Information is power, and quality data can prove to be invaluable to your company’s success. As we continue to rebound and navigate the current economic climate, the Chamber continues to aid businesses with important economic data through the Arizona Business Index, a statewide consumer confidence index providing an accurate pulse on key indicators that drive the economy and provide expert insight into consumer confidence to aid in decision making.
With the release of the Q2 Arizona Business Index™ (ABI™) Report, powered by OH Predictive Insights (OHPI), I am encouraged to see a growing consumer sentiment and economic optimism as we emerge from the pandemic. The latest report shows consumers are more positive about business conditions in the next five years. In Q2 we saw a 10.5 percentage point growth over Q1 in optimism about business conditions in the year ahead.
In Q2 we also saw fluctuation in the Housing Index with more consumers feeling that it’s a bad time to purchase a home. This sentiment is understandable after viewing the latest S&P CoreLogic Case-Shiller Index Report, showing Phoenix topping the charts with a national record high annual home price gain of 16.6% in May. Phoenix is the leading city in the report with a 25.9% year-over-year housing price increase. However, despite these statistics, in Q2 the ABI Report also shows an increase in consumer intent to purchase a new home. Interestingly, even though 41% think it’s a bad time to buy a new home, 18% of consumers planned to buy a new home in the next 12 months, an increase of 5.1% from the last quarter.
As we enter into the second half of the year, the Chamber looks forward to providing you with valuable information to help your business succeed. I look forward to seeing you at Economic Outlook 2022, where top economic experts will provide insight into the local, national, and global economies. Elliott Pollack, CEO Elliott D. Pollack & Company, will join us at the event to give the local economic perspective. He is recognized for his expertise in both national and local real estate trends, and I know his insight will be invaluable given the current housing market in Phoenix.
This October, the Chamber will celebrate the first anniversary of launching the Arizona Business Index. Each quarter we will release this statewide data, providing an accurate pulse on key indicators that drive the economy and expert insight into consumer confidence to aid in decision making. For information on how to obtain access to the Arizona Business Index, visit phoenixchamber.com/abi.
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