Has Arizona Recovered from the Recession?

Date: October 13, 2015

Arizona cities rank no higher than 114 on best-recovered list.

Arizona cities are clustered toward the bottom of a new list of U.S. locales that best recovered from the recession.

Of the 150 big cities on WalletHub’s list, released in September, Scottsdale ranked highest of Arizona locales, at 114th. Gilbert and Chandler came in at 120th and 121st, respectively. Peoria was ranked 129 and Phoenix 139.

Even worse, Mesa, Tempe and Glendale were 143, 144 and 146, respectively. In second-to-last place was Tucson, ahead of only San Bernardino, California.

“Arizona was among the states hardest hit by the recession,” economist Lee McPheters told the Arizona Republic in July. “The national economy lost 6 percent of jobs. Arizona lost 12 percent, so by that standard alone, we were hit twice as hard.”

Another report released in January from the National Association of Counties found no counties in Arizona, and only 65 across the country, had totally recovered from the recession by 2014.

The WalletHub study compared pre- and post-recession figures for factors including: number of businesses, unemployment rate, labor-force participation rate, poverty rate and inflow of college-educated workers.

The best-recovered big city in the country was Lubbock, Texas, followed by Denver, according to the report.


Related Content: Small Business News | Arizona | Economy

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