FOR IMMEDIATE RELEASE:
Oct. 4, 2022
PHOENIX, Ariz. (Oct. 3, 2022) – The Greater Phoenix Chamber recently released the Q2 Arizona Business Index™ (ABI™), powered by OH Predictive Insights (OHPI). The study measures and interprets the health of the Arizona economy from the perspective of the Arizona consumer.
“The news is as we expected with inflation continuing an upward trend in Arizona,” said Todd Sanders, president and CEO, Greater Phoenix Chamber. “We are pleased to see job satisfaction and job security holding steady. One could argue that perhaps the Great Resignation is over.”
Key Highlights on all categories are below:
- Arizonans’ confidence remained relatively flat from Q1 to Q2, despite an uptick in April
- Consumer confidence is significantly higher for Millennials and Gen Z than for the Silent Generation/Boomers
Housing & Automobile Index
- The Housing Index hit a 7-month high in April (117.8 points)
- April’s 7-month high caused the quarterly Housing Index to increase by 0.31, despite hitting new lows in May (86.9) and June (76.7)
- Two-thirds of consumers agree that it is not a good time to purchase a new home
- Similar to the Housing Index, the Automobile Index is calming down, and purchase intent has hit a 12-month low
- In April of Q2, the Housing and Automobile Indices reached a peak for those who wanted to make a purchase, but saw a downtown at the close of Q2
- Economic optimism hit an all-time low in June with 81% of consumers expecting interest rates to rise
- The Job Satisfaction Index remained about the same between Q1 and Q2 2022
- 77% of people say they are satisfied in their job and 82% feel secure in their job
“Arizona employers deserve a shout-out because Arizonans are feeling incredibly secure in their jobs and job satisfaction remains high,” said Mike Noble, OHPI’s Chief of Research. “What is really interesting is the generational differences in purchase intent between the young and old – with the younger generations more bullish to spend compared to older generations.”
For information on how to obtain access to the Arizona Business Index, visit phoenixchamber.com/abi
Methodology: The survey was completed online by OH Predictive Insights from April 1st – June 29th from an Arizona general population sample. The data applied post-stratification on age, gender, region, ethnicity and education level that reflects latest Census data. The sample size was 1,800 completed surveys, with a MOE of ± 2.31%.
About Arizona Business Index ™ (ABI™)
The Arizona Business Index ™ (ABI™) is a barometer of 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. Follow ABI on Twitter @AZBusinessIndex
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.
About OH Predictive Insights: As a nonpartisan market research, predictive analytics, and public opinion polling firm, Phoenix-based OH Predictive Insights provides accurate polling, focus groups, data analytics, and advanced targeted marketing to political and corporate clients alike. With leading professionals in the advertising, communication, polling, and political arenas, OH Predictive Insights serves clients looking to improve their footing with key stakeholders and consumers. For more information, please call 602-362-5694 or submit a request online.