How is the economy there?? (Phoenix, Scottsdale: real estate, foreclosure, renters)

[artfulone]

I will be spending about 2 months this spring in Scottsdale and Tempe and am considering moving to the area in the fall. I am a fiber artist and will be participating in art shows/fairs. Can anyone give me a heads up on how the economy is fairing there? I have been reading the newspapers and all but would like a little live feedback.
Thanks so much. Kris

[thegirlinaz]

The economy sucks here.. just like everywhere else I suppose..

[deckdoc]

economy here kinda bad, but depending on your art and cost, there are a lot of snowbirds in the area that do have money in their retirement accounts that although they have taken a hit do have the money to do as they wish~ and might part with the money to support you. The entire US is in a slump and Az is no exception but from Sept to april its great to be here!

[Ponderosa]

It is bad. The construction slump rolled into other things and then the world economy choked. You can put in a hundred resumes and not even get a single reply. I saw that even the health care industry, usually on fast forward here, is cutting back and laying off people.

[NytoPhx]

Im still trying to figure out what the economy is here exactly, and I dont know how that bodes for the future even when the national economy revives. I want to say tourism, but this is still not exactly a huge tourism spot even in the winter. An economy built on growth is a recipe for disaster in my opinion.

[actinic]

Arizona posted the nation’s second highest state foreclosure rate for the first quarter, with one in every 54 housing units receiving a foreclosure filing, and California posted the nation’s third highest state foreclosure rate, with one in every 58 housing units receiving a foreclosure filing.

FORECLOSURE ACTIVITY INCREASES 9 PERCENT IN FIRST QUARTER

[azriverfan.]

I know the economy is bad but for whatever reason, people are still buying "stuff" I went to Ultimate Electronics and several nice TV's were sold out. We went to Crate and Barrell and sofas were sold out. I still see people buying cars. Pizzeria Bianco had a 5 hour wait..on Saturday...literally a 5 hour wait. We got there at 5:30 and the soonest the could seat us was at 10:30. I've looked at buying additional season tickets and there are still wait lists for the Cardinals and Suns. There is still stiff competition for the luxury housing market. I know this isn't a scientific poll and merely anecdotal. And I've heard horror stories about finding work but I remember 1989 and it definitely felt like the economy was worse then in terms of my personal experience.

[josehernandez017]

I am starting to wonder what the economy even is here. I guess we don't really have an economic identity. Maybe Walmart?? Home Depot?? Insurance?? Title companies?? Teachers, Police, firemen and Garbage collectors. that is the economy I guess. There is a chip maker and semi conductor on the east side. Home building used to be a big part of the economy here?? We do have a couple fortune 500 companies here. I think one is a garbage collector, another is Petsmart and a couple more. Oh ya and I guess those people need medical care so there is the medical field also.

[nwlv]

Defense=good, tourism=down, real estate=way down, retirement living=good, education=down, transportation=ok, medical=good, financial=down, legal=excellent, government=ok, agriculture=good, retail=down (but I bet the grocery stores are mobbed on most Saturdays).

Those are some sectors, that's how I call it. When I first moved from the Bay Area to Phoenix in 1995; I wondered the same things. What makes this place tick?

[Howard Roark]

Actually the unemployment rate in California is above 11% while Arizona's is still under 10%. I think about 8%. Oregon's unemployment rate is above 12%. Unsurprisingly, Maryland's unemployment rate (in the shadow of the ever increasing fat federal government) is under 7%.

IMO, renters are seeing declining rents and renewing leases. They are seeing $200 to $500 per month more savings. They number 32% of the population. They will be stimulating the economy out of the recession, but I doubt if they will use credit cards!