The early economy of Phoenix was primarily agricultural,
dependent mainly on the "5Cs" which were copper, cattle, climate,
cotton and citrus. In the last four decades most of the farmlands have been
turned into suburbs, and the economy has diversified as swiftly as the
population has grown. The construction boom collapsed in 2008, as the financial
crisis of 2007–2010 began; housing prices plunged. As Phoenix is the state
capital, many residents in the area are employed by the government. Arizona
State University has also enhanced the area's population through education and
its growing research
