Experts: Slow, steady economic recovery for Arizona
Our economy continues to slowly improve, with the healthcare and biosciences industry having the most potential for local employment growth. That was just one of the positive signs that came out of last week’s Economic Outlook 2015, presented by the Greater Phoenix Chamber of Commerce (GPCC) and Cox Communications. Nearly 800 business leaders attended the 32nd annual event at the Arizona Biltmore on Friday, September 5, 2014, to hear an analysis of the state’s economic challenges and what opportunities lie ahead for Arizona’s economy.
Attendees gained insight from local, national and global economic experts, including presentations by Dr. Quincy Krosby, Chief Market Strategist at Prudential Annuities, local Valley economist Elliott Pollack of Elliott D. Pollack & Company, and financial markets expert Jim Huntzinger of BOK Financial.
In an exclusive GPCCTV video, Pollack points out the positive developments he sees and why continued economic growth will be slow for Arizona.
Stated Pollack, “I’m more optimistic than I was a year ago. The housing market is going to improve and continue to grow, but very slowly. While it’s a little disappointing in the housing market, overall it’s not a bad picture. There is no recession on the horizon. Consumer confidence surveys are really starting to improve in a meaningful way. But essentially, things are moving forward.”
Huntzinger, executive vice president and chief investment officer of BOK Financial, provided a national perspective of the economy and his impression of improving economic indicators, the impact of events overseas and the outlook for the markets.
“I feel pretty confident about the way the economy is setting up right now,” said Huntzinger. “The U.S. economy is stable and improving. The auto industry is doing quite well. The retail industry is doing OK. Manufacturers are improving. We have a slow-growing, but deliberate economy that’s gaining some steam.”
Prudential Annuities Chief Market Strategist Dr. Quincy Krosby, a former diplomat with an impressive career in international finance, provided a global perspective and discussed the current status of industries abroad, future economic drivers and the role Phoenix plays in the global economy. In this exclusive GPCCTV video of Dr. Krosby, she shares how events on the other side of the globe can impact the entire world and American economies.
“A healthy global economy is good for all countries…we’re always optimistic,” stated Krosby. “Terrorism is the biggest worry in a volatile climate, but the U.S. economy is resilient.”
Cox Communications once again showcased its mobile technologies with the Cox Media Mobile Survey, which asked attendees at Economic Outlook 2015 to share their sentiments via text message on local industry growth, national policy and local industry growth.
Thirty-three percent of attendees who responded said that the healthcare and biosciences industry has the most potential for local employment growth.
Twenty-seven percent of respondents indicated that their number-one concern next year from an economic perspective was election results, while 25 percent of survey respondents indicated that international unrest was their top concern.
Global risks were also on everyone’s mind, with 26 percent of survey respondents citing political and social instability as the top global risk, while 18 percent of respondents indicated that fiscal crises in key economies were high on their radar.
Full results of the Cox Media Mobile Survey are available, along with the presentations and interviews from Economic Outlook 2015, at http://www.phoenixchamber.com/eo2015.
The GPCC has been hosting this event since 1982, and uses it as an opportunity to bring the community together to learn about both the global and local economic indicators. The Chamber’s Economic Development Annual Report was also presented during Friday’s event. The report communicates the Chamber’s commitment to support community businesses in their efforts to grow, retain and expand and can be found online at www.phoenixchamber.com/yearinreview.
“The Greater Phoenix Chamber of Commerce is proud to work with a strong community partner like Cox Communications to present the state of the economy from a local, national and international perspective to business leaders across the Valley,” stated Todd Sanders, president and CEO of the Greater Phoenix Chamber of Commerce. “Although Arizona’s economic recovery remains on a slow, but steady path as the presenters stated at this year’s event, I am confident that Arizona will see continued improvements in job growth, consumer spending and economic development in 2015.”
Added Sanders, “In collaboration with the City of Phoenix and the Arizona Commerce Authority, the Greater Phoenix Chamber of Commerce’s PHOENIX FORWARD>> initiative will deliver a strategic and sustainable, economic development plan. This initiative focuses on strengthening and growing existing business in three key industry sectors: Health Care & Biosciences, Transportation & Logistics and Advanced Business Services. Together, we will remove barriers to success for the region’s businesses and grow Arizona’s economy from within.”