Everybody likes good news, especially when it’s good news about our local economy. During last week’s Economic Outlook 2016, presented by the Chamber and Cox Communications, over 800 attendees listened to an insightful analysis of the state of the global economy, national economic indicators, economic challenges facing our state and what opportunities lie ahead for Arizona’s economy.
David Brancaccio, award-winning journalist and host of American Public Media’s Marketplace Morning Report, provided a global perspective and covered key international economic issues, as well as focused on examples of how global actions impact our own local economy. In this GPCCTV video of Brancaccio, he discusses how the U.S. economy is doing in comparison to the rest of the world and what we should expect to see for the 2016 economy.
Delivering the national perspective was financial markets expert Jim Huntzinger, executive vice president and chief investment officer of Oklahoma-based BOK Financial. In an exclusive GPCCTV video, Huntzinger discusses the state of the U.S. economy and how the equity market is reflective of what’s going on in the overall economy, as well as job creation and the national unemployment rate.
Always perceptive and entertaining, local Valley economist Elliott Pollack of Elliott D. Pollack & Company discusses some highlights of our local economy in this exclusive GPCCTV video and shared how Arizona is doing in comparison to the rest of the country and gives his predictions on the local housing market.
I’m also excited to share my Top Five Take-Aways that emerged from last week’s annual forecasting event:
1. Huntzinger delivered some of the best news of the day by reassuring that the U.S. economy is stable and that there is no recession on the horizon.
2. The local economy continues to recover. The industries that are leading the way are business services, educational services, leisure and hospitality, followed by trade and wholesale.
3. Consumer confidence is growing. U.S. consumers are in a much better place than they were just six years ago.
4. The lowest level in seven years, the national economy is starting to look more normal with the unemployment rate dropping down to 5.1 percent.
5. And in a bold prediction, Brancaccio foresees that the Federal Reserve will raise its benchmark interest rate this month.
For many leaders in Greater Phoenix, making Arizona more appealing to business continues to be immensely important. Creating a place that’s livable for younger generations was also a recurring theme. Overall, with the U.S. economy on a course for steady growth, that’s definitely something that should help Arizona in the year ahead.
For a complete event recap of Economic Outlook 2016 that includes more stats, quotes and quips, visit www.phoenixchamber.com/EO2016.