Ten years after

Newspapers are full of retrospectives on the Panic of 2008, the financial crisis that led to the Great Recession. Phoenix and Arizona were one of the ground zeros of the housing crash, the result being the worst recession here since the Great Depression.
True, its effects were buffered by the safety net of the hated Franklin Roosevelt, including the copious amounts of Social Security checks that kept coming from the hated federal government. Still, unemployment shot up to nearly 11 percent statewide by 2010, slightly less in Phoenix and Tucson. The main industry, housebuilding, had been shot in the head. Prices fell 50 percent in many cases. Recovery was much slower than peer metros.
A decade later, single-family building permits are back at early 1990s levels. Construction employment is not only not recovered from the 2000s bacchanal but far below historic trend. This would be good news for conservationists but for the fact that much of existing and planned construction involves suburban pods in bladed desert, farmland, or forest.
So let others discuss Lehman Brothers, the Federal Reserve, how close we came to a second Great Depression, the good and bad of the response and recovery. What's so striking in Phoenix is how little was changed by this tectonic event.
























