Rising home, rent prices partially caused by lack of housing, experts say

When the Great Recession hit in 2008, Arizona’s booming construction industry was sidelined and has struggled to recover ever since, according to ASU economist.

When the Great Recession hit in 2008, Arizona’s booming construction industry was sidelined and has struggled to recover ever since, according to ASU economist.

In this story aired March 9, 2022, on ABC 15:

We really had a very, very slow recovery. [It] took years to replace all the lost jobs. And as a result of that, there was a long period of under-building of single-family properties. And now, here we are in 2022. And we have really strong forces pressing on us in the residential markets, both from the demand and supply side.

– Lee McPheters, research professor of economics and the director of the JPMorgan Chase Economic Outlook Center