By Tony Davis | Arizona Daily Star
A branch of the influential Moody’s firm has come out with a dire, much disputed warning for commercial real estate leaders about the Phoenix area’s long-term water supply.
It’s in stark contrast to the mostly upbeat reactions of water officials, business leaders and some researchers this month after Arizona stopped approving groundwater use for new subdivisions across parts of greater Phoenix.
Led by Democratic Gov. Katie Hobbs, they took pains to say Arizona isn’t running out of water. They said housing development will continue in virtually all existing Phoenix-area cities.
Even areas most affected by the decision won’t see growth stop for awhile, they noted. That’s because the Arizona Department of Water Resources had already issued approvals for 80,000 homes to be served by groundwater that aren’t built — more than a decade’s worth at current sale levels.
The long-term population explosion of Maricopa County — the U.S.’ fastest growing county in raw numbers — will continue, they said.
