Arizona economy rebounding, but coast not clear yet
Arizona’s economy is rebounding from the pandemic, but uncertainty still looms as COVID-19 cases are rising and federal aid programs are about to disappear, one of the state’s leading economists said last week.
For now, Arizona is seeing positive signs with continued population growth, employees returning to work and retail spending on the rise, said Lee McPheters, director of the JPMorgan Chase Economic Outlook Center at Arizona State University (ASU), who spoke during the 57th annual ASU/PNC Bank Economic Forecast Luncheon last week.
Lee McPheters
Full recovery should come next year, but it will require more federal stimulus to help those still affected by the pandemic, said McPheters, the editor of the Western Blue Chip Economic Forecast publications who also oversees the Job Growth USA website that tracks employment across states and metropolitan areas.