MGT253 - Owning and Operating a Small Business

Arizona's Economy is the online magazine of the Economic and Business Research Center, the premiere source for information on Arizona's economy since 1949.

The Economic and Business Research Center (EBRC) focuses on applied economic research and community education for Arizona. Through the Forecasting Project, events such as the Economic Outlook Luncheon, funded research projects and online resources Arizona’s Economy, Arizona-Mexico Economic Indicators and the MAP Dashboard, EBRC makes the latest data and analysis available to Arizona's citizens and decision makers.

The Arizona economy kicked off the new year in solid shape. The labor market has normalized somewhat, with quit and hire rates back to pre-pandemic levels and steady job gains. Even so, the state unemployment rate is near historic lows. Phoenix inflation has moderated and is below the national rate. Real income growth has accelerated but retail plus remote sales have lost momentum. The housing market remains stressed, with rising home prices and elevated mortgage interest rates taking a toll on housing affordability.

Arizona’s economy continues to recover unevenly from the pandemic. Jobs in three out of the state’s seven metropolitan areas were below their pre-pandemic level in April. Further, jobs in six out of 11 NAICS industries were below their February 2020 level as well. While statewide jobs have regained their pre-pandemic peak well before the U.S., they remain well below where they likely would have been had the pandemic not occurred. Overall, state and national labor markets remain in turmoil as employer efforts to rapidly ramp up production meet workers re-evaluating career objectives and opportunities.