Job satisfaction, COVID optimism on the rise in first two months of 2021

PHOENIX, Ariz. (March 17, 2021) – The Greater Phoenix Chamber released new economic data from the Arizona Business Index™ (ABI™), powered by OH Predictive Insights (OHPI), a barometer on the health of the Arizona economy from the perspective of the Arizona consumer. This extensive statewide consumer sentiment survey provides an accurate pulse on the key indicators that drive the economy and delivers expert insight into consumer confidence to help aid in decision-making. The index is based on consumers’ perceptions of business conditions, personal finances, and buying conditions.

“The first two months of 2021 showed some very encouraging trends within our local job market, and related to how our state is feeling about the pandemic,” said Todd Sanders, president & CEO of the Greater Phoenix Chamber. “At the end of 2020, we noted that we would be closely monitoring the COVID situation, which was relatively pessimistic at the time. However, as the vaccine rollout is progressing, we are seeing the trends we hoped for, with more Arizonans eager to take the vaccine and return to some pre-pandemic activities.”

Key Highlights from January & February

Job Market

  • Job satisfaction reached a six-month high as 4 in 5 were satisfied with their current job (+16% since December 2020).
  • Job security has risen continuously since December 2020 (Dec: 62%, Jan: 64%, Feb: 68%).

COVID-19

  • More consumers believed the COVID-19 issue will improve in the next 30 days. The percentage of people who said the COVID-19 issue will become better is at a 6-month high (44%), and the percentage of people who said it will become worse is at a six-month low (27%). This is the first time since September 2020 that more consumers believed the situation will improve instead of worsen.
  • More than half of Arizona consumers indicated they will take the vaccine as it becomes available.
  • The higher the education level, the more likely the respondent will take the vaccine. Nearly 7 in 10 of the middle to higher-income groups said they’d likely take the vaccine, and the Silent/Boomer generation was more likely to take the vaccine than the younger generations.

Travel & Entertainment

  • Since January 2020, 23% (+10%) plan to travel in Arizona, and 58% (-5%) plan to travel in the United States.
  • Since January 2020, 54% (+10%) plan to travel by automobile, and 36% (-10%) plan to travel by airplane.
  • Only 22% said they’d be comfortable staying in a hotel overnight today, but 57% said they would be comfortable in a hotel overnight within the next 6 months, and 75% would be comfortable within 12 months.
  • 72% of Arizonans will be comfortable going to a restaurant within the next 6 months.
  • 53% said they’d like to attend a live sporting event in the next 6 months and 37% said they’d feel comfort attending an off-site business meeting within the next 6 months.

“The data we’ve gathered the first two months of the new year prompts optimism for Arizona’s economic recovery,” said Mike Noble, chief of research at OH Predictive Insights. “Arizonans are willing and eager to receive the vaccine, and indicate they look forward to activities that will help boost the economy, including dining out and attending sporting events.”

Representatives are available to discuss additional data and insights based on these findings.

About the Greater Phoenix Chamber
Representing 2,400 businesses across the Greater Phoenix region, the Greater Phoenix Chamber promotes regional prosperity by serving as a catalyst for economic vitality and strong communities. The Chamber pursues this mission by collaborating with business, political and community leaders to grow the regional talent pool, create a regional approach to economic development and drive a pro-Arizona agenda.

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Posted by Jocelyn McAlpin