Construction Economics
With the current economic downturn, AZAGC would like the construction industry and its partners to have the latest economic news. The following information comes from a variety of sources and is intended to help our industry get a better understanding of state and national economic activity.
Get the Latest from AGC’s Chief Economist Ken Simonson
On a regular basis, AGC’s Chief Economist Ken Simonson relays economic information about the construction industry. AGC’s latest Data Digest and Construction and Materials Outlook are tools for contractors and owners to see what’s going. View the latest state-by-state unemployment numbers and latest PPI Tables. Click here for the non-residential construction industry’s impact on Arizona.
Tracking Arizona’s Recovery
Click here to get the Joint Legislative Budget Committee’s (JLBC) latest on Arizona’s; Total Non‐Farm Employment; Initial Claims for Unemployment Insurance; State Sales Tax Collections – Retail Category; State Sales Tax Collections – Contracting Category; Single Family Building Permits; Maricopa County Pending Foreclosures; and, the Coincident Index. In order to keep decisionmakers up-to-speed on the latest economic news, JLBC puts together this Monthly Fiscal Highlight.
Wells Fargo Reports
On a regular basis, AZAGC receives reports from the Well Fargo Economic Group pertinent to Arizona, the construction industry in Arizona and the nation. Below are links to a few of those reports.
Construction Spending Posts Better-Than-Expected Gain
Construction Spending Ends the Year on a Positive Note
GDP: Modest Growth Continues—Sustained Expansion Ahead
Consumer Confidence Dips Slightly In January
New Home Sales End the Year on a Down Note
News from the Legislature’s Finance Advisory Committee
In January the Finance Advisory Committee was given this report about Arizona’s economy. According to the report the Federal Reserve Bank of Philadelphia’s coincident index gauges current economic activity in each state. The index combines 4 indicators: employment, average hours worked in manufacturing, unemployment rate, and inflation adjusted wages.
Most states nationwide saw an increase in their coincident index in October, with Arizona posting moderate growth compared to other states. In October, Arizona’s coincident index increased by 0.3% compared to the prior year. Year over year, the Arizona index is 2.3% above last year, the largest gain since May 2007. While this is a significant improvement, Arizona’s index is still (12.5)% below its peak, which occurred in August 2007.
Arizona needs to think strategically for long term economic vitality
Matthew Murray, a state budget expert and economics professor at the University of Tennessee, discusses the economic challenges facing Arizona. Murray, chief author of the report “Structurally Unbalanced: Cyclical and Structural Deficits in Arizona” by Morrison Institute for Public Policy and Brookings Mountain West, calls for a greater emphasis on long-term thinking and planning with a focus on balance. See the video.
