Pace of Economic Growth May Double, Population to Pass 7 Million
A new report sees Arizona shifting into higher gear this year, with the pace of economic growth nearly doubling and the state’s population passing 7 million.
“Real GDP growth has ramped up as long-standing efforts to diversify the state’s economy are beginning to pay off in a big way, just as the inflows of retirees and tourists kick back into high gear,” wrote Mark Vitner and Jamie Feik, economists for Wells Fargo Securities.
They see Arizona’s gross domestic product rising 3.6 percent in 2017 after an estimated gain of 2.1 percent in 2016. That would beat the company’s forecast for 2017 U.S. GDP growth of around 3 percent.
- Arizona’s economic growth could jump to 3.6 percent this year from 2.1 percent, says a report
- Economists at Wells Fargo Securities partly credit state-government efforts to lure new businesses
- More people are moving to Arizona again, with the population projected to pass 7 million this year
Read the full story at AZCentral.com.