Commenter Ken gave me a heads-up on this article that says Arizona had the most job growth percentage-wise in the United States.

Among metropolitan markets with a work force of more than 1 million, the Phoenix area retained the top position in nonagricultural employment for October 2006 over October 2005, with a 5.2 percent gain, representing 94,500 jobs.

When you see numbers like that you just gotta think the loss of residential construction jobs is not going to put the Arizona economy into a death spiral.