PHOENIX, Nov. 25 (UPI) -- Arizona has lost a higher percentage of jobs than any other U.S. state since the recession began in December 2007, an Economic Policy Institute report finds.
The Arizona Republic said Wednesday that, according to the institute, Arizona lost 9.9 percent of its jobs during the ongoing recession with Nevada in second with 9.1 percent and Michigan in third with 9 percent.
According to U.S. Department of Labor data, Arizona lost 36 percent of its total construction jobs amid the recession. In comparison, Michigan lost 24 percent of its manufacturing jobs during that same period.
John Hagen, economic-development director in Surprise, Ariz., said both Arizona and Michigan are in need of economic restructuring to improve their struggling economies.
Hagen told the Republic that Arizona cannot be reliant on improving its future through population growth.
"I don't think we are going to have the rapid growth and speculation," said Hagen, referring to Arizona's estimated population increase of 27 percent from 2000 to 2008. "The boom was built on cheap mortgage money and credit. There will be changes in the (financial) system."
