Arizona is the perfect blend of work and pleasure- vacation amenities, business friendly climate, and great cost of living. These perks can mean even more as the economy continues its surge upwards. Check out this article by Joe Dana of KPNX about the far reaching effects of Wall Street:
As U.S. stock market indexes closed at new highs Wednesday, financial analysts in Arizona expect a ripple effect to hit the real estate and tourism industry.
“The impact for Arizona is two-fold and it comes from what we refer to as the wealth effect,” said Jason Richards, a certified financial analyst for TrustBank located in Arizona. The “wealth effect” means consumers tend to spend more as stock prices rise.
The two industries expected to be impacted the most by the wealth effect are real estate and tourism, Richards said.
Both industries already had momentum heading into 2017. The housing industry enjoyed a renewal in new home construction in 2016, according to a recent report by The Arizona Republic. Tourism is also showing strong signs of growth, with two new resorts opening in the Valley this year for the first time in several years.
“People plan more trips as their accounts go up in value and their financial security looks better,” Richards said.
You can read more on 12news.com. Great days ahead for Arizona real estate. Here’s to an exciting 2017!