An expected nationwide recession is expected to slow economic growth in the Tucson region in early 2023, University of Arizona economists say.
David Wichner An expected mild recession is expected to slow economic growth in the Tucson region and across Arizona in early 2023, University of Arizona economists say.
People are also reading… A top bank economist who was a guest speaker at the UA forecast luncheon on Friday agreed that a mild recession lies ahead. PNC entered the Arizona market in 2021 with its acquisition of the U.S. operations of BVA Compass Bank. But Tucson is likely to fare better than the nation due to its relatively large share of jobs and economic activity accounted for by federal, state and local government activity, which is less affected by inflation.
Skyrocketing mortgage rates, plummeting housing affordability, and slowing population growth will combine to drive Tucson-area housing permit activity down from 6,284 in 2021 to 4,312 in 2024.
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