Western States Follow Nation Out of Recession
Arizona came out of recession a small time around the commencement of the year, or about six months after the national economy, according to an analysis by local economists that was summarized in this Arizona Republic tale.
Recession dating is a subjective exercise, even more so at the state level, but a recovery in the west would be a welcome sign for the national economy. With a high concentration of construction jobs and real estate-related industries, western states — in particular California, Nevada and Arizona — have been among the toughest in the recession. California was one of the first states into recession and the western region?s unemployment rate, at 11%, led the country in March
Of course, in the west as in the rest of the country, jobs wait the central issue in recovery. The Arizona analysis, which was done by University of Arizona economist Marshall Vest, looks at retail, employment, housing and returns figures, all of which have stabilized or returned to progression. Yet Arizona still has 300,000 fewer jobs than it did at its August 2007 peak, the tale notes.
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