Arizona’s Economy Slowed in 2015, Federal Data Shows

Editor
By Editor June 20, 2016 11:24

Arizona’s Economy Slowed in 2015, Federal Data Shows

Turns out, the year 2015 was a slow one when it comes to economic growth for our state.

That’s according to the U.S. Bureau of Economic Analysis, which found Arizona grew an anemic 0.9 percent last year, half its rate from the previous year. Still, it was able to rank 15th in the nation in growth. Also despite the slowdown, the state’s labor market recorded its best year since the Great Recession started in late 2007.

The mining industry was the worst showing of any of Arizona’s industries falling 16 percent from the year before. Utilities also fell hard, 11 percent, marking the fourth year in a row of inflation-adjusted declines in that field. The construction also posted losses.

Nationally, the states that showed the strongest economic growth were California, Texas and New York, respectively. The biggest decline on the other hand, was in North Dakota, where its 6 percent growth in 2014 fell to -2.1 percent in 2015.

 

Editor
By Editor June 20, 2016 11:24

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