Is the economic recovery steeped in weeknight restaurant business?

Phoenix Business BLOG
April 12, 2012
by Mike Sunnucks

Charley Freericks has plenty of economic and real estate market insight at his fingertips. But the real estate development executive also has a more Main Street type of gauge of the economic and real estate recovery after the 2007 bust.

Freericks was just promoted Monday as president of DMB , a Scottsdale-based real estate development firm. He’s been with DMB for 15 years and is a real estate industry veteran.

Freericks said when he sees crowded restaurants on weeknights it gives him the indication consumer spending and sentiment are positive. That, in turn, results in a better mood for businesses and the overall economy.

Businesses hesitant to hire new workers or buy equipment have been an impediment to a domestic economic recovery, as some companies growth plans focus on Asia instead of North America.

Consumer sentiment still has to overcome the haggard housing market.

Freericks says he’s seeing some signs that the overall economy and hard-hit Arizona real estate market are starting to rebound.

“Things are improving,” Freericks said. Still, he’s realistic about the rebound taking some time.

“I don’t think its booming,” he said.

DMB’s portfolio includes the Eastmark redevelopment on the old GM Proving Grounds in Mesa and the One Scottsdale development in North Scottsdale.

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