By: Allan Mendelsberg
August 18, 2011
Once the poster child for national population growth and housing starts, Arizona, like other states historically reliant on construction, took a beating in the downturn, and the well-publicized forecast points to a long road to recovery.
In an August 16, 2011 article entitled “Phoenix housing recovery might take until 2016,” Phoenix Business Journal (PBJ) reporter Mike Sunnucks presents the case for Phoenix’s residential comeback. Drawing heavily on a quality research presentation by economist Elliot Pollack, PBJ focuses on a 2015 or 2016 return to health for the Valley’s housing market, with commercial seeing full recovery in 2014 or 2015.
Pollack deftly points out that Arizona closely mirrors U.S. employment trends, and we see Tucson following suit. How does this relate to the Tucson multifamily market?