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