IN THE NEWS!

The first article, Arizona among top states for personal income growth, from the Phoenix Business Journal, reports that the West accounted for four of the top five states posting the most rapid growth in personal income in 2005, according to the latest issue of the Western Blue Chip Economic Outlook. Nevada and Arizona held the first two positions, followed by Florida, Wyoming and Utah. The monthly Western Blue Chip Economic Forecast published the consensus forecasts of panels of economists in 10 Western states. Panelists are drawn from firms, universities and state agencies. For more, go to www.wpcarey.asu.edu.

Arizona among top states for personal income growth
http://phoenix.bizjournals.com/phoenix/stories/2006/05/01/daily32.html?t=printable



The second article, Are condos overwhelming Valley?, from the Arizona Business Gazette, reports that condo projects and condo conversions keep coming even though some experts wonder if all of them will be needed. Permits were issued last year to build 4,500 condo units in Maricopa County, the largest number in 10 years, according to Jay Butler, director of the Arizona Real Estate Center at ASU. In January and February of this year, an additional 1,300 units were permitted. And on top of that, at least 10,000 apartment units were converted to condos last year in the county. Developers see a market for them because they are affordable compared to single family homes. Mesa, Chandler and especially Tempe are getting high-rise condos. At least a dozen have been built or will be built in Tempe. Butler said conversions have been slowing recently, perhaps because there are so many. "Many are concerned that they might be overconverting. For some projects they are converting things like old office buildings and shopping centers", he said.