December 1, 2013 | Posted in Products | By

F12Before the Great Recession hit, Arizona’s economy was booming. Total employment grew more than 20 percent during the seven years leading to its prerecession high, while national employment grew by just over 5 percent. With a strong economy, growing investment and favorable weather conditions, new residents flocked to Arizona a record rates. Rapid population growth fueled demand for housing and related services and created expectations that the boom would continue to strengthen. Unfortunately, as is often the case, the boom turned to bust as values became stretched and credit eventually tightened, leading to a painful crash. Nonfarm payrolls dropped 11.7 percent from peak to trough, and today remain 6.5 percent below their prerecession levels. By comparison, U.S. payrolls declined 6.3 percent from their prerecession peak at the worst of the recession. Home prices plummeted, and residential construction came to a screeching halt. While this story is well known, Arizona turned a new chapter in 2013. Although it still has a long way to go, year-over-year residential construction growth has exceeded the national pace for the past two years. The forecast is for continued growth at a slow pace over the next 5 years. With the residential market improving and property values increasing this might be the right time to consider the home improvements that you postponed during the market crash. Genco Roofing is a full service licensed roofing contractor. So, if you're considering building a new home, remodeling your existing home or just need a new roof, call us today to schedule a free initial consultation.

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