By Arizona State University | AZ Big Media
Sunny. Sprawling. Rugged. Many words come to mind to describe the Phoenix metropolitan area. “Fragile” often isn’t one of them.
But a decade ago, the Valley was the poster child for an easily upended economy. Between 2000 and 2007, the area’s economy boomed. Housing prices doubled. Unemployment dropped to 3.1%. Then the real estate bubble burst, seriously damaging the state’s economy.
“The Great Recession showed us that the gravy train that existed then was an unhealthy, unsustainable growth model,” said Chris Camacho, president and CEO of the Greater Phoenix Economic Council.