Posted 12/9/2023, 1:04:22 PM
Arizona Economic Growth Slowing in 2024 Due to High Home Prices, Interest Rates
- Arizona's economy will continue growing in 2024 but at a slower pace due to high interest rates and slowing population gains
- Home prices and rents in Arizona remain high, hurting affordability
- 37.4% of homes sold in Arizona in Q3 2022 were affordable for median income families, down from 63.2% in Q4 2019
- Arizona job growth was 1.6% over the past 12 months, below the national rate of 1.9%
- Inflation in metro Phoenix has slowed to 2.9% over the past 12 months but remains well above pre-pandemic levels