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.