George Hammond, director and research professor at Eller's Economic and Business Research Center, and Anthony Chan, Chase chief economist, share their predictions regarding job growth, the housing sector, the stock market, etc.
Hammond said that Arizona's economy continues to grow, with the Tucson metro area finally gathering momentum. In particular, Tucson's job growth began to accelerate this year and looks set to carry faster growth into 2017 and 2018.
"If Tucson's job growth hits the forecast in 2016, that would be the fastest pace since 2012. The forecast growth rates in 2017 and 2018 would be the fastest pace since 2006, before the Great Recession began," Hammond said.
According to employment estimates from Eller's Economic and Business Research Center, Tucson added 2,700 jobs in the third quarter of 2016, compared to a year earlier. That translated into 0.8 percent growth, which was a bit slower than growth in the first and second quarters.
Hammond also shared data relating to Tucson's housing market. According to data from the Federal Housing Finance Administration, Tucson's house prices increased by 5.9 percent over the year in the second quarter of 2016, slightly faster than the national rate of 5.4 percent. Tucson’s house prices are still 23.4 percent below their pre-recession peak.