Saturday, June 25, 2005

Large Pinal County Housing Project Gets Approval Coolidge, Arizona's Planning and Zoning Commission recently gave its approval for The Pivotal Group's planned 3,200-acre Sandia Community. Located 51 miles southeast of central Phoenix, the large residential development could eventually encompass 11,000 homes. Coolidge currently has a population of about 10,000. "It's our first master-planned community," City Manager Robert Flatley said. "It sets a high tone for other developers." Developers and home builders find Pinal County very attractive, with its affordable land and low city fees. 28 percent of metropolitan Phoenix's new-home permits lie in the northern part of the county. Housing analyst R.L. Brown, publisher of the Phoenix Housing Market Letter, commented: "Builders have found relatively affordable land, favorable government approval processes and found a consumer ready, willing and able to build in Pinal County because of higher housing values." 4,000 homes in Sandia's first phase will sell for $175,000. They will be situated on 1,200 acres. The start of construction is anticipated by the end of 2005. Arizona leads the nation in average home price increases. 8:50:51 PM    comment []

Hawaii Workers Earning More in 2005 As expected by local economists, personal incomes on the Islands rose sharply during the first quarter of 2005. The 6.9 percent increase was recently reported by the U.S. Bureau of Economic Analysis. Strong showings within the construction, real estate and tourism sectors are largely responsible for the current economic upswing. Another factor was a 2.9 percent rise in jobs during this time frame. During all of 2004, personal incomes increased only 3.4 percent. University of Hawaii economist Carl Bonham commented: "The best part for us is we seem to be on track. 7:57:51 PM    comment []

Arizona Personal Income Rises 8.5% According to recent figures, Arizona's personal income rose 8.5 percent over the last twelve months. This increase ranked seventh among all states, in data recently published by the U.S. Bureau of Economic Analysis. The construction industry played a major role in this growth. Other significant factors included the retail sector, finance and insurance, healthcare and social assistance activities. Jim Rounds, a senior economist and Vice President of Scottsdale's Elliott Pollack & Co., said: "It's not surprising we're outperforming the rest of the nation. We typically do during an expansion." Personal income is determined via a combination of wages and salaries. The formula also includes other elements, such as dividends, one-time payments, interest and rental incomes. It is an important factor in providing policymakers a read on potential tax revenues for government. Likewise, personal income is a good consumer confidence indicator for retailers. Governor Janet Napolitano's Deputy Chief of Staff, George Cunningham, stated: "The Arizona economy is still on an upward cycle and moving up. The economy came back in fiscal year 2004 and was even stronger in 2005. At the moment, there's no reason to expect fiscal year 2006 won't be a good year." 4:52:41 PM    comment []