Arizona Economic Recovery
Elliott D. Pollack and company is a Scottsdale based company specializing in economic and real estate consulting. Today, they published some great news for the Scottsdale economy.
Nonfarm payroll employment rose by 227,000 in February. This is a respectable showing and slightly above expectations. Unemployment remained flat at 8.3%.
Consumer credit increased at an annual rate of 8.5% in January. Revolving credit decreased at an annual rate of 4.5% and non-revolving credit increased at an annual rate of 14.75%. This is largely due to higher auto sales. It appears that consumers are comfortable enough at this point 
to start to borrow again
Nonfarm business sector productivity increased at a 0.9% annual rate in the fourth quarter of 2011. The gain in productivity reflects increases of 3.7% in output and 2.7% in hours worked. This is a relatively slow rate of growth and reflects the recent gains in employment as businesses feel confident enough about the future to add labor.
Employment continues to recover in Arizona and Greater Phoenix as well. For the state, employment has increased by 37,800 jobs (1.6%) from a year ago. For Greater Phoenix, employment is up 32,700 jobs (1.9%). While this is slow by historic standards, it represents a huge improvement from the 2008-2010 periods and is strong in relative terms (compared to other major job markets).
Overall, the recovery continues and is expected to continue to gain momentum.
Thank you, Elliott D Pollack and Company for this great news on the Arizona Economic Recovery.
If you're looking to buy or sell a home in Scottsdale, Cave Creek or north Phoenix area, please call me for CURRENT information on the real estate market.
Juli Vosmik
480-710-0739
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