Economic forecast rosy, analysts tell businesses; housing market expected to return to normal level

Things-Are-Looking-UpBy Ronald J. Hansen | The Arizona Republic

In Arizona, it’s starting to feel like 2005 in some ways, at least according to some economists.

The state’s economy, along with the nation and the world, appear to have settled some of the thorniest problems that have pulled down the economy in years past, a trio of economists told nearly 1,000 business leaders gathered Friday for the annual outlook breakfast held by the Greater Phoenix Chamber of Commerce.

“The recovery should continue because there are no significant imbalances,” said Elliott D. Pollack, CEO of the Scottsdale-based company that bears his name. “There is no irrational exuberance anywhere in the economy, yet there’s no problems anywhere in the economy.

“Consumer debt burden as a percent of their income is back to where it was in the early 1980s. Net worth is improving. Real income is growing. Liquidity of consumers is improving, low inflation, no excess capacities. … Essentially, things look really good,” he said.

The current slack in Arizona’s housing market will return to more normal levels from expected growth alone, Pollack said, adding that he hasn’t been as bullish on the economy since before the housing crash.


Related: ASU polls real-estate brokers in metro area

If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose,

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September 2013