Consumer Spending Has Soared, But Not In Arizona
Consumer spending has soared in some states since the Great Recession ended five years ago. But that is not the case in Arizona.
The figures come from a new annual government report that for the first time shows consumer spending on a state-by-state basis, pointing out substantial shifts in the economy, since the recession.
Spending jumped 28 percent in North Dakota, where an oil and gas drilling boom is underway. That was the largest gain in the country between 2010 and 2012. Spending was up 16 percent in Oklahoma.
By contrast, consumer spending increased only 3.5 percent in Nevada, the weakest of any state and far below the 10.7 percent national average.
Arizona had the second-weakest spending increase at 6.2 percent. Both states were hard hit by the housing bust in 2006.