Forbes Business has recently compiled a report projecting which states have the strongest future job growth potential. What is surprising is seven of the top ten states for anticipated U. S. job growth are in the West. It is too bad - the Rust Belt and the Northeastern states are noticeably absent from the Top 10 list.
What is surprising is seeing Arizona #1 on the list for the entire U. S. Arizona was absolutely hammered during the financial crisis of the late 2000s.
Arizona median home prices plummeted 53% over five years from $250,000 in 2006 to $117,000 before climbing back to its current median value of $225,000, as of October, 2015, according to ARMLS (Arizona Regional Multiple Listing Service).
Our current median home value reflects a 6.2% one year increase in value and a 92.3% improvement in value from our lowest median home value since 2006. We have made great strides in restoring home values, but there is still plenty of untapped value in Arizona housing to be realized before we get back to where prices should be. Now is a great time to be buying Arizona homes for sale.
Arizona foreclosure rate was the second highest in the U.S. for three straight years as construction ground to a halt. Unemployment peaked at 11.2% at the end of 2009 and net migration into the state fell dramatically. These events caused of a lot of pain. People who could find jobs outside of Arizona, found they were unable to sell their homes and had to walk away from them, only to face foreclosure or short sale. Others, not so lucky, lost their jobs and stopped looking, went on unemployment, accepted lower pay and more work to survive and/or learned a new skill or trade to find employment.
But now Arizona has emerged from the wreckage to be one of the brighter spots in the sluggish U.S. economy, thanks in part to renewed migration. Arizona’s projected job growth is 3.1% annually through 2019, best in the U.S., according to forecasts from Moody’s Analytics.
Moody’s economist, Kyle Hillman expects snowbirds and retirees will resume their migration to Arizona. While in migration should fuel jobs in healthcare and consumer services, this may not occur at projected levels right away. The Canadian dollar is down and seniors are staying at their jobs longer to recoup from the economic downturn. Those who are retiring are finding Active Adult communities near their current home, so they don’t have to move to the Sunbelt to have the lifestyle they want. We’ll have to see if living in the glorious Valley of the Sun with ideal weather most of the year can compete with sleet, snow and ice storms… Really!
Companies and workers are finding their way to Arizona as an affordable option to West Coast locales like the Bay Area and Seattle with high cost of living. As stated above, Arizona homes for sale remain an outstanding value with lots of new and newer homes and low property taxes.
Financial service firms have a heavy presence in Arizona with Wells Fargo, Bank of America and JP Morgan among the 10 largest private employers in the state. It helps that Northern Trust in February announced plans to expand in Arizona by opening a new operating center in Tempe that will house 1,000 employees by 2018.
The Innovation Software Development Center built by General Motors in Chandler, Arizona opened with 500 employees last year and plans to add another 500 workers over the next three years. It is hoped ASU will be able to provide the software engineers needed by GM. Otherwise GM will be recruiting throughout the U. S. to bring high quality engineering talent to our state.
Top 10 States for Projected Job Growth through 2019 based on Forbes Business 2015 report:
#1 – Arizona
#2 – Nevada
#3 – Florida
#4 – Utah
#5 – Georgia
#6 – Oregon
#7 – Washington
#8 – Idaho
#9 – South Carolina
#10 – California