FLORIDA: Spurred by slow but steady employment and housing growth, local and national economists remain cautiously positive about the economic forecast for Arizona.The economists, who spoke at a Greater Phoenix Chamber of Commerce, said they expect millennials to fill some of the void created by the Great Recession.
It’s just happening much more slowly than the boom-and-bust cycles older generations experienced, Scottsdale-based economist Elliott Pollack said.“The millennials are delaying adulthood basically,” Pollack said. “So things like buying houses and getting married are getting pushed off. I think it’s by choice, because they can. It’ll all happen for them except they’ll be in their early 30s instead of their early 20s. It’s not a condemnation of it, it is what it is.”
A crowd of more than 800 people gathered at the Arizona Biltmore to hear about the local and national financial climate and projections about what might happen in 2016. Three experts discussed purchasing houses, attracting new families and making Arizona more appealing to business. Creating a place that’s livable for younger generations was a recurring theme.
Pollack, CEO of Elliott D. Pollack and Co., said student loan debt hinders millenials from buying homes because those loans are essentially like paying a mortgage. Plus, the desire to live in a lively downtown apartment instead of a quiet single-family home in the suburbs remains popular.
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