The Arizona Republic reported today that the Arizona economy was the fastest growing in the nation in 2005. The gross state product increased by 8.7%. While there was growth in several sectors, the sector with the greatest contribution to this growth was construction.
It was interesting to note that the three states with the greatest growth were Arizona with 8.7%, Nevada with 8.2%, and Florida with 7.8%. All three are among the states with the most overheated markets. Fortune magazine rates the Phoenix, Las Vegas and Miami markets as all being in the “dead zone”- markets that have left their “boom” days behind them.
