by KJZZ Business News, Your NPR Station
Photo by Sky Schaudt – KJZZ
Phoenix-area home buyers know all too well that a hot housing market isn’t guaranteed to be a permanent fixture.
While job numbers and housing starts are currently skyrocketing, there are signs a perfect storm is brewing on the economic horizon.
Arizona’s last jobs report featured an unemployment rate at 4.7 percent, a strong number buoyed by the construction sector: it added 2,500 construction jobs in May alone — that’s a 9.1 percent construction employment year-to-year change.
“We’re looking at residential permits for single-family is up 11 percent. And of course, those are just permitted, that’s not counting what’s already been built, that’s just what’s being planned,” said Tina Tamboer, a real estate analyst with the Cromford Report.