Several Tucson newspapers are are reporting what so many Arizona residents already know; our state's in a recession. According to Moody's Economy.com, Tucson is in worse shape then Phoenix.
The sluggish housing market seems to be having the biggest impact on Arizona's economy. As foreclosures continue to rise at record numbers and housing related employment continues to fall, the Arizona economy continues to drag. Higher food costs and gas prices are also playing a major role, leaving consumers struggling to make ends meet.
Just driving through Tucson it's easy to see the impact the economy is having on local businesses. Several furniture stores have closed their doors, while others are offering discounts and promotions ot bring consumers in. A number of retailers specializing in womens high end fashions have closed, and several fine restaurants are trying to entice diners with drink and dinner specials. A clerk at a local grocery store told me that more people are using coupons, and I've spoken to several people trying to conserve gas by scheduling all their appointments in one area on a single day so they avoid driving too much.
Many Arizona economists feel that Arizona hasn't hit rock bottem yet. Until the housing market re adjusts our economy isn't going to be able to recover. Some speculate it could be 2-3 years before that happens.
The sluggish housing market seems to be having the biggest impact on Arizona's economy. As foreclosures continue to rise at record numbers and housing related employment continues to fall, the Arizona economy continues to drag. Higher food costs and gas prices are also playing a major role, leaving consumers struggling to make ends meet.
Just driving through Tucson it's easy to see the impact the economy is having on local businesses. Several furniture stores have closed their doors, while others are offering discounts and promotions ot bring consumers in. A number of retailers specializing in womens high end fashions have closed, and several fine restaurants are trying to entice diners with drink and dinner specials. A clerk at a local grocery store told me that more people are using coupons, and I've spoken to several people trying to conserve gas by scheduling all their appointments in one area on a single day so they avoid driving too much.
Many Arizona economists feel that Arizona hasn't hit rock bottem yet. Until the housing market re adjusts our economy isn't going to be able to recover. Some speculate it could be 2-3 years before that happens.
1 comment:
Tucson is in worse shape then Phoenix.
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Julie
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