2024 Breakfast with the Economists

June 7, 2024
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2024 Breakfast With the Economists Slides in PDF 

George Hammond and Sharon Megdal

Each summer, Eller’s Economic and Business Research Center hosts the annual Breakfast with the Economists, presented by JPMorgan Chase &Co. This year, over 300 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 Dr. Sharon Megdal, Director of the University of Arizona Water Resources Research Center, give presentations on the outlook for Arizona and Tucson and Arizona water issues. 

Speakers Dr. George Hammond (University of Arizona) and Dr. Sharon Megdal (University of Arizona) at the 2024 Eller Breakfast with the Economists.

Below are some key points from the speakers:

Dr. Hammond:

  • The Arizona economy continues to churn out solid gains, even as concerns about water sustainability surge. The state labor market gradually loosens as job gains slow from 2.6% in 2023 to 2.2% in 2024 and 2.0% in 2025.
  • Housing affordability remained low with elevated house prices and increased mortgage interest rates.
  • The baseline outlook calls for the U.S. economy to avoid recession in the near term, which translates into continued solid, but slowing, gains in Arizona, Phoenix, and Tucson. 

Dr. Megdal:

  • We face “wicked water problems” in the Colorado River Basin
  • Central Arizona Project customers are particularly vulnerable to cutbacks in Colorado River water deliveries.
  • The Tucson region has adapted to changing water conditions through innovation, partnerships, and other actions.
  • Dr. Megdal is optimistic that we can adapt to changing circumstances because we have been adapting – and because failure is not an option. But we must stay informed and engaged, be vigilant, and be prepared to incur the associated costs.

The audience at the Eller Breakfast with the Economists at the Westin La Paloma listening to introductory remarks from Edmundo Gamillo, Executive Director for Commercial Banking, Tucson and Southern Arizona, JPMorgan Chase &Co.

The EBRC team celebrates another successful event! Left to right: George Hammond, Valorie Rice, Beatriz Del Campo-Carmona, Alexandra Jaeger, and Delaney O'Kray-Murphy. Not pictured: Jennifer Pullen

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