The Phoenix economy is slowly recovering, according to reports.
The Brookings' Mountain Monitor report, found recently the Valley's real estate-based economy is struggling to rebound. The Monitor identifies a number of economic success indicators and compares data for the region's major metropolitan areas.
There are many reasons for the slow recovery in employment, according to the Monitor. With the Valley's economy based largely on growth and real estate, there were few other major industries to support the region after the housing bust and the financial meltdown. Real-estate and construction jobs disappeared, followed by jobs at businesses that fed off the industry, the report said.
According to the U.S. Labor Department, Arizona had a 9.1 percent unemployment rate in 2009, up 6 percent the previous year.
About Kathleen Mazzocco
- Kathleen Mazzocco, Realtor in Anthem, AZ Relocation to Scottsdale, AZ
- Scottsdale, AZ, United States
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