“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “
Also Call me if you need an estimated value of your Property.
Call me if you want to see a map with what is in the Construction Pipeline for Apartments.
Direct : 602-759-1209, Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
Russ Wiles, Arizona Republic Published 6:00 a.m. MT Nov. 29, 2018
As Arizona employers complain that it’s getting more difficult to fill openings, many are now offering enhanced incentives to attract workers.
If you liked Arizona’s economy this year, more of the same appears in store for in 2019.
Barring a national recession — which doesn’t appear imminent — Arizona will again rank among the top states for economic growth, job gains and population increases.
That prognosis, made Wednesday at Arizona State University’s annual Economic Forecast Luncheon, envisions another year of national economic growth of around 2.5 percent, which would be about on par with 2018.
Arizona’s jobless rate, now at 4.7 percent, could ease to 3.9 percent by the end of 2019, according to the forecast.
“Momentum is carrying us into a pretty good year in 2019,” said Lee McPheters, an economics professor in the W.P. Carey School of Business.
Metro Phoenix leading the way
Most of the state’s economic clout will remain concentrated in metropolitan Phoenix, which has accounted for 88 percent of all jobs created in Arizona so far this year.
After several sluggish years coming out of the recession, Arizona appears to have reclaimed economic swagger.
So far this year, Arizona ranks fifth among the states for personal income gains, sixth for gross state product or output and seventh for job creation, said McPheters. Arizona ranked sixth in 2017 for population growth and fifth for domestic in-migration, he added.
Despite the improvement, Arizona still has catching up to do in some respects. For example, the state’s per capita personal income of $42,280 in 2017 ranked 43rd highest among the states and Washington, D.C.
MORE: Report: Arizona economy growing at fastest pace since 2007
Job growth has accelerated in recent months, with Arizona likely to add about 72,000 net jobs in 2018, up from 63,900 last year, and 71,000 in 2019, according to McPheters.
Arizona’s population, now at 7 million, is expected to grow 1.6 percent in 2018 and 1.5 percent 2019, adding a bit more than 100,000 residents both years, as also happened in 2017.
“People want to move to Arizona, they want to move to Phoenix, and they need housing,” he said.
Construction-industry slowdown
As a caveat, housing prices in the Phoenix metro area have risen more than twice as fast as wages, pointing to a widening affordability gap that is starting to slow home sales and construction, along with higher interest rates.
However, the risks of a construction-fueled bust appear lower than in 2006, near the end of the last economic boom. Construction employment accounted for 9 percent of all Arizona jobs back then; it’s 5.7 percent today.
Higher home prices also are causing more people to rent, and apartment demand is high in parts of the Valley, McPheters said.
MORE: Apartments, offices and a Fry’s: What’s coming to downtown Phoenix
Bart Hobijn, another ASU economics professor, sees a year of solid economic growth at the national level in 2019, paced by steady hiring and stable inflation, notwithstanding more interest-rate hikes. He foresees U.S. economic growth of around 2.5 percent, moderate inflation of 2 percent and an unemployment rate hovering near 3.5 percent.
“All short-term signs for the U.S. economy are still very good,” he said, referring to the outlook for the next couple of years.
Factors that could derail that scenario include flattening stock-market and housing prices, trade disputes and slower global economic growth, he said.
Unresolved longer-term problems
John Cochrane, a senior fellow at Stanford University’s Hoover Institution and another speaker at the program, noted that many serious long-term problems still need addressing, including projected funding shortfalls for Social Security and Medicare.
Also, many other other nations aren’t doing as well as the U.S. economy, which could slow growth here down the road.
But Cochrane said he too sees gross national product growth in the range of 2.5 percent for 2019, with no significant slowdown yet for the United States.
“Recessions need a spark — they don’t just happen,” he said.
Reach the reporter at russ.wiles@arizonarepublic.com or 602-444-8616.
READ MORE FROM RUSS WILES:
- Despite good economy, many still struggle with finances and health care
- What Americans fear financially — and what they really should worry about
- Phoenix makes big jump in rankings of nation’s best retirement destinations
Want more news like this? Click here to subscribe to azcentral.com. Go to connect.azcentral.com for a staff list, for more information about the newsroom and for details about upcoming events.
FROM ME:
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
PLEASE CALL ME – Direct : 602-759-1209 , cell: 520-975-5207 or email me walterunger@ccim.net CLICK HERE TO VIEW ALL MY LISTINGS
WEEKLY APARTMENT CLOSING UPDATE THROUGH February 1, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH January 25, 2019, Phoenix Arizona Metro.
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WEEKLY APARTMENT CLOSING UPDATE THROUGH January 11, 2019, Phoenix Arizona Metro.
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WEEKLY APARTMENT CLOSING UPDATE THROUGH December 28, 2018, Phoenix Arizona Metro.
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WEEKLY APARTMENT CLOSING UPDATE THROUGH December 7, 2018, Phoenix Arizona Metro.
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
CELL: 520-975-5207
Direct: 602-759-1209
Office: 602-445-4112
Fax: 602-865-7461
CLICK HERE TO VIEW ALL MY LISTINGS
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ ARE YOU READY TO SELL OR PURCHASE YOUR INDUSTRIAL / OFFICE OR RETAIL BUILDING OR YOUR LAND in Phoenix, Maricopa County and Pinal County, Arizona, please call me. Office: 602-445-4113, Direct : 602-759-1209 , cell: 520-975-5207 or email me walterunger@ccim.net. … CLICK HERE TO VIEW ALL MY LISTINGS.
Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
History of Arizona from 900 BC – 2017 -Timeline.
8 Reasons You Should Invest in Land
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION
ARIZONA FACTS – YEAR 1848 TO 2013
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
PHOENIX PROJECTED AS NUMBER ONE US HOUSING MARKET FOR 2017
LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17
Reasons to Consider me for Commercial Referrals – I have the Knowledge and Experience
Click here to View My Listings and Profile
Click here to find out what is a CCIM:
Click here to view my website:
Click her to join my mailing list :
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
2016 Official Arizona Visitors Guide
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
CELL: 520-975-5207
Direct: 602-759-1209
Office: 602-445-4112
Fax: 602-865-7461
CLICK HERE TO VIEW ALL MY LISTINGS
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “
Also Call me if you need an estimated value of your Property.
Call me if you want to see a map with what is in the Construction Pipeline for Apartments.
Direct : 602-759-1209, Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
Check out my professional profile and connect with me on LinkedIn.
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
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