Arizona’s economy improving; Phoenix continues to be a good real estate investment

The Arizona Republic reported today that the state's unemployment rate fell to 9.5 percent in October. They also reported on some encouraging hiring trends, specifically in the construction industry, which could breathe new life into a struggling sector as well as create more stability in the Arizona economy.

The drop in unemployment was partially due to the large number of jobs that were added, many fueled by the seasonal hiring in retail as well as public services. The Arizona Republic reported that "in total, the state posted its largest job growth for any October since 2004." And though some of those numbers are influenced by the seasonal jobs, economists are saying that unemployment is likely to continue to decline.

Some of the better news in the article is that the state added 5,100 more construction jobs in October 2010 than in September 2010. This was the largest monthly increase since April 2005. Additionally, there are 1700 more construction jobs in October 2010 than in October 2009. That year-over-year growth is great news for the Arizona economy. It's also great that there is so much building going on. People are taking advantage of the low-cost to build right now and investing in Arizona commercial and residential real estate. It's a smart move and fantastic to see so many people betting on the Arizona economy for the long-term.

Though 9.5 percent is slightly above the national average (currently at a flat 9 percent), it's a competitive number that we saw back in February and April of this year. And though we've seen these numbers before, there is reason to believe that it will hold steady and we won't have major spikes in unemployment in the future. For example, economists point to the fact that the number of new and continuing jobless claims are falling. This means that we're losing less jobs. Now we just have continue on focusing on creating new ones. As we all know, job creation is key.

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