U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept....
Transcript of U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept....
![Page 1: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/1.jpg)
The Economy from 30,000 FeetU.S. & Arizona Economic Outlook
![Page 2: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/2.jpg)
Category Forecast ActualU.S. New Jobs 2.6 mil 2.6 milU.S. Real GDP 2.1% 2.4%Arizona Job Growth 2.2% 1.9%Arizona New Jobs 55,000 47,800Single Family Permits 17,500 16,841
Forecast Reality Check(2014 Forecast vs. Actual 2014 Data)
Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics
![Page 3: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/3.jpg)
• Two Cheers for First Half GDP!• Consumers Back in the Game?• U.S. & Arizona Jobs are Up• Real Estate Slowly Improving• AZ 2015 - Best Year of Recovery
The View from 30,000 Feet
![Page 4: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/4.jpg)
GDP Components 2014Growth
1st Half2015
U. S. (Real) GDP 2.4% 2.8%Consumer Spending 2.7 3.2Gross Investment 5.4 6.7Residential Construction 1.8 6.6Non-Resid. Construction 8.1 -1.0
Government Spending -0.6 -0.4
3% GDP Growth Still Elusive
U. S. Bureau of Economic Analysis, GDP Accounts, August 27, 2015
![Page 5: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/5.jpg)
Gap Between Actual and PotentialGDP Persists After Seven Years
billions
U. S. Bureau of Economic Analysis
![Page 6: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/6.jpg)
• Accounts for 70% of GDP…but..• Consumers remain cautious• Paying off debt & saving more• Long-term growth 3.6% year• First half growth was 3.2% • Is this as good as it gets?
The Cautious Consumer
![Page 7: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/7.jpg)
Average Quarterly Real Growth 1965 – 2005 = 3.6%
Four Decades of Real Growth (3.6% Avg.)
U.S. Bureau of Economic Analysis
![Page 8: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/8.jpg)
Six Years of Sub-Par Growth (2.2% Avg.)
U.S. Bureau of Economic Analysis
Growth This Recovery = 2.2%
1965-2005 Average
![Page 9: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/9.jpg)
Source: The Conference Board Index (Overall), August 2015
Consumer Confidence Recovers After Dipping to 10 Month Low
Down
Up
Down
Up
![Page 10: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/10.jpg)
Confidence Back Up ButConsumers Still Worried• Focus on Paying Off Debt• Middle Class Struggles• Wages Are Stagnant• But Job Market is Better• Worry About Wall Street?
![Page 11: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/11.jpg)
Strength of Real Chinese Economy Does Not Justify 10% Correction
![Page 12: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/12.jpg)
J.M. Keyes – Alive and Living in China!
![Page 13: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/13.jpg)
Wages as Percent of GDPContinue Long Decline
U.S. Bureau of Economic Analysis
![Page 14: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/14.jpg)
$51,939
$56,434
Middle Class Families MakeLess Than Ten Years Ago
$54,865
![Page 15: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/15.jpg)
U.S. Has Regained All Lost Jobs
U. S. Bureau of Labor Statistics, Seasonally Adjusted
Jan. 2008 Peak (138,365,000) May 2014 Recovery
Time Period: 7 yrs 5 mos
Feb. 2010 Bottom
![Page 16: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/16.jpg)
U.S. Bureau of Labor Statistics, data through July 2015
• Arizona has regained 79% ofjobs lost in recession
• Phoenix has regained 89% ofjobs lost in recession
• Tucson has regained 32% ofjobs lost in recession
Arizona’s Job Recovery Lags
![Page 17: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/17.jpg)
Unemployment Rate Falls As Workers Drop Out(U.S. Unemployment Rate vs. Labor Force Participation Rate)
![Page 18: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/18.jpg)
Top U. S. Problems July 2015 Feb 20141. Unemployment/Jobs 6% 23%
2. Economy in General 13% 20%
3. Government/Congress 13% 19%
4. Healthcare 4% 15%
5. Federal Deficit/Debt 5% 8%
Unemployment Concerns Diminish
Gallop Poll, February 2014 & July 2015
![Page 19: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/19.jpg)
Top U. S. Problems July 20151. Economy in General 13%
2. Government/Congress 13%
3. Race Relations 9%
4. Immigration 7%
5. Unemployment 6%
New Top Problems: July 2015
Gallop Poll, July 2015
![Page 20: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/20.jpg)
Foreign Born Population Has Increased By17 Percent (to 40 million) Since 2007
Year Number Share
![Page 21: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/21.jpg)
JOBS RECOVERY: 2010 - 2014
Jobs to Foreign Born = 2.3 Million (32%)
Jobs to Native Born = 4.9 Million (68%)
All New Jobs Added = 7.2 Million
Foreign Born Workers Hold One Third of Jobs Added in Recovery
U. S. Bureau of Labor Statistics, Current Population Survey
![Page 22: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/22.jpg)
22
15.6 15.4 15.8 15.8 16.1 16.4 16.6
2008 2009 2010 2011 2012 2013 2014
Foreign Born Workers as Percent of All U.S. Workers
Foreign Born Workers Make up 16.6% of Labor Force – And Share is Growing
![Page 23: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/23.jpg)
Indicator 2013 2014 2015Real GDP Growth 1.5% 2.4% 2.3%10 Year Treasury Note 2.4% 2.5% 2.3%Inflation (CPI) 1.5% 1.6% 1.1%Employment (Jobs) 2.3 mil. 2.6 mil. 3.0 mil.Unemployment Rate 7.4% 6.2% 5.3%
U.S. Economic Outlook10th Year of GDP Growth Under 3.0%
W. P. Carey School of Business, ASU & Blue Chip Economic Indicators, August 2015
![Page 24: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/24.jpg)
Indicators 2013 2014 2015
New Jobs (thousands) 57.1 47.8 65.0Employment (%) 2.3 1.9 2.5Population (%) 1.2 1.5 1.7Single Fmly Permits (%) 13 -8.0 25?
ARIZONA Economic Outlook
W. P. Carey School of Business, ASU, based on data available August 2015
![Page 25: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/25.jpg)
-10
-8
-6
-4
-2
0
2
4
6
8
10
12
Annual Percentage Change in Arizona Employment
ASU Wins2012 & 2013
RECOVERY!2012 & 2013
1980 1985 1990 1995 2000 2005 2010 2014
Research Shows U of A Football Wins vs ASU Cause ECONOMY TO WEAKEN
Cause of 2014 slowdown
UA Wins1990
Recession1991
UA Wins2001
Recession2001
UA Wins2008 - 2009
BIG Recession2008 - 2009
UA Wins2014
Slowdown!2014
![Page 26: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/26.jpg)
• Historically A Growth Leader• But Recession Hit Earlier, Harder• Population/Construction Are Key• Economy Paused in 2014 • Long Term Outlook Still Positive
The Current Arizona Economy:Growth Improves in 2015
![Page 27: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/27.jpg)
1
Ranked by % ChangeYr/Yr as of July 2015
222
831
5
16
48
6
7
9
Top 10 Growth StatesU. S. Bureau of Labor Statistics
35
3
Arizona Ranks Among Top 10States in Private Job Growth4
10
![Page 28: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/28.jpg)
Arizona Industry % Growth U.S. RankOverall Job Growth 2.7 12Private Job Growth 3.5 7Other Services* 3.9 1Finance/Insurance 4.2 8Prof/Business Services 4.9 9Health Care 3.6 9Construction 4.2 21
Latest Arizona Job RankingsRanked by Year/Year Growth: July 2015
U. S. Bureau Labor Statistics & W. P. Carey School of Business* Other Services includes Personal Services, Repair Services
![Page 29: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/29.jpg)
Arizona Construction Is Down By 114,000 Jobs Since Peak
U. S. Bureau of Labor Statistics, Thousands of Jobs, Seasonally Adjusted
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
June 2006 244,000
July 2015 129,600
Only 15% of Lost Jobs Regained
60% of Jobs Were Lost
Sept. 2010 109,000
![Page 30: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/30.jpg)
Arizona ConstructionEmployment In the Savings & LoanRecession Of 1986
A Tale of Two Downturns: 1986 & 2006
1986 – 1995: Nine Years to Recover
2006: Nine Years & Counting!Arizona ConstructionEmployment In the Housing BubbleRecession of 2006
You Are Here
![Page 31: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/31.jpg)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
126,600
40,100
-56,900
-189,900
-46,500
26,00051,400 57,100 47,800 65,000
Arizona Department of Administration and W. P. Carey School of Business, ASU
Arizona Still Replacing Job Losses1 More Year to Regain Final 66,000 Lost Jobs
Annual Employment Change
Forecast
![Page 32: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/32.jpg)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
2.6
3.3 3.3
2.3
1.8
1.0 1.0 0.91.3 1.2
1.51.7
Forecast
Arizona Population Growth RateBelow 3.2% Twenty Year* Average
W. P. Carey School of Business, ASU & U. S. Census Bureau; *Average is 1980 - 2000
Annual Percent Change
![Page 33: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/33.jpg)
3
7
5
1
9
But Arizona Ranked 6th (1.5%) in Population Growth in 2014
U. S. States Ranked byPercent Change 2014
6
U. S. Census Bureau, Dec. 2014
42
40
10
817
14
12
46
![Page 34: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/34.jpg)
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
80,804
55,633
37,666
19,15312,826 10,755 10,306
16,18918,386 16,841
21,000
Arizona Home Building Improves Single Family Permits Up After 2014 Slowdown
Forecast
57% rise
13% rise
8% Fall
25% rise?
W. P. Carey School of Business, ASU & U. S. Census Bureau
Multifamily Permits Up48% in 2014 (10,156)
![Page 35: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/35.jpg)
ArizonaUSA
US and Arizona Home Ownership RatesHave Declined Since Peaking in 2006
![Page 36: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/36.jpg)
0
100
200
300
400
500
600
700
800
900
1000
Under 10 10 - 19 20 - 29 30 - 39 40 - 49 50 - 59 50 - 69 70 - Up
Millennials (20-29) Largest Population Group- When Will They Become Home Buyers?
20 – 29 Years Old
Arizona Population (000)
![Page 37: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/37.jpg)
Millennials (20-29) Largest Population Group- They Want To Be Home Buyers By 2020!
![Page 38: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/38.jpg)
Share of 18-34 Year Olds Living With Parents Continues at High Level
![Page 39: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/39.jpg)
What Optimists
ExpectMore Business Service, HealthCare & Insurance Job Growth
Population Growth Up, WagesUp, Construction Rebounds
Home Values & Incomes Rise,Consumers Get Back in Game
National Economic GrowthBreaks out of 2% GDP Band
Population Growth RemainsSlow Compared to Past Years
Too Many Lower Wage Jobs,Incomes Do Not Grow
Home Building Stagnant WhenRates & New Home Prices Rise
Education Cuts, Image Issues Might Hurt Arizona Brand
WhatPessimists
Expect
![Page 40: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/40.jpg)
![Page 41: U.S. & Arizona Economic Outlook · 2020-01-06 · Source: Forecasts at Arizona Housing Forum, Sept. 2014; actuals from U. S. Dept. Of Commerce and US Bureau of Labor Statistics •](https://reader033.fdocuments.us/reader033/viewer/2022042315/5f03ff777e708231d40bcfa1/html5/thumbnails/41.jpg)
• 2015 – best recovery year yet – but stillbelow long term average growth rates
• Population increase is a key driver • Construction is the missing catalyst• Job quality greatest long term risk• U.S. economy greatest short term risk
Current Arizona Consensus