David Wichner
The Arizona economy hummed along through the first half of 2023 and is expected to post solid gains this year and next if the U.S. economy avoids a recession as expected, University of Arizona economists say.But although Tucson has regained all of the jobs it lost during the height of COVID-19, the Old Pueblo is still off its pre-pandemic job growth trend, according to the latest economic outlook from the UA’s Economic and Business Research Center.And while Arizona’s employment is back to pre-pandemic levels and inflation is easing, housing affordability remains a big concern, said George Hammond, UA research professor and director of the economic research center.In the short term, a slowing national economy means slower economic growth in Arizona, Phoenix and Tucson, Hammond said.
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“I think Tucson basically follows suit, the odds favor continued, solid growth in Tucson,” he said. “If the national economy falls into recession, I think that will slow Tucson’s growth but probably not produce significant job losses.”The hope is that the Federal Re …
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