Experts: More Arizona growth in 2011, but housing lags

A panel of economists says Arizona’s economy is on track to see decent job growth in 2011 and beyond as it continues to recover from the Great Recession.

But the housing market will remain depressed for years and homeowners who now owe more than their homes are worth can expect little relief.

Four experts generally agreed that the recession that began in 2007 is over and growth in the coming decade should be solid but not booming. They made their presentations to business leaders at an event sponsored by Arizona State University and JPMorgan Chase in Phoenix.

ASU economist Lee McPheters said the state should see 50,000 new jobs next year.

But economist Elliott Pollack says home prices haven’t hit bottom and it could be three-four years before significant price increases return.