2023 Economic Outlook Luncheon

Dec. 13, 2023
EO Luncheon

2023 Economic Outlook Luncheon Slides in PDF

Each winter, Eller’s Economic and Business Research Center hosts the annual Economic Outlook Luncheon , sponsored by PNC Bank, to forecast the global, state and local economies. This year, members of the Tucson community gathered at the Westin La Paloma to listen to George Hammond, director of the Economic and Business Research Center and Research Professor along with Gus Faucher, chief economist at PNC Bank give their outlooks for the year. 

Group Photo of Gus Faucher, George Hammon, Karthik Kannan, Eli Asunsolo

Speakers at the Eller Economic Outlook Luncheon. Left to right: Gus Faucher (PNC), George Hammond (UA), Karthik Kannan (UA), and Eliezer Asunsolo (PNC).

Below are some key points they made:

  • The Arizona economy continues to churn out solid job, income, and sales gains. The state labor market remains tight, but there are modest signs of softening in the unemployment rate, quit and hire rates, and labor compensation.
  • Housing permits are on pace to decline this year for both single-family and multi-family activity, driven by higher interest rates and significantly reduced housing affordability.
  • The baseline outlook calls for Arizona job growth to slow as past interest rate increases reduce national gains. 
Economic Outlook crowd

The audience at the Eller Economic Outlook Luncheon at Westin La Paloma.

EBRC team photo

More information and details on the outlook for Arizona, Phoenix, and Tucson.