Lee McPheters
Lee McPheters
begins building cycle high hiring home job levels likely losses record seen states throughout
Construction is at record high levels throughout the West. It is likely that as home building cools, those states that have seen construction hiring booms will record job losses as the cycle begins to subside.
arizona attracting continue example expect growth housing nevada population reasonable state states stronger varies
For example, population growth varies from state to state, with states in the Sunbelt attracting new residents from other states. It is reasonable to expect faster-growing states such as Arizona and Nevada to continue to see stronger housing markets.
account average due growth higher jobs national percent population reasonable somewhat western
Due to population growth, it is reasonable that construction would account for 8.8 percent of all jobs in Western states, somewhat higher than the national average of 5.4 percent.
again arizona creation expected job likely next slow states three top utah western year
The three fastest-growing Western states -- Nevada, Arizona and Utah -- are expected to slow down over the next two years. Still, it is likely that these states will be in the top 10 for job creation yet again this year and next.
appreciation backing continue landing local markets normal prices rates returns soft
As rates continue to rise, some local markets may see a backing off of prices and a soft landing as appreciation returns to historically normal levels.