In June 2016, the United Kingdom (UK) held a public referendum where voters opted to leave the EU. Arizona's Economy Employment, as measured by the household survey, was down by 222,000 jobs from February to May, for a drop of 6.4%. According to Huntzinger, ten years into the recovery, the country is still doing well and producing. Not a chance in the world.”. Mayor’s State of the City Address & Luncheon. She set the stage on the status of Brexit and explained the implications of the looming October 31 deadline. Get Registered. The COVID-19 pandemic resulted in a sudden halt to spring-training baseball in Arizona, a little more than halfway through the season, and that disruption caused a plunge in  economic activity, according to a new Arizona State University study funded by the Cactus League. On the global stage, Huntzinger believes the U.S. economy is poised for success. It’s not all real estate and construction.”. We are beefing up our efforts to understand what is going on in each state. Will it look like 2007? Moody’s Investors Service upgraded Arizona’s credit score from Aa2 to Aa1, the company’s second highest credit rating, a move attributed to the state’s “continued economic growth.”. George Hammond, director of the Economic and Business Research Center at the university's Eller College of Management, attributed Arizona’s strong year to positive job gains and population growth, according to the Arizona Republic. Jim Huntzinger, Executive Vice President and Chief Investment Officer for BOK Financial, set the stage and provided insights on the national economy. The next Economic Development Insider Series event is on Thursday, October 17. Lee McPheters, research professor of economics and director of the JPMorgan Chase Economic Outlook Center at Arizona State University, says the state is expected to add about 70,000 jobs in 2020. As for Arizona, there is no sign the state will go into a recession during 2020, said Lee McPheters, research professor of economics and director of the JPMorgan Chase Economic … Arizona includes the following metropolitan areas for which an Economy At A Glance table is available:. The 2020 Cactus League season contributed $213.7 million to Arizona's Gross Domestic Product, before being suspended, according to a study by … On average, bar and restaurant tabs, along with hotel rooms and other lodging, accounted for nearly 60% of spending by out-of-state visitors. But an early attempt to salvage its struggling economy … “I’m not 100% sure how it will turn out, but we will get through it, and our system is resilient,” said Hall Hall. That deal was voted down three times in the past eight months. [Jobs] will be a critically important aspect of the [continued] recovery, said Huntzinger. “Jobs, jobs, jobs. It’s not time to panic,” said Pollack. Arizona is third in the U.S. for job growth this year, he said. “Consumers are spending less on debt than they have since the 80s,” said Pollack. The 2020 Cactus League season contributed $213.7 million to Arizona's Gross Domestic Product, before being suspended, according to a study by the L. William Seidman Research Institute at ASU's W.P. Currently, the underemployment rate is 6.9%, down substantially from its 18% peak during the 2007 recession. You have permission to edit this article. A University of Arizona economist also says that 2019 was a banner economic year for the state, and he expects next year to be the same if not better. Greater Phoenix is third out of 36 major metropolitan areas for employment growth,” said Pollack. Take a Stand. Register today! 2018 - Copyright Greater Phoenix Chamber of Commerce, Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Twitter (Opens in new window). “As we’ve put more people to work, consumer confidence has risen.”. Interested in staying in the know on Arizona’s economic trends and business growth? What’s supporting growth? The study assumes the 2020 season, if it had been completed on schedule, would have resulted in an economic impact on par with the 2018 season (no study was conducted in 2019). Another 89 games were cancelled owing to the pandemic, and nine were rained out. From construction and health care to business services and education, Pollack highlighted that industries across the board are growing. Researchers surveyed 2,344 visitors to Cactus League ballparks, including 1,446 people who didn't live in Arizona, about their spending. Sectors of Arizona’s economy suffered heavy losses in the pandemic, yet the state is faring better than much of the nation, according to a leading economist.