Western states leading the U.S. in housing, economic rebound - New York News

Western states leading the U.S. in housing, economic rebound

Posted: Updated:
PHOENIX -

After being hit hard during the recession with high unemployment and the busted housing bubble, the western part of the U.S. is now rebounding and leading the nation in employment growth.

A 36 percent return on your money. That is what some investors in Phoenix saw who jumped in to buy a house.

In fact, investors there now own over 200,000 homes, and they're not flipping, but renting them out.

But it's not just housing, or Arizona driving the rebound. The economic rebound is happening in much of the west.

"We've definitely turned a corner. In October of 2011 we definitely bottomed out and we've definitely been going up," says David Newcombe, Newcombe Real Estate.

Areas of the western U.S. hit hardest by the housing bust are now booming -- with home prices up more than 23 percent in Phoenix, 15 percent in Las Vegas and 12 percent in Los Angeles.

"The west has rebounded quicker than the east because we're non-judicial. So the foreclosures went through much more quickly, while they're still fighting foreclosures on the east side of the country," says Newcombe.

"The deeper the hole in some sense, the faster the trajectory of coming out," explains Dennis Hoffman, ASU WP Carey School of Business.

Unemployment is also falling. Nevada's is down 3 percent since last year, followed by Hawaii, Arizona and California.

The rebound is not just construction. More than 400,000 job openings in the 13 western states are fueled by the technology and software sector.

GPS Insight in Scottsdale helps 1,200 customers track commercial and government fleets.

"We've had some crazy growth, 40 percent growth last year and we doubled our sales year over year," says Robert Donat, GPS Insight CEO.

And success in one sector translates to more jobs in others.

"You get the great jobs in, you export products out, money comes into the region, that money swirls around and you take care of all those other pursuits that people find employment in," says Hoffman.

Confidence, rising incomes, tech jobs and demography are all helping drive the recovery. According to a research unit at JP Morgan Chase, Utah, Washington and Colorado are leading, but Texas and California will add one million jobs each in the next five years.

  • Local NewsLocal NewsMore>>

  • NYPD Twitter hashtag backfires

    NYPD Twitter hashtag backfires

    Wednesday, April 23 2014 6:23 AM EDT2014-04-23 10:23:11 GMT
    A NYPD plan intended to better connect with the community seems to have backfired a bit. The police department asked its twitter followers to share pictures of themselves with New York City police officers using the hashtag "myNYPD." Some did share nice pictures, but others not so much.Some of the first pictures posted showed regular citizens standing with very friendly looking police officers.
    A NYPD plan intended to better connect with the community seems to have backfired a bit. The police department asked its twitter followers to share pictures of themselves with New York City police officers using the hashtag "myNYPD." Some did share nice pictures, but others not so much.Some of the first pictures posted showed regular citizens standing with very friendly looking police officers.
  • Caesars enters New York casino competition

    Caesars enters New York casino competition

    Tuesday, April 22 2014 10:52 PM EDT2014-04-23 02:52:22 GMT
    Caesars Entertainment entered the competition to open a casino in upstate New York on Tuesday with a proposal to build a $750 million complex 50 miles north of New York City. The complex would include a casino, a hotel and a meeting space and would be located in Woodbury, in Orange County. The Las Vegas-based Caesars, which operates 52 casinos around the world, has submitted a $1 million casino license application fee to state gambling regulators.
    Caesars Entertainment entered the competition to open a casino in upstate New York on Tuesday with a proposal to build a $750 million complex 50 miles north of New York City. The complex would include a casino, a hotel and a meeting space and would be located in Woodbury, in Orange County. The Las Vegas-based Caesars, which operates 52 casinos around the world, has submitted a $1 million casino license application fee to state gambling regulators.
  • Hoax 'swatting' call sends dozens of cops to LI home

    Hoax 'swatting' call sends dozens of cops to LI home

    Tuesday, April 22 2014 10:43 PM EDT2014-04-23 02:43:53 GMT
    Heavily armed police officers descended on a home in Long Beach, Long Island, Tuesday afternoon thinking they might find a grisly murder scene. Instead they found a terrified woman who had no clue what they were talking about and her teenaged son playing video games. "We received a phone call from a gentleman who stated he had just shot his mother and his brother," Long Beach Police Commissioner Michael Tangney said. "Unfortunately, this is a terrible national problem for law enforcement."
    Heavily armed police officers descended on a home in Long Beach, Long Island, Tuesday afternoon thinking they might find a grisly murder scene. Instead they found a terrified woman who had no clue what they were talking about and her teenaged son playing video games. "We received a phone call from a gentleman who stated he had just shot his mother and his brother," Long Beach Police Commissioner Michael Tangney said. "Unfortunately, this is a terrible national problem for law enforcement."
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices