Arizona Construction Trade Groups File for Bankruptcy
People who live in these five states face the toughest economy: Nevada, Florida, Arizona, Connecticut, and Michigan. These states have yet to recover from the Great Recession and their economies far below where they were back in 2007.
Arizona is down 4% from 2007. Arizona’s construction industry has imploded. Jobs in construction have dropped 42% since the recession. Moreover, employment in the area began falling more than a year in advance of the official start of the great recession in 2007. Things were in such bad shape that an industry trade group filed for bankruptcy, and the Arizona Contractors’ Association, a building industry trade group, filed for bankruptcy in 2014.
Wholesale trade has also fallen short of its economic output before the downturn. On the other hand, finance and electronics manufacturing are doing their part to help the state economy rebound. Though finance and insurance jobs are 4.5% higher than even the pre-recession peak in April 2007, electronics manufacturing jobs are still 16% lower than when the recession began, suggesting not all of the industry’s gains have translated into higher employment.