Arizona gets mixed economic forecast
Arizona’s economy is still recovering, but slower than expected. That is the consensus from experts at Arizona State University’s W.P. Carey School of Business, which offered its economic forecast Thursday. Research Professor Lee McPheters said part of the problem is that the sluggish US economy cannot help but drag down the state’s performance.
“We don’t see a recession,” he said in a press conference. “What we see is an economy at the national level that is going to be weaker, I think, than we would have thought six to eight months ago, and that’s going to be reflected on Arizona.”
But McPheters did offer reasons to be optimistic. He said Arizona is well positioned for growth, with competitive tax rates, affordable land and labor and relatively new infrastructure. McPheters said Arizona is still one of the top 15 states for growth in employment and population, though it still has not reached previous high levels.