Economy Expected To Topple National Numbers

The Phoenix Business Journal reports that Arizona will topple the expected U.S. growth rate of 3 percent in 2007 thanks to it's continuing population boom, according to ASU economist Edward Prescott, the keynote speaker at yesterday's Arizona Bank & Trust Economic Summit 2007, "Trends to Bank On".

"The Arizona trend dominates," Prescott told the more than 300 who attended. Katie Pushor, chief executive and president of the Greater Phoenix Chamber of Commerce, said the state is the second destination for domestic migration next to Florida and the eight internationally.

"People want to move to this state," she said. "There is an overwhelming perception of opportunity here." Unemployment is the lowest in 25 years, hovering under 4 percent, but escalating housing prices are keeping some workers from moving here, Pushor said. "Affordability is really an issue for the work force," she said. More...