The Arizona economy continued to churn out solid gains through the first half of 2023. Jobs, wages, and sales all increased, although at a somewhat slower pace than earlier in the pandemic recovery, and the unemployment rate remained very low. Arizona jobs were essentially back on their pre-pandemic trend, if we take that trend to be EBRC forecasts generated just before the pandemic began. Phoenix inflation, although it remained above the nation, decelerated significantly, thanks to slower gains in house prices and outright price declines in commodities. Housing affordability, however, has dropped precipitously from pre-pandemic levels.
Arizona’s Economy Is Back on the Beat
