"Think About Retraining" Construction Workers
You can watch, listen or read the discussion on PBS about the bubbling economy; Dawn McLaren an economist at Arizona State University wonders about a common topic in the valley. "The concern that I have is that most of our job growth is in terms of construction."
"In Las Vegas, for instance we're seeing houses prices 40 percent above what they were last year, an incredible boom going on in prices and in a number of houses being built. And we're going to have to think about retraining some of these people when that huge boom comes to an end."
"I do feel that we do have a little bit of a bubble here, certainly in some areas like Las Vegas it will be a little bit worse. There are things that are threatening to it. First of all, over 20 percent of our market here in the Phoenix area is in investment. Investors have come in, they've come in from California, and they have been (driving) our market."
"It can't go on forever and there are signs that it is beginning to fizzle."