The City of Phoenix’s economic recovery will continue at a moderate pace, gaining momentum next year with a full recovery expected in 2015 or 2016, the city’s budget office said in a report.
Based on numerous economic experts and studies, the city finds sluggish consumer spending and modest job growth contributing to a slower recovery.
The report finds it will take three years or more to regain the jobs lost since the recession started. It also says businesses and consumers appear to be in a holding pattern until it becomes clear how federal policy will affect them.
Other assumptions built into the forecast:
• Personal income to grow an average of 6.7 percent for the five-year forecast.
• Increases in consumer and business spending is expected later in the forecast .
• Contributing job growth in most sectors, but lagging supply of high-quality and high-paying jobs in Phoenix is contributing to the prevention of a strong recovery.
- Telecommuting: 5 tips to make it work for employers and employees
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments
- Here’s why Gaydos went tankless with his water heater
- 12 things to watch before the Oscars
- Bocce ball and basketball: How you can help Arizona's Special Olympics athletes
- Tips on building the best wine room in Arizona
- Avoid the nightmare: 6 tips to choose a great contractor
- Breast cancer: Improved testing and treatments means more survivors
- Best and worst of Super Bowl commercials
- Failed back surgery: New hope for patients living in pain
- Ticking time bombs: Telltale signs your water heater is about to explode
- Reading glasses could be a thing of the past
- 6 cool ways teachers are using technology in the classroom
- Emerging tech jobs in Phoenix and how to get one in 2017
- 4 top treatments athletes use for pain
- Emergency! What to do when bathrooms flood
- Operation Santa Claus needs holiday help
- This college bowl season is likely to be epic
- Arizona kids in crisis: How you can help
- 11 holiday classics for the ultimate movie marathon
- New treatment offers hope for migraine sufferers
- 11 stadiums to watch your favorite football team
- Shopping for a TV? Best models for 2016
- The new beer pairing guide for holiday foods
- Avoid this holiday plumbing disaster in your home
- 7 tips to avoid holiday weight gain
- New treatments mean better prostate cancer survival rates
- 5 of the scariest things found in drains
- 6 tips to create the best family movie night