for the tucson area... y-o-y
non-farm employment did not grow.
almost nothing in terms of pay gains.
but housing permits are up substantially. at least there is one area of the local economy that is showing lots of life.
couple things come to mind --
for the past 10 years house building has not kept up with the pace of destruction in many areas and it maybe time play a little catch-up
second about 5 yrs ago many so called experts stated that the economy would be helped by the fed raising rates, This action would actually spur economic growth because with the stupidly low rates many were simply sitting on the sidelines because there was no incentive to act on accruing long term debt, but with rates starting to rise many would feel the urgency to build or develop now while interest cost were cheap.
maybe they were correct??