Elliott Pollack

The fourth quarter Greater Phoenix Blue Chip Real Estate Consensus reaffirms that the panel believes 2010 was the bottom of the housing market in terms of permits.

Greater Phoenix Real Estate Outlook (Slowly) Improving

Economy@W. P. Carey — Wed, 05 Oct 2011 06:00:01 EST

by Elliott Pollack

If the consensus of the Blue Chip forecast panel is correct, the worst is over for the Greater Phoenix real estate market and things should be getting slowly better from here. While commercial markets have a long way to go before there is any meaningful construction activity, by 2013 single family activity should double. This is significant because the local economy cannot have much of a recovery without a significant increase in construction activity.