I think we all have our own personal take on this, and it pretty much comes from where we were when the crash happened.
I'm guessing, and Kerry you can confirm, that you're a PM/Super for commercial mid-rise construction. If you were doing the same thing a a decade ago, your thought makes sense and it kind of explains why you're happen to be in another city. Jax is coming around, but from where I was, we were decimated.
I was in residential construction from about '02 - '08, so without reading the article and with no 'world'view, just what I experienced here in Jax, I'm surprised that we aren't much higher on the list.
I say this without know the construction tendencies in other areas, but I can attest that during the peak, I personally was responsible for 5-6 starts a month for a period of about 3 years. Now multiply that by however many hundreds of other superintendents right here in Jax. I was building 250k-500k spec homes that were being bought and sold upwards of 2 to 4 times from slab to finish - mostly investors. When the bubble burst, I was one of tens of thousands that went from a very livable paycheck to unemployed overnight. And our job market was dry, it wasn't like you could go down the street and get another job doing the same thing - this was an industry wide failure.
Many commercial builders lost their asses when they decided to test the waters in residential (see Auchter) because they were late in the game and were left holding a bunch of empty spaces. So while Jax was a boon for quite a while, it also hit some very hard, because IMO our boom was mostly a paper chase and had very little to do with a physical boom of people. That's why I think development is happening sooner in other places - we built out for nothing and we're still playing catchup, but there are a few things happening now.
I just hope the credit markets don't relax like they did in '05-'06, and people can keep their senses so we don't repeat the past.