Salient to Investors:

Arizona building permits are close to a three-year high, creating a scarcity of framers, roofers and masons. Immigration laws add to the shortage by pushing experienced laborers out of the state.

The construction jobs increase in May from a year ago was the biggest gain of any industry in Arizona.

Ben Sage of Metrostudy said it’s hard to meet new-home demand in Arizona.

Michael Orr at Arizona State University said the number of previously owned houses for sale in Phoenix is down 54 percent in April from a year ago, while the median price for single-family homes is up 25 percent.

David Crowe of NAHB cautioned Phoenix may be an extreme case.

U.S. homebuilders have gained 35 percent this year.

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