Growth in Tucson and across Arizona will slow down into 2024, but the state will avoid recession and outpace the nation, University of Arizona economists say.
Economic growth in Tucson and across Arizona is forecast to slow down this year and in 2024, but the state will avoid recession and outpace the nation, University of Arizona economists say.
People are also reading… Under a more pessimistic scenario, Arizona could see some job losses if recent bank failures lead to more financial tightening than expected that results in a modest national recession, Hammond said. The Arizona economy started 2023 in solid shape, the UA economist said, as the labor market generated strong job growth and low unemployment.
Home prices have fallen steeply in the Phoenix area and flattened in Tucson, which should help with declining housing affordability, Hammond said.
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