This market is a study of contrasts in 2010. Colorado
and Utah have low unemployment and solid
increases in building permits, while Las Vegas and
Phoenix, two housing champions of the past, are
among the nation’s leaders in home foreclosures.
Nevada is suffering from massive unemployment and its 14.4%
jobless rate is the nation’s worst. Construction layoffs account
for much of that sorry number, and the state lost 14,200
construction jobs in
the past 12 months.
Renewable and tech
construction led the
project parade in this
region. A $500 million
wind farm is under
construction in Idaho; Wyoming is adding to its wind portfolio
with a new $400 million wind farm; and a $139 million solar
plant is under construction in Colorado. Three large data
centers are being built in Arizona, Colorado and Wyoming,
and Denver is building a new rail and bus terminal.
