ARIZONA NEWS

Arizona business leader expects vaccine to reboot economy by July

Dec 4, 2020, 1:05 PM | Updated: 1:39 pm
(AP Photo)...
(AP Photo)
(AP Photo)

PHOENIX – There’s no way around it: 2020 has been a brutal year for the Arizona economy.

But Arizona Chamber of Commerce and Industry President and CEO Glenn Hamer believes Arizona’s economy will be back to full strength by July, the business community buoyed by Gov. Doug Ducey’s announcement that the COVID-19 vaccine will start arriving in the state by the end of month.

“There will be an explosion of domestic tourism, people going to restaurants and theaters and visiting downtown areas that haven’t seen great traffic since the pandemic began in the spring,” Hammer said.

He predicted Arizona’s economy “will be among the strongest economies in the nation moving forward.”

Hundreds of thousands of jobs were lost in the state during the pandemic and many businesses were lost while others are struggling to reach 2021. Job losses remain high with about 125,000 people still out of work and small businesses across the board have been hit very hard.

“The tourism and restaurant industries together employ more than a half million Arizonans, so this will be a great shot in the arm for our economy,” Hamer said.


He expects the state will continue to lure the world’s largest and most advanced companies but he is concerned about the impact to small businesses of voter-approved Prop 208.

“Our taxation on small businesses is now out of whack and one the 10 highest in the nation. These impacted small businesses employ over 50% of our private sector workforce,” he said.

And even though the vaccines are a game changer, Hamer said this is no time for anyone to let their guard down when it comes to masking up and staying socially distanced to help curb the spread of the virus.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

(Creative Commons)...
KTAR.com

FBI arrests woman who allegedly robbed 4 metro Phoenix banks

The Federal Bureau of Investigation has arrested a suspect accused of robbing four metro Phoenix banks in September and October.
24 hours ago
FILE - In this Tuesday, Nov. 3, 2020, file photo, voters stand in line outside a polling station, o...
Associated Press

QAnon figure Ron Watkins says he’s running for Congress in Arizona

Ron Watkins, a prolific promoter of false conspiracies about the 2020 election who is closely tied to the QAnon movement, says he is running for Congress as a Republican in Arizona.
24 hours ago
(Facebook Photo/Peoria Police Department)...
KTAR.com

18-year-old man dead after gun accidentally discharged in Peoria

An 18-year-old man died after a friend accidentally shot him in the chest while cleaning a gun in Peoria, authorities said Thursday.
24 hours ago
(AZDHS.gov Screenshot)...
Kevin Stone

Here’s how to make sense of changes to Arizona’s COVID-19 dashboard

The Arizona Department of Health Services rolled out a variety of changes to how it presents data on its COVID-19 dashboard this week, some that could be confusing without further explanation.
24 hours ago
(AP Photo/Ross D. Franklin)...
Associated Press

Judge again rules Arizona Senate’s election review records to be made public

A judge has rejected the Republican-controlled Arizona Senate’s contention that it can withhold a raft of communications between its leaders and private contractors they hired to conduct an unprecedented review of the 2020 election results in the state’s most populous county.
24 hours ago
(Facebook Photo/The University of Arizona)...
Kevin Stone

ASU, UArizona, NAU announce COVID-19 vaccine mandates for employees

Arizona’s three public universities announced Friday they will be requiring most employees to be vaccinated against COVID-19 by Dec. 8.
24 hours ago

Sponsored Articles

...
PNC Bank

How one organization supports early childhood literacy for the most vulnerable

Nearly two out of every three children in low-income communities don’t own a single children’s book, a fact that ultimately could have profound impacts even before entering kindergarten, according to Arizona nonprofit Southwest Human Development.
...
Chris Kennedy

My Special Aflac Duck® taking flight in Arizona

For more than 65 years, Aflac has had the extraordinary opportunity and privilege to help provide peace of mind to individuals who have our supplemental insurance policies.
...
BARROW NEUROLOGICAL INSTITUTE

More stroke patients eligible for acute treatment, thanks to research

Historically, patients underwent acute stroke treatments according to strict time guidelines. But thanks to recent advancements in stroke research, more patients are becoming candidates for clot-busting drugs and endovascular therapy at specialized centers like Barrow Neurological Institute.
Arizona business leader expects vaccine to reboot economy by July