Jinxin Real Estate News: Experts expect Arizona’s economy to fully recover within three years

Jinxin Real Estate News: Experts predict Arizona’s economy will fully recover within three years Jinxin Real Estate News: Experts predict Arizona’s economy will fully recover within three years 1…

Jinxin Real Estate News: Experts predict Arizona’s economy will fully recover within three years Jinxin Real Estate News: Experts predict Arizona’s economy will fully recover within three years On December 5, the 49th Annual Economic Forecast Luncheon, co-sponsored by the Arizona State University School of Business and JPMorgan Chase Bank, was held. About 1,000 people attended the meeting at the Phoenix Convention Center. As of September, Arizona ranked fifth nationally for job growth, and the Phoenix area ranked fourth among large cities. Mr. Lee, director of the Center for Economic Outlook at J.P. Morgan Chase's WP Carey Business School, said Arizona is expected to add 60,000 new jobs in 2013 in professional business services, retail, hospitality, and health care. The unemployment rate will fall to 7.6%. He added that as long as the national environment does not hold back Arizona, Arizona will have a 2.5% job growth. There has been a 2% growth this year. Arizona has won back a third of the jobs it had before the recession. He believes the economy will be back to pre-recession within three years. Experts predict that personal income will increase by 5% in 2013. This year it increased by 4%. Retail sales will also grow by 6%, after growing by 5% this year. The population will increase by 1.5%. He believes that as the real estate market improves, single-family building permits will increase by 50%. Chief economist Beth Ann Bovino has a different opinion. He is more concerned about the government's political cliff. If the government cannot avoid this problem, the unemployment rate in the United States will reach 9%. This year's GDP rose by 2.1%, higher than originally forecast, and she said she hoped to reach 2.3% in 2013. Her report still shows that there will be a large job market in the future, and the data also shows that households are willing to buy big-ticket items, such as cars and houses. Although the unemployment rate is still high, Besian sees good prospects for the real estate market. By September this year, the real estate economy had grown by 45%. She referenced a report indicating that 1.3 million homes were no longer a loss maker. As the market continues to move higher, market prices will be higher than what homeowners paid for their investments. She expects the residential construction industry to grow by 19% in 2013. Pollack, president of a real estate consulting company, made the following summary. Arizona's single-family home and condo market is recovering very quickly. Only commercial properties, offices are still some way off. 40% of houses in Arizona are still losing money, but everyone has seen a big recovery. Sales of new homes performed well, with 67% of the new home markets being quite active, with homes basically sold within a year. Builders began to work hard to meet the demands of the market. The rental market has also become very strong recently. Currently, 22% of the local detached houses are for rent. A year ago it was just 12%. As the population increases, more homeowners are considering investing in rental properties. Pollack said that if the political cliff can be avoided, things will change in the next few years. By 2015, as long as there is normal population flow, all the problems we encounter now can be solved. For more information about real estate, please contact Tinna of Goldtrust Realty (480)287-0180 E-mail:Goldtrustrealty2010@gmail.com