Arizona’s diversified economy is anticipated to sidestep a recession for this year and the next, as detailed by the Economic and Business Research Center. The state has made consistent economic progress throughout the first half of 2023, albeit at a slower pace compared to the early stages of pandemic recovery. Housing affordability in Arizona has plummeted, causing a decline in housing permits in 2022 and early 2023. Looking forward, Arizona’s long-term economic prospects over the next 30 years are bright, although growth rates will likely decelerate compared to the past three decades. However, key factors like innovation, infrastructure investments, and water resource management will significantly influence the state’s growth trajectory.
