Construction Industry Seen as Biggest Reason for Arizona's Economic Struggles
Everyone who lives in Arizona understands that the economy has struggled as mightily as it has in generations. While individual residents of Arizona look for ways out from under mounting financial stress, others are attempting to identify why the economy has taken such a downturn in recent years. One way to look at this issue is through statistical analysis, and when doing so with the Gross Domestic Product, or GDP of Arizona, identifying the industries that have suffered the most becomes very clear.
In the last two years, the construction industry in Arizona has fallen off at historic rates. Specifically, the amount of overall revenue generated by the construction industry in Arizona fell by more than 20 percent between 2008 and 2009. This enormous drop led to a massive loss of jobs, innumerable loan defaults and the filings of countless Arizona bankruptcies. However, the construction industry was not the only one that suffered during this time period. Other industries that suffered immensely during this time period include:
- Real estate
- Administrative services
- Waste services
None of the entrants on this list should be a surprise, but when all of these industries that combine to form the foundation of Arizona's economy suffer, so to will the state's residents.
Arizona Bankruptcy Lawyers
As stated above, these negative trends have very real effects on the Arizona resident who suddenly finds him or herself without a job, with a declining home value and with bills that cannot be paid. If this includes you, it's time to take the first step towards your own form of financial recovery with the completion of an analysis of your overall financial picture.
The Phillips Law Group recommends the experienced bankruptcy attorneys atMontano Arentz & Associates, PLLC for all of your bankruptcy needs. Call today to schedule a free initial consultation!