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AZ Business Magazine May/June 2013

AZ Business Magazine May/June 2013

Good economic news abounds

Michael GossieThis is one of those issues of Az Business magazine that
was really fun to put together because it’s brimming with positive economic news.

We learn in the residential real estate outlook — that runs in conjunction with the announcement of the winners of the Arizona Real Estate Achievement (AREA) Awards — that we can expect Phoenix-area home prices to keep soaring in 2013.

“The residential market continues to improve,” said Elliot Pollack, CEO of Elliott D. Pollack & Company, a real estate and economic consulting firm. “The excess supply is dwindling. While population flows are still way below normal, demand is increasing. The result — higher resale and new home prices — helps the economy because fewer homeowners are under water and people feel better off (the wealth effect). These positive trends should continue over the next year and beyond.”

In our Arizona Small Business Association supplement, we learn that big banks are approving small business loans at the highest rate in more than two years. “With an improving economy, Wells Fargo is … providing more dollars to help small businesses stay competitive today and for the long term,” said Jennifer Anderson, business banking manager for Wells Fargo Arizona.

Now that’s a pretty good sign about our economic recovery.
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Michael Gossie, Managing Editor

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