Breakfast with the Economists 2021
8 a.m. to 9:30 a.m. May 27, 2021
Join us for breakfast with the Eller College’s George Hammond and Derek Lemoine as they offer analysis and insights on what to expect for the national, state and local economies in the future.
The Arizona economy finished 2020 in better shape than most states and the recovery continues at a solid pace. However, total employment remains far below its pre-pandemic level. Roughly half of the job gap is in leisure and hospitality, as the travel and tourism industry remains hard hit. Further, most major employment sectors, with the exception of transportation and warehousing, are below their February 2020 peak. Income growth in the state surged in 2020, driven upward by a gigantic flow of federal relief funds into the state that helped to stabilize the economy in general and spurred gains in retail sales of tangible goods and trade, transportation and warehousing jobs in particular.
Uncertainty is still a key feature of the outlook. What industries will recover the fastest? How fast will the hardest hit sectors recover? What are the long-term economic consequences of the pandemic? Will Arizona experience a major increase in migrants from other states, as remote workers seek lower housing costs? Will house prices continue to rise at a rapid pace? What are the economic impacts of climate change and how should we respond?