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Experts: Arizona years away from economic recovery

Experts say Arizona is still three to four years away from a full economic recovery.

Professor Lee McPheters is director of the JPMorgan Chase Economic Outlook Center at the W. P. Carey School of Business at Arizona State University. He says Arizonans can expect more tough times this year and next year and predicts more home foreclosures and continued high unemployment around the state.

However, McPheters also anticipates a 40-percent increase in single-family home-building permits this year and some weak, but positive job growth next year. He expects full jobs recovery in the state in 2013 or 2014.

McPheters spoke Thursday at the annual Economic Outlook Luncheon in Phoenix.

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3 comments

  1. Our last economy was largely built on speculation and risk, with little or no collateral or hedge. It should come as no surprise that building economic growth on a genuinely solid foundation may take some time. Even if individuals and individual institutions are doing better, there are far too many players involved for an overall recovery to occur overnight. The amount of time involved also depends on how “full” recovery is defined. Some may recover this year; others next year, still others not until 2013-14.

  2. State Rep. John Kavanagh

    A 40-percent increase in single-family home-building permits represents a 40% increase from next to nothing.

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