Job Growth -William's Gateway Development-Interest Rate Hike

More than 256,000 jobs will be added to state's economy through '06, DES reports, from the Arizona Republic, reports that jobs will continue to be in demand in Arizona during the next two years, with a slight cooling in 2007, according to a report released by the Arizona Department of Economic Security. "Each of the 11 major industry groups are forecast to add jobs, and rates of growth are generally expected to improve on the healthy rates of 2005," according to the report. Arizona's economy is expected to add 256,000 non-farm jobs for the 2006-07 period. Arizona is continuing to see job growth due to the influx of new residents. Arizona's unemployment rate of 4.4 percent means that employers are having a hard time finding enough workers. The influx of new residents and jobs will help with the soft landing scenario for our housing market.

http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/business/articles/0407biz-economy0407.html

Development planned for GM Proving Ground property, from the Phoenix Business Journal, reports that local businessman William Levine plans a master-planned community with homes, office buildings and shopping centers on a 1,800-acre parcel of land that was once part of the GM Proving Grounds in east Mesa, next to Williams Gateway Airport. Levine bought the land in 2004. Paul Gilbert, Levine's zoning attorney, filed an application with Mesa for a general plan amendment, starting the process of rezoning the site for the proposed community. Levine's proposal could allow multi-story buildings and substantial retail space, allowing for jobs and shopping closer to where residents live. The proposal should go before the Mesa City Council by October. Look for this area to continue to be a hot spot with all the new employment activity around Williams Gateway.

http://phoenix.bizjournals.com/phoenix/stories/2006/04/03/daily53.html?t=printable

Mortgage rates hit highest level since 2003, from MSNBC.com, reports that rates on 30-year mortgages rose this week to the highest level in 2 1/2 years as financial markets begin to worry about more inflation. Freddie Mac reported Thursday that rates on a 30-year, fixed-rate mortgage averaged 6.43 percent this week, up from 6.35 percent last week. That's the highest level since it was at 6.44 percent in September 2003. Rising rates have begun to cool off the housing market, where sales of both new and existing homes set records for five consecutive years. Analysts are looking for sales to drop by around 6 percent this year and price gains to slow from double-digit increases. A year ago, 30-year mortgages averages 5.93 percent.

http://www.msnbc.msn.com/id/7148582/