“Stay away from negative people, they have a problem for every solution." — Albert Einstein
GreenTucson January 2019
Greetings, All and Happy New Year!
Our son, Alex, his wife Sophie and her parents, here from Shanghai, and our 2-year-old grandson, Max, went on a late afternoon hike in Ventana Canyon. The air was so pure, and the pink hue of the mountains and stands of saguaros were breathtaking. It’s a wonderful way to uplift your being! There is so much to do in our fair city:
This is Tucson offers:
Market Watch reports, “The U.S. economy has largely escaped unscathed from a partial government shutdown… The most immediate problem beyond the (800,000) families directly affected — is a lack of clarity about what’s going on in the economy at a time when worries about a recession have grown and investors are anxious.” The number of people affected is actually higher when you include small businesses largely dependent on the patronage of government employees. Reuters reported Richmond Federal Reserve President Thomas’s view that “the ongoing partial shutdown of the U.S. government could increase uncertainty surrounding the state of the economy and the direction of interest rates… Fed policymakers have signaled a willingness to wait to deliver more rate hikes until they have a better handle on whether slowing global growth and financial market volatility will undercut an otherwise solid U.S. economic outlook.” Current home loan rates are actually a bit lower than they had been about a month ago.
The Arizona Daily Star reports Demand for new housing in the Tucson area expected to remain strong. Last year, the median new-home price in Pima County surpassed $300,000 for the first time. Ginger Kneup of Bright Future Real Estate Research said, “It is my belief that our housing market never accelerated ahead of demand in this cycle…The near-term looks positive for the Tucson housing market. Builders are responding to demand and adjusting their strategies to better compete in the face of rising hard costs… There looks to be at least another 12 months of success in store for our market.”
Kgun9.com reports Tucson's economy expected to continue growing into 2019. Metro Tucson gained 12,000 jobs over the past year. According to Eller College, those jobs represented 3.1% growth, almost double the national rate. Tucson.com reports New hospital to open on Tucson's southeast side, bringing nearly 600 jobs There is a projected economic impact of $567 million over the next five years.
Picor’s reported, “The Tucson economy will continue this trend of steady growth due to the new industries and large employers that have been attracted to the area.” Its multi-family housing Q3 2018 review found, “The Tucson investment market remained flooded with investors. Out-of-town buyers continued coming to southern Arizona... Demand continues to outpace supply… However, a wave of new development planned for the coming years, including numerous Multi-Family projects concentrated between the University of Arizona and the eastern slopes of the Tucson Mountains, may eventually help sate investor appetites once these properties come online through 2020 and beyond”.