A P R I L

Slowdown Spreads
Beyond Housing
By Marshall J. Vest
Forecasting Project Director
March 1, 2007

The initial estimate of fourth quarter GDP
showing 3.5% growth significantly

Some measures of Arizona’s economy, as
traditionally displayed, still look remarkably strong.
But closer examination shows that the economy is
losing momentum and is spreading across industry
segments. The effect of a correction in homebuilding has spilled over into consumer spending,
and is now visible in labor markets as well.

Recession in Homebuilding
The homebuilding industry is in recession, and its
plunge is beginning to look a lot like the rollercoaster cycles of the 1970s and 1980s. Since peaking in August of 2005, permits have fallen 57%
through the end of 2006 (Exhibit 1).
Over the last 40 years, there have been four
homebuilding recessions: the mid 1970s, the early
1980s, the mid 1980s, and the late 1990s (which

2 0 0 7

•

S P R I N G

was quite muted by comparison). For this
discussion, the 1980 recession is considered to
be part of the 1981-82 recession since neither
permits nor construction jobs managed to
stage much of a recovery during the short
period that separated the two recessions.
During the first three recessionary periods,
residential building permits declined between
69% and 78% from peak to trough. The late
1990s downturn measured a very modest
11.6% decline. So far, permits in the current
cycle are down 57% (data through December)
and still declining. Each earlier downturn was
followed by national recession (the gray
shaded bars).
The graph also shows that residential permits
are a leading indicator of employment levels.

overstated the national economy’s
strength, and will be revised downward to
nearer 2.0% in coming weeks. That’s more

EXHIBIT 1
Plunging Permits Mark Beginning of Correction

consistent with Arizona’s economy, which

Residential Permits Lead Construction Jobs, Arizona

continued to lose momentum as 2006

Seasonally Adjusted, 000s
permits (annual rate)

came to a close. Spillover from the
housing downturn is now clearly visible in
both sales and employment data.
Moreover, the slowdown in sales extends
beyond housing components into general
merchandise and apparel as well as autos.
As 2007 begins, Arizona’s high-flying
economy is much closer to recession than
most analysts realize.

INSIDE:
Forecast Tables ...................................5
The Role of Arizona Cities and
Towns in the State’s Economy ..........6
Arizona Economic Indicators..........9
www.ebr.eller.arizona.edu

I S S U E

In the first two downturns, construction jobs continued growing for another 6-8 months after residential permits turned down. Lead time during the
last two cycles was 24 and 28 months. With data
through December, permits have declined for 17
months while construction jobs continue to grow.
Construction employment normally continues
expanding after permits turn down because it
takes several months for builders to complete
homes already in process; non-residential
construction continues at high levels since
projects start later and take much longer to build;
and public-sector spending on infrastructure
projects, which lags even further behind, finally
gets underway.
Given the record levels of unsold new and resale
housing on the market, the current plunge in
permitting likely will continue for a few more
months. Construction jobs should peak very soon
and start declining; loss of one-quarter of
construction’s work force would not be surprising.
Currently, construction jobs comprise 9.5% of all
nonfarm jobs – an all-time record high. During
prior cycles, that ratio has fallen into the 5.56.0% range.
Construction workers are not the only ones
who face the risk of job loss. Realtors, mortgage
brokers, title company personnel, home inspection
crews, engineers, and others whose job depends on
growth are included. All combined, close to 20% of
nonfarm jobs are growth related, Exhibit 2.

Consumers Take a Breather
Retail sales statewide continued to tread water
as 2006 came to a close. Since May, aggregate
sales have been flat, registering practically no
growth (Exhibit 3).
The slowdown is evident across nearly all
categories. Auto sales, the largest component
accounting for nearly 20% of the total, dropped
last summer, then recovered in recent months to
show gains approaching 5% compared to year-

EXHIBIT 2
Sectors With a Direct or Indirect Tie to Construction Activity
# employees

% of total

2,044,134

100.0%

184,901

9.0%

Manufacturing
wood products
cement & concrete
cut stone
architectural & structural metals
construction machinery
ventilation, heating, air conditioning
electrical equipment, appliance & components
furniture

36,528
9,501
5,434
664
7,005
191
1,395
3,267
9,071

1.8%

Wholesale Trade
furniture & home furnishings
lumber & construction materials
electrical & electronic goods
hardware, plumbing, heating
construction machinery

25,132
2,316
5,544
10,611
4,563
2,098

1.2%

Retail Trade
furniture & home furnishings
appliance, TV other electronics
building material & garden equipment

39,759
11,595
7,592
20,572

1.9%

Finance
real estate credit
mortgage & non brokers

14,202
9,139
5,063

0.7%

Insurance
direct property & casualty
direct title

14,387
11,453
2,934

0.7%

Real Estate and Rental & Leasing
lessors of real estate
office of real estate agents & brokers
property managers
real estate appraisers
other
constr, trans, mining, & forestry equip leasing

30,944
8,763
8,309
9,381
1,331
1,637
1,523

1.5%

Professional Scientific & Technical Services
title, abstract & settlement services
architectural engineering & related services
janitorial services
landscaping services

55,945
970
23,895
15,161
15,919

2.7%

401,798

19.7%

Total
Construction

Subtotal

Source: 2004 County Business Patterns

2.

The effect of a correction in homebuilding
has spilled over into consumer spending,
and is now visible in labor markets as well.

EXHIBIT 3
Sales Are Flat
Retail Sales, Arizona
Seasonally Adjusted Annual Rate

earlier sales. Categories related to building and
furniture, which account for 8.3% and 7.0% of
total sales, respectively, also have weakened
significantly; both began to slow last spring, and
by mid-summer growth had stopped.
The biggest surprise is that general merchandise
and apparel categories also have weakened
considerably. General merchandise (nearly 16% of
the total) has been declining since last March!
Apparel (6.1%) has recorded increases under 5%
since June and has declined in three of the four
most recent months. The slowdown in spending is
far broader than commonly reported and has
spread beyond the inventory correction in housing
and autos.
Sales will continue in a flat trajectory for a few
more months before modestly accelerating. We
expect retail sales statewide to grow by a modest
5-6% in 2007 and 2008, compared to a gain of
8.4% in 2006 and 13.4% the year before.

Income Affects Spending
EXHIBIT 4
Volatile Consumer Spending Cycle
Income Elasticity of Retail Sales, Arizona
elasticity

% Chg Retail Divided by % Chg Personal Income

It has been widely noted that consumer
spending carried the economy in recent years,
and that consumers have been able to spend well
beyond their means by tapping accumulated
wealth and augmenting normal income from
other sources. Since the recession ended in
November 2001, consumer spending has been
supported by federal tax cuts, tapping equity in
homes, realizing capital gains from asset holdings
such as stocks and housing, and disbursements
from retirement accounts. Consumers also
borrowed heavily. None of these items is included
in BEA’s measure of personal income.
It’s somewhat surprising then, given all the
discussion, that the relationship between spending
(as we are able measure it at the state level) and
personal income is not all that extraordinary.
When compared to prior business cycles, the
relationship between retail sales growth and
personal income growth looks normal (Exhibit 4).

The slowdown in spending is far broader than
commonly reported and has spread beyond the
inventory correction in housing and autos.

3.

During strong expansions, retail sales grow
faster than personal income (the ratio is greater
than one). For example, in calendar year 2005,
retail sales grew by 13.4% and personal income by
8.9%; the ratio is 1.5. That’s a little less than the
record established in 1999, and compares to prior
high points in the 1.3 to 1.4 range. During
recessions (the shaded bars), spending grows
more slowly than income as consumers postpone
major purchases, pay down debt, and increase
savings. During 2001, sales grew by 1.9% while
personal income increased by 4.8%, producing a
ratio of 0.4.
Our forecasts for this year show retail sales
growing slightly faster than personal income, then
a little more slowly in 2008 and beyond. The ratio
compares to the 1996-98 period when growth
slowed but the economy avoided recession.
The predictive value of personal income in
determining retail sales (and individual income tax
collections) could be augmented by including
measures of consumer borrowing, mortgage
equity extractions, realized capital gains from
financial holdings, and retirement income. For
example, mortgage equity extractions during 2005
added some $600 billion to household finances
nationwide, representing nearly 6.5% of after-tax
income. Household borrowing reached 14% of
disposable income, an all time record. Additionally,
distributions from individual retirement accounts
(IRAs), pensions and annuities, and social security
payments comprised nearly 10% of taxable income
in 2004. This amount will increase significantly as
the Boomer generation enters retirement.
Unfortunately, these measures are not readily
available, especially at state or metro levels.
Efforts to develop these data for Arizona lie ahead.

4.

Labor Markets Are Softening
The recession in homebuilding and the slowdown in sales are finally beginning to affect labor
markets. Although Arizona’s unemployment rate in
December is still a low 4.1%, that’s a full half
point higher than in August. Nonfarm payrolls
statewide have begun to slow; after exceeding 5%
for two years running, growth is headed toward 4%
(Exhibit 5).
Four percent is still phenomenal growth, to be
sure. But it will move much lower in coming months.
Diminished levels of building and layoffs in
the “growth industry” will exert a significant

drag on the overall economy this year and next.
Although we don’t expect Arizona’s economy (as
measured by nonfarm jobs) to stop growing, the
rate will be cut from over 5% to less than 2%
this year and next.
There is a distinct possibility that the recent
slowdown could turn into a recession (a contraction in the overall economy). It’s also possible that
we are already in one and just don’t know it yet. If
recession is avoided – and that’s the best bet at
this juncture – we’re still looking at a period with
the slowest growth since the last recession that
ended in November of 2001. ■

EXHIBIT 5
Job Growth Is Finally Headed South
Nonfarm Job Growth, Arizona
Seasonally Adjusted Annual Rate, M/M, Smoothed
% change year ago

The recession in homebuilding and
the slowdown in sales
are finally beginning to affect labor markets.

F O R E C A S T
Arizona
Personal Income ($ mill)
percent change
Wage per Employee
percent change
Aggregate Retail Sales ($ mill)*
percent change
Population (000s, mid-year)
percent change
Residential Permits
percent change
Non Farm Employment (000s)
percent change
Goods-Producing
percent change
Service-Providing
percent change
Trade, Trans., & Utilities
percent change
Prof. & Business Services
percent change
Leisure & Hospitality
percent change
Government
percent change
Phoenix-Mesa Metro Area
Personal Income ($ mill)
percent change
Wage per Employee
percent change
Aggregate Retail Sales ($ mill)*
percent change
Population (000s, mid-year)
percent change
Residential Permits
percent change
Non Farm Employment (000s)
percent change
Goods-Producing
percent change
Service-Providing
percent change
Trade, Trans., & Utilities
percent change
Prof. & Business Services
percent change
Leisure & Hospitality
percent change
Government
percent change
Tucson Metro Area
Personal Income ($ mill)
percent change
Wage per Employee
percent change
Aggregate Retail Sales ($ mill)*
percent change
Population (000s, mid-year)
percent change
Residential Permits
percent change
Non Farm Employment (000s)
percent change
Goods-Producing
percent change
Service-Providing
percent change
Trade, Trans., & Utilities
percent change
Prof. & Business Services
percent change
Leisure & Hospitality
percent change
Government
percent change

T A B L E S

2005
179,114.0
8.9
39,837
4.5
74,813.0
13.5
6,045.0
3.4
85,857
0.1
2,503.2
5.1
408.7
8.4
2,094.5
4.5
488.2
5.5
366.3
8.2
252.2
4.3
403.3
1.0

2006
196,226.8
9.6
41,946
5.3
81,380.0
8.8
6,254.0
3.5
55,760
-35.1
2,636.8
5.3
441.0
7.9
2,196.0
4.8
511.5
4.8
396.5
8.2
265.0
5.1
410.6
1.8

2007
207,272.3
5.6
43,240
3.1
86,092.4
5.8
6,466.2
3.4
30,944
-44.5
2,682.7
1.7
418.5
-5.1
2,264.4
3.1
517.4
1.2
412.0
3.9
273.7
3.3
421.9
2.7

2008
218,401.6
5.4
44,601
3.1
90,224.3
4.8
6,642.3
2.7
42,000
35.7
2,722.7
1.5
408.8
-2.3
2,314.0
2.2
522.3
1.0
416.4
1.1
282.5
3.2
429.5
1.8

2009
235,306.1
7.7
46,384
4.0
95,649.0
6.0
6,837.0
2.9
70,643
68.2
2,810.0
3.2
408.6
0.0
2,401.5
3.8
545.1
4.4
431.9
3.7
295.0
4.4
438.3
2.0

2010
258,216.3
9.7
48,403
4.4
102,777.5
7.5
7,050.1
3.1
87,718
24.2
2,953.5
5.1
442.1
8.2
2,511.7
4.6
576.8
5.8
456.7
5.7
307.9
4.4
449.5
2.6

2011
283,437.5
9.8
50,585
4.5
110,585.0
7.6
7,289.4
3.4
97,438
11.1
3,104.0
5.1
475.6
7.6
2,628.5
4.7
610.0
5.8
486.2
6.5
320.2
4.0
459.9
2.3

126,066.1
9.0
45,670
3.5
52,025.1
14.7
3,895.2
3.7
62,617
-4.0
1,788.0
6.2
300.9
9.2
1,487.1
5.6
366.4
7.6
296.9
8.4
169.7
4.8
225.5
2.1

138,531.9
9.9
47,970
5.0
56,670.6
8.9
4,043.7
3.8
40,527
-35.3
1,883.2
5.3
322.9
7.3
1,560.3
4.9
379.6
3.6
316.5
6.6
180.9
6.6
230.0
2.0

148,080.6
6.9
49,569
3.3
59,986.4
5.9
4,171.9
3.2
23,867
-41.1
1,935.9
2.8
305.9
-5.3
1,630.0
4.5
388.7
2.4
340.7
7.6
185.8
2.7
235.7
2.5

156,569.5
5.7
51,410
3.7
62,912.5
4.9
4,294.1
2.9
30,134
26.3
1,961.6
1.3
288.2
-5.8
1,673.4
2.7
397.1
2.2
349.7
2.6
191.8
3.2
240.4
2.0

168,026.2
7.3
53,501
4.1
67,310.0
7.0
4,430.2
3.2
47,425
57.4
2,011.3
2.5
286.2
-0.7
1,725.2
3.1
411.7
3.7
355.0
1.5
200.4
4.5
246.4
2.5

184,308.0
9.7
55,653
4.0
73,326.3
8.9
4,594.0
3.7
66,923
41.1
2,113.4
5.1
313.6
9.6
1,799.9
4.3
432.3
5.0
368.4
3.8
209.8
4.7
254.2
3.2

204,182.7
10.8
57,907
4.1
80,287.7
9.5
4,779.1
4.0
83,528
24.8
2,247.4
6.3
350.9
11.9
1,896.6
5.4
457.2
5.8
396.5
7.6
218.7
4.2
262.1
3.1

26,154.7
5.9
38,327
3.8
10,984.9
10.9
957.6
2.8
11,913
14.4
365.0
1.4
55.4
3.1
309.6
1.1
59.0
1.9
45.5
4.9
39.4
0.8
77.4
-3.2

28,359.9
8.4
39,782
3.8
11,659.8
6.1
988.4
3.2
8,340
-30.0
382.3
4.8
58.6
5.8
323.7
4.6
61.6
4.3
48.8
7.1
42.3
7.2
78.2
1.1

30,200.2
6.5
41,270
3.7
12,294.5
5.4
1,013.4
2.5
6,001
-28.1
390.9
2.2
57.1
-2.6
333.8
3.1
62.8
2.0
52.5
7.6
43.3
2.5
79.3
1.3

31,907.7
5.7
42,735
3.5
12,776.7
3.9
1,036.4
2.3
9,412
56.8
395.1
1.1
55.4
-2.9
339.7
1.8
64.0
2.0
53.4
1.8
44.5
2.7
80.4
1.4

34,457.7
8.0
44,281
3.6
13,463.6
5.4
1,063.2
2.6
10,970
16.5
406.9
3.0
57.5
3.7
349.4
2.9
66.1
3.3
54.1
1.2
46.4
4.2
81.9
1.9

37,379.9
8.5
46,007
3.9
14,264.0
5.9
1,091.8
2.7
11,736
7.0
422.3
3.8
60.7
5.7
361.6
3.5
68.3
3.4
56.3
4.1
48.4
4.2
83.6
2.0

40,093.0
7.3
47,899
4.1
14,980.1
5.0
1,118.6
2.5
10,976
-6.5
433.6
2.7
61.7
1.7
371.9
2.8
70.2
2.7
59.0
4.8
50.0
3.3
84.7
1.3

* Aggregate Retail Sales includes retail, food, restaurant & bars and gasoline sales.
Source: Economic and Business Research Center, Eller College of Management, The University of Arizona
www.ebr.eller.arizona.edu

5.

The Role of Arizona
Cities and Towns in
the State’s Economy
By Tanis J. Salant, D.P.A.,
Alberta Charney, Ph.D.,
Marshall J. Vest, Director,
Economic and Business Research Center
This article is a summary of a report which was
prepared for The League of Arizona Cities and
Towns in October 2006. The complete report is
available at http://ebr.eller.arizona.edu/research/
Role_of_Arizona_Cities&Towns.pdf
Arizona’s economic surge in 2005 went into the
record books as the largest in state history. That
surge was reflected in tax revenues worth $11.3
billion to state coffers. What role did Arizona’s
cities and towns play in Arizona’s record-setting
economic output? Gross Metropolitan Product
(GMP) is a term used to measure economic activity in metro areas in the United States. In the
2005 “State of the State Report: Arizona,” statistics illustrate that Arizona’s five metro areas—Flagstaff, Phoenix-Mesa-Scottsdale, Prescott,
Tucson, and Yuma—-produced 92.2 percent of
Arizona’s Gross State Product (GSP), far higher
than the average of 86.3 percent in 26 other
states.
This article describes the roles that cities and
towns played in Arizona’s economy in fiscal year
2004-2005. It reviews data on population, jobs,
state transaction privilege taxes and income taxes
generated within municipal boundaries, and
describes features and policies of Arizona’s municipalities that are crucial to attracting, retaining
and creating jobs, businesses and firms.

6.

State Budget Revenues
Gross revenues collected by the state for FY
2004-2005 totaled $8.9 billion. (This figure
excludes gross revenues from corporate income
taxes, transaction privilege taxes [TPT] collected
for cities and towns, and revenue collected from
the 0.6 percent TPT dedicated to education. Total
state gross revenues were actually $11.3 billion.)
The major sources of revenue for the state’s budget were the 5 percent TPT (excluding the .6 percent earmarked for education) and individual
income tax. Those two taxes comprised $8.45 billion, or 95 percent of all state revenues. Income
generation and consumption patterns are key
indicators of the vitality of a state’s economy from
year to year, and tax revenues generated by both
economic activities reveal how important income
and consumption are to a state’s budget.
The population of the state of Arizona in 2005
was estimated to be 6,044,985. The combined
populations of Arizona’s 89 cities and towns (the
town of Star Valley had not yet incorporated)
totaled 4,987,312. Arizona residents residing in

municipalities comprised 82.5 percent of the
state’s total population. An even greater percentage of Arizona’s non farm employed (excludes
unemployed) resides—-and files taxes—-within city
and town boundaries as well, 88 percent. Further,
Arizona collected $3.75 billion in income tax revenues in FY 2004-2005 (excluding corporate
income taxes) and 91.4 percent, or $84.1 billion,
was generated in cities and towns. By using the
most recent year for which income taxes by cities
and towns have been reported is calendar year
2000. Making the assumption that the percentage
of revenues from cities and towns has remained
stable since 2000, the state collected $3.75 billion
in income tax in FY 2004-2005 we can assume
that 91.4 percent was generated in cities and
towns, or $3.43 billion
Arizona’s net taxable sales (TPT, use and severance tax) in FY 2004-2005 were $93.1 billion. Total
tax collections were $4.635 billion, or just under 5
percent of taxable sales. In an earlier report, we
calculated that the sales tax base for municipalities
was approximately 93 percent that of the state tax

TABLE 1
Cities and Towns and State Tax Revenues FY 2004-2005
State
total
Population
Non Farm Employment
Income Tax
Urban Revenue Sharing
Transaction Privilege Tax
TPT Sharing

6,044,985
2,796,633
$3.75 billion
$4.66 billion

Cities and Towns
share
% of State
4,987,312
2,471,580
$3.43 billion
$373.1 million
$4.34 billion
$376.2 million

Source: Arizona Department of Revenue 2005 Annual Report; Arizona Department of Economic Security.

Income generation and consumption patterns
are key indicators of the vitality
of a state’s economy from year to year.

82.5%
88.0%
91.4%
93.0%

base, and thus $4.34 billion in state sales tax collections were generated in cities and towns.

The Role of Cities and Towns in
Tax Generation
Table 1 presents the findings of the contribution
of cities and towns to the state’s economy and
budget. With 82 percent of the state’s population
and 88 percent of the jobs, cities and towns
produce 91.4 percent of gross income and 91.4
percent of state income taxes. They contain 93
percent of taxable sales and produce 93 percent
of TPT revenues. In those two taxes alone, cities
and towns sent $7.77 billion to state coffers.
Through two revenue sharing programs, Arizona
then returned to cities and towns a total of
$749.3 million, about 8.4 percent of total state
revenues ($8.9 billion) in 2005.

How Cities and Towns Contribute to
the State’s Economy
Arizona’s municipalities are clearly the
economic engines of the state. Local officials
understand that developing and nurturing robust
economies is a critical responsibility—-if not the
most important—-of their governance mission.
Arizona’s cities and towns—-from the city of
Phoenix to the town of Jerome—-dedicate
precious resources to creating vibrant economies.
Basic services are a prerequisite for healthy local
economies and for companies considering
relocating to a particular city or town. Provided
effectively, they form the essential foundation for
economic success. Without them, a local
economy would flounder and eventually dry up.
A survey was distributed by mail to each city and
seeking to learn what services, both basic and
optional, were considered important with respect
to developing and sustaining a healthy local
economy. Table 2 lists basic and optional services
considered essential by municipal officials.

TABLE 2
Basic and Optional Services and Tools Vital to Economic Development
Basic Services

Optional Services and Tools

Police
Fire

Free pre-development meetings on project design
and site development

Water

Expedient plan review

Sewer

Full-time economic development specialist

Wastewater treatment

Funding the chamber of commerce

Airport

Funding the regional economic

Traffic circulation system

development organization

ISO rating of “3”

Funding the convention and visitors bureau

Parks and recreation

Departments of planning, development,
building review

Snow removal
Street sweeping
Libraries
High quality of life

Main Street Program
Cultural arts programs
Long-range planning
Sales tax rebates
Technical assistance for start-up small businesses
Maps and plans
Business and development outreach
Public art
Pro-active business development climate
Department of economic development
Small business resource center
Urban planning and design
Workforce development
Parks, recreation and pools

In Arizona, 92.2 percent of Arizona’s
Gross State Product is produced
in the state’s five major metro areas alone.

7.

Services to encourage economic growth require
direct expenditures or result in a reduction of revenues. While basic services consume the majority
of municipal budgets (all funds, but especially the
general fund), optional economic development
activities are not cheap.

Conclusions
Cities and towns are the engines of economic
growth throughout the U.S. and particularly in
Arizona. In Arizona, 92.2 percent of Arizona’s
Gross State Product is produced in the state’s five
major metro areas alone. This is an astoundingly
high percentage, considering that only 86.3 percent of the U.S. Gross Domestic Product is produced in metropolitan areas of the U.S.
Through the Urban Revenue Sharing and stateshared sales tax programs, cities and towns get
back a relatively small 11 percent of state income
tax revenues and 8.6 percent of state Transaction
Privilege Tax revenues that they contribute. These
state tax revenues (income and TPT) returned to
them represent a small portion of state revenues
but finance a big portion—-if not all—-of direct
economic activities.
In order to be the growth engines of the state,
local communities incur major expenses to attract,
retain and expand businesses. First and foremost,
they have to provide quality basic services. Basic
services appear to be just as important to economic health as specific economic development
services from the perspective of municipal officials
involved in economic development. A strong public service foundation is necessary and, rightly so,
is taken for granted by existing businesses and
assumed by business prospects. Certain types of
local programs, such as parks and recreation, are
often referred to as discretionary. However, they
are an important part of the quality of life in communities, a factor that can contribute to lower
crime rates and that is an inherent part of the

8.

With 82 percent of the

Basic services are a

state’s population and 88

prerequisite for healthy

percent of the jobs, cities

local economies and for

and towns produce 91.4

companies considering

percent of gross income

relocating to a particular

and 91.4 percent of state
income taxes. They

city or town. Provided
effectively, they form the

contain 93 percent of
essential foundation for
taxable sales and produce
economic success.

93 percent of TPT revenues.

package that businesses and their workers expect.
In addition, cities and towns fund a wide variety
of services that are directly geared to economic
development. A wide spectrum of economic development activities and tools are utilized by cities
and towns to support, promote, retain, expand and
attract businesses. These include programs such
as technical assistance for start-up small businesses, funding for regional economic development
organizations, funding for chambers of commerce,
and incentive policies, such as reductions in
impact fees and local sales tax rebates. Most cities
and towns play major roles in their own growth
and development and, therefore, in the state’s

growth and development.
It appears that Arizona’s cities and towns are
good investments for both the state and the
business communities. The adage of the 21st
century, “think globally, act locally,” exemplifies
the importance of local communities in a global
economy as the world flattens. Thriving local
economies reduce the costs of municipal (and
state) government in the long run, as fewer
residents require the services of the Department of
Economic Security, AHCCCS, or the Department of
Health. State policies that strengthen
municipalities are a good investment and result in
substantial increases to the state treasury. ■

In order to be the growth engines of the state,
local communities incur major expenses
to attract, retain and expand businesses.

A R I Z O N A E C O N O M I C
I N D I C A T O R S

APACHE COUNTY
Civilian Labor Force, ADES
Employment
Unemployment
Unemployment Rate (%)
Employees on Nonagricultural Payrolls, ADES
Total
Total Private
Goods-Producing
Service-Providing
Trade, Transportation, and Utilities
Other Private Service-Providing
Government
Federal Government
State and Local Government
Sales ($000s) ADOR
Gross Retail
Retail
Restaurants & Bars
Gasoline, EBR
Gallons (000s) ADOT
Contracting
Hotel/Motel
NAVAJO COUNTY
Civilian Labor Force, ADES
Employment
Unemployment
Unemployment Rate (%)
Employees on Nonagricultural Payrolls, ADES
Total
Total Private
Goods-Producing
Mining and Construction
Manufacturing
Service-Providing
Trade, Transportation, and Utilities
Information
Financial Activities
Professional and Business Services
Educational and Health Services
Leisure and Hospitality
Other Services
Government
Federal Government
State and Local Government
Sales ($000s) ADOR
Gross Retail
Retail
Restaurants & Bars
Gasoline, EBR
Gallons (000s) ADOT
Contracting
Hotel/Motel
New Housing Units Authorized, Census C-40
Total Units
Single Family Units

% change versus year ago
for most recent:
month
12-months

SEP
2006

OCT
2006

NOV
2006

DEC
2006

JAN
2007

20,275
18,275
2,000
9.9

20,150
18,250
1,900
9.4

19,400
17,550
1,850
9.5

19,625
17,675
1,950
9.9

19,750
17,600
2,150
10.9

0.0
-1.7
16.2
16.2

0.6
0.8
-1.2
-1.7

20,225
7,325
850
19,375
1,925
4,550
12,900
3,325
9,575

20,350
7,375
900
19,450
1,975
4,500
12,975
3,300
9,675

19,350
7,275
900
18,450
2,000
4,375
12,075
3,250
8,825

19,650
7,050
800
18,850
1,900
4,350
12,600
3,225
9,375

19,550
7,025
800
18,750
1,850
4,375
12,525
3,175
9,350

-1.9
2.2
14.3
-2.5
1.4
0.6
-4.0
1.6
-5.8

0.9
2.5
-5.1
1.2
0.9
4.8
0.0
2.6
-0.8

13,374
6,922
1,122
5,331
2,266
8,867
1,475

11,097
5,036
1,030
5,031
2,345
9,355
1,220

10,432
6,029
622
3,780
1,727
3,610
621

12,108
7,174
639
4,295
1,850
4,320
727

...
...
...
...
...
...
...

-9.1
2.4
-24.8
-21.5
-27.0
-45.1
-19.6

0.8
4.0
-3.8
-1.8
-10.7
-18.1
1.3

38,325
35,675
2,650
6.9

37,700
35,075
2,625
7.0

37,375
34,825
2,550
6.8

37,300
34,625
2,675
7.2

36,875
33,900
2,975
8.1

-0.3
-0.7
4.4
4.7

1.1
1.7
-6.2
-7.2

30,500
20,400
4,200
3,275
925
26,300
6,250
850
650
1,150
3,375
3,150
775
10,100
1,775
8,325

30,050
19,975
4,200
3,275
925
25,850
6,250
825
650
1,100
3,375
2,800
775
10,075
1,650
8,425

29,775
19,750
4,100
3,200
900
25,675
6,350
825
650
1,025
3,425
2,600
775
10,025
1,600
8,425

29,825
19,650
4,075
3,200
875
25,750
6,250
825
675
1,025
3,425
2,625
750
10,175
1,600
8,575

29,150
19,350
4,000
3,125
875
25,150
6,200
850
650
1,050
3,375
2,500
725
9,800
1,525
8,275

-0.3
2.4
8.1
13.6
-7.9
-1.6
4.2
9.7
4.0
-10.6
4.7
-6.5
-6.5
-5.3
-3.2
-5.7

2.0
5.0
8.6
10.8
2.1
1.1
9.9
6.3
6.1
2.4
2.0
-1.4
-7.3
-3.3
1.1
-4.2

95,081
68,510
9,284
17,287
7,349
21,013
3,547

80,196
62,153
7,247
10,796
5,033
21,532
2,824

81,163
65,369
6,448
9,346
4,270
19,714
2,495

89,552
71,645
7,145
10,761
4,635
21,679
2,357

...
...
...
...
...
...
...

2.5
2.7
7.5
-1.9
-8.8
-9.2
9.6

9.2
11.4
13.0
-2.9
-11.0
18.5
8.1

44
40

46
46

32
32

30
30

28
26

-44.0
-43.5

-20.1
-19.8

See sources and abbreviations at the bottom of page 16. • For additional detail and history, subscribe to Arizona Economic Indicators Data Book.
www.ebr.eller.arizona.edu

9.

A R I Z O N A E C O N O M I C
I N D I C A T O R S

GRAHAM COUNTY
Civilian Labor Force, ADES
Employment
Unemployment
Unemployment Rate (%)
Employees on Nonagricultural Payrolls, ADES
Total
Total Private
Goods-Producing
Service-Providing
Trade, Transportation, and Utilities
Other Private Service-Providing
Government
Federal Government
State and Local Government
Sales ($000s) ADOR
Gross Retail
Retail
Restaurants & Bars
Gasoline, EBR
Gallons (000s) ADOT
Contracting

COCONINO COUNTY
Civilian Labor Force, ADES
Employment
Unemployment
Unemployment Rate (%)
Employees on Nonagricultural Payrolls, ADES
Total
Total Private
Goods-Producing
Mining and Construction
Manufacturing
Service-Providing
Trade, Transportation, and Utilities
Information
Financial Activities
Professional and Business Services
Educational and Health Services
Leisure and Hospitality
Other Services
Government
Federal Government
State and Local Government
Sales ($000s) ADOR
Gross Retail
Retail
Restaurants & Bars
Gasoline, EBR
Gallons (000s) ADOT
Contracting
Hotel/Motel
New Housing Units Authorized, Census C-40
Total Units
Single Family Units

OCT
2006

NOV
2006

DEC
2006

JAN
2007

13,800
13,150
650
4.7

14,050
13,425
625
4.4

14,100
13,475
625
4.4

14,050
13,425
625
4.4

13,975
13,275
700
5.0

13.8
14.7
0.0
-12.2

10.2
11.4
-9.0
-17.3

8,225
5,375
900
7,325
1,675
2,800
2,850
425
2,425

8,550
5,625
1,050
7,500
1,675
2,900
2,925
425
2,500

8,575
5,650
1,100
7,475
1,675
2,875
2,925
400
2,525

8,700
5,775
1,150
7,550
1,700
2,925
2,925
400
2,525

8,525
5,800
1,175
7,350
1,675
2,950
2,725
400
2,325

14.4
17.8
74.1
8.5
8.1
9.3
7.9
23.1
5.7

11.0
12.8
48.6
7.7
12.7
5.0
7.7
29.3
4.6

22,763
18,701
1,883
2,179
926
3,736

22,617
18,365
2,096
2,157
1,006
3,066

22,769
18,624
2,112
2,034
929
4,379

28,207
23,454
2,275
2,478
1,067
6,160

...
...
...
...
...
...

24.5
23.4
31.9
28.9
19.9
48.9

25.0
28.2
15.9
9.9
0.4
44.0

70,700
67,900
2,800
4.0

70,200
67,400
2,800
4.0

69,400
66,700
2,700
3.9

67,800
64,800
3,000
4.4

66,700
63,300
3,400
5.1

1.5
1.6
0.0
-1.5

2.5
3.0
-7.0
-9.2

66,200
46,100
7,500
3,800
3,700
58,700
10,000
500
1,800
3,400
7,200
13,700
2,000
20,100
3,000
17,100

66,000
45,700
7,400
3,700
3,700
58,600
9,900
500
1,800
3,400
7,200
13,500
2,000
20,300
2,900
17,400

65,200
44,900
7,300
3,600
3,700
57,900
10,000
500
1,800
3,300
7,200
12,900
1,900
20,300
2,700
17,600

63,400
44,300
7,200
3,500
3,700
56,200
10,000
500
1,800
3,300
7,200
12,400
1,900
19,100
2,700
16,400

62,000
43,000
7,200
3,400
3,800
54,800
9,600
500
1,700
3,200
7,100
11,800
1,900
19,000
2,600
16,400

2.6
3.6
5.9
0.0
11.8
2.2
2.1
25.0
6.3
3.2
0.0
4.4
5.6
0.5
-7.1
1.9

3.5
3.7
9.1
8.2
10.1
2.8
2.8
5.3
2.9
-0.7
0.9
4.6
1.8
2.9
-4.7
4.3

160,401
105,927
31,153
23,322
9,914
33,059
22,946

136,895
87,776
29,865
19,255
8,976
39,410
19,804

127,123
86,741
23,476
16,906
7,724
31,555
12,384

143,409
100,650
24,531
18,227
7,851
34,353
11,709

...
...
...
...
...
...
...

5.6
2.5
17.3
8.9
1.2
-4.2
11.2

8.0
7.0
12.1
7.2
-2.5
21.7
5.9

72
72

79
79

27
27

39
39

35
33

-47.8
-50.7

-9.8
-15.6

See sources and abbreviations at the bottom of page 16. • For additional detail and history, subscribe to Arizona Economic Indicators Data Book.
10.

% change versus year ago
for most recent:
month
12-months

SEP
2006

A R I Z O N A E C O N O M I C
I N D I C A T O R S

GREENLEE COUNTY
Civilian Labor Force, ADES
Employment
Unemployment
Unemployment Rate (%)
Employees on Nonagricultural Payrolls, ADES
Total
Total Private
Goods-Producing
Service-Providing
Trade, Transportation, and Utilities
Other Private Service-Providing
Government
Federal Government
State and Local Government
Sales ($000s) ADOR
Gross Retail
Retail
Restaurants & Bars
Gasoline, EBR
Gallons (000s) ADOT
Contracting
Hotel/Motel*

% change versus year ago
for most recent:
month
12-months

SEP
2006

OCT
2006

NOV
2006

DEC
2006

JAN
2007

3,950
3,800
150
3.8

4,025
3,875
150
3.7

4,025
3,875
150
3.7

4,000
3,875
125
3.1

4,000
3,825
175
4.4

14.3
14.2
16.7
2.1

10.6
11.5
-9.0
-17.6

4,650
4,125
3,325
1,325
325
475
525
50
475

4,725
4,200
3,375
1,350
325
500
525
50
475

4,725
4,200
3,375
1,350
325
500
525
50
475

4,600
4,100
3,350
1,250
325
425
500
25
475

4,625
4,125
3,375
1,250
325
425
500
25
475

20.1
23.1
27.4
4.2
18.2
0.0
0.0
0.0
0.0

16.4
19.1
19.1
10.0
6.7
29.3
-1.2
5.6
-1.8

9,684
8,978
246
460
196
5,680
687

10,126
9,271
240
615
287
7,787
631

-50,322
-51,196
284
589
269
7,215
1,119

9,611
8,747
239
625
269
9,425
407

...
...
...
...
...
...
...

12.4
11.8
12.8
20.5
12.1
197.1
-14.7

-36.9
-42.4
10.2
14.9
4.8
285.1
36.4

97,900
94,000
3,900
4.0

97,700
93,900
3,800
3.9

97,900
94,200
3,700
3.8

96,700
93,100
3,600
3.7

95,400
91,000
4,400
4.6

3.7
3.5
7.3
3.5

5.7
6.1
-3.8
-8.9

65,400
53,800
13,300
9,400
3,900
52,100
12,400
600
2,400
5,200
9,400
8,400
2,100
11,600
1,300
10,300

65,300
53,500
13,200
9,300
3,900
52,100
12,300
600
2,400
5,100
9,600
8,200
2,100
11,800
1,300
10,500

65,600
53,900
13,100
9,200
3,900
52,500
12,700
600
2,500
5,200
9,500
8,200
2,100
11,700
1,200
10,500

65,300
53,800
13,100
9,200
3,900
52,200
12,600
600
2,500
5,100
9,600
8,200
2,100
11,500
1,200
10,300

63,500
52,300
12,700
8,900
3,800
50,800
12,400
600
2,400
5,000
9,200
8,000
2,000
11,200
1,200
10,000

4.1
3.8
3.3
4.7
0.0
4.3
4.2
0.0
4.3
6.4
5.7
3.9
-9.1
5.7
9.1
5.3

6.9
7.3
9.0
11.2
4.3
6.4
6.2
0.0
8.6
8.4
7.3
6.4
6.3
4.9
1.4
5.3

173,641
132,190
22,338
19,112
8,125
78,850
8,287

173,208
133,830
23,208
16,171
7,539
64,514
9,629

174,205
138,711
21,249
14,245
6,508
66,564
6,853

198,314
156,196
23,976
18,142
7,814
73,048
6,657

...
...
...
...
...
...
...

-0.2
-4.5
18.9
21.0
12.5
-10.0
9.6

7.3
6.5
8.8
11.3
1.6
14.9
12.3

214
178

142
139

116
112

131
127

121
121

-51.2
-51.2

-32.3
-33.5

* Includes Graham County data.
YAVAPAI COUNTY
Civilian Labor Force, ADES
Employment
Unemployment
Unemployment Rate (%)
Employees on Nonagricultural Payrolls, ADES
Total
Total Private
Goods-Producing
Mining and Construction
Manufacturing
Service-Providing
Trade, Transportation, and Utilities
Information
Financial Activities
Professional and Business Services
Educational and Health Services
Leisure and Hospitality
Other Services
Government
Federal Government
State and Local Government
Sales ($000s) ADOR
Gross Retail
Retail
Restaurants & Bars
Gasoline, EBR
Gallons (000s) ADOT
Contracting
Hotel/Motel
New Housing Units Authorized, Census C-40
Total Units
Single Family Units

See sources and abbreviations at the bottom of page 16. • For additional detail and history, subscribe to Arizona Economic Indicators Data Book.
www.ebr.eller.arizona.edu

11.

A R I Z O N A E C O N O M I C
I N D I C A T O R S

GILA COUNTY
Civilian Labor Force, ADES
Employment
Unemployment
Unemployment Rate (%)
Employees on Nonagricultural Payrolls, ADES
Total
Total Private
Goods-Producing
Service-Providing
Trade, Transportation, and Utilities
Other Private Service-Providing
Government
Federal Government
State and Local Government
Sales ($000s) ADOR
Gross Retail
Retail
Restaurants & Bars
Gasoline, EBR
Gallons (000s) ADOT
Contracting
Hotel/Motel
MOHAVE COUNTY
Civilian Labor Force, ADES
Employment
Unemployment
Unemployment Rate (%)
Employees on Nonagricultural Payrolls, ADES
Total
Total Private
Goods-Producing
Mining and Construction
Manufacturing
Service-Providing
Trade, Transportation, and Utilities
Information
Financial Activities
Professional and Business Services
Educational and Health Services
Leisure and Hospitality
Other Services
Government
Federal Government
State and Local Government
Sales ($000s) ADOR
Gross Retail
Retail
Restaurants & Bars
Gasoline, EBR
Gallons (000s) ADOT
Contracting
Hotel/Motel
New Housing Units Authorized, Census C-40
Total Units
Single Family Units

OCT
2006

NOV
2006

DEC
2006

JAN
2007

21,075
20,000
1,075
5.1

20,875
19,825
1,050
5.0

20,950
19,925
1,025
4.9

20,750
19,775
975
4.7

20,500
19,350
1,150
5.6

0.6
1.0
-6.1
-6.7

1.4
2.0
-9.7
-10.9

14,650
9,850
2,700
11,950
2,350
4,800
4,800
550
4,250

14,550
9,800
2,675
11,875
2,350
4,775
4,750
500
4,250

14,625
9,850
2,700
11,925
2,350
4,800
4,775
475
4,300

14,575
9,750
2,675
11,900
2,325
4,750
4,825
475
4,350

14,200
9,475
2,625
11,575
2,300
4,550
4,725
450
4,275

1.2
3.0
10.5
-0.6
2.2
-0.5
-2.1
0.0
-2.3

2.8
5.1
20.1
-0.3
3.9
-1.1
-1.5
1.2
-1.9

35,988
24,741
5,264
5,983
2,544
8,804
1,221

35,105
24,466
5,349
5,289
2,466
11,557
1,194

36,186
26,408
4,684
5,094
2,327
8,270
997

40,692
29,822
4,676
6,194
2,668
13,363
876

...
...
...
...
...
...
...

3.3
1.9
11.7
3.9
-3.4
38.0
-1.6

9.3
11.0
8.1
4.2
-5.4
25.0
6.7

92,575
88,625
3,950
4.3

91,750
87,675
4,075
4.4

92,550
88,525
4,025
4.3

92,100
88,000
4,100
4.5

93,150
88,225
4,925
5.3

2.4
1.7
18.7
15.8

4.2
4.1
4.8
0.6

55,650
47,275
11,675
7,675
4,000
43,975
11,550
1,025
2,675
3,800
7,150
6,825
2,575
8,375
525
7,850

55,175
46,700
11,400
7,425
3,975
43,775
11,475
1,025
2,625
3,750
7,250
6,575
2,600
8,475
500
7,975

55,650
47,100
11,325
7,475
3,850
44,325
11,775
1,050
2,650
3,900
7,300
6,500
2,600
8,550
475
8,075

55,575
47,050
11,200
7,350
3,850
44,375
11,725
1,025
2,675
3,875
7,300
6,650
2,600
8,525
500
8,025

55,425
46,875
11,250
7,350
3,900
44,175
11,500
1,025
2,650
3,775
7,250
6,775
2,650
8,550
500
8,050

1.7
0.7
-2.4
-1.7
-3.7
2.8
-1.5
5.1
12.8
-5.6
5.8
3.4
1.0
7.5
0.0
8.1

4.5
4.6
1.8
2.6
0.3
5.2
2.4
8.1
16.0
2.9
7.7
5.1
9.9
3.6
-3.5
4.1

155,069
115,052
17,577
22,441
9,540
56,434
4,407

157,513
119,107
17,497
20,910
9,748
54,534
3,743

163,061
128,104
15,847
19,111
8,731
46,715
2,821

186,419
145,502
18,689
22,229
9,575
53,184
2,681

...
...
...
...
...
...
...

2.5
1.2
17.6
-0.1
-7.1
1.0
-7.4

4.1
4.6
4.2
1.6
-7.4
11.9
6.1

120
112

125
99

121
92

140
130

128
118

-51.7
-50.2

-38.3
-46.5

See sources and abbreviations at the bottom of page 16. • For additional detail and history, subscribe to Arizona Economic Indicators Data Book.
12.

% change versus year ago
for most recent:
month
12-months

SEP
2006

A R I Z O N A E C O N O M I C
I N D I C A T O R S

LA PAZ COUNTY
Civilian Labor Force, ADES
Employment
Unemployment
Unemployment Rate (%)
Employees on Nonagricultural Payrolls, ADES
Total
Total Private
Goods-Producing
Service-Providing
Trade, Transportation, and Utilities
Other Private Service-Providing
Government
Federal Government
State and Local Government
Sales ($000s) ADOR
Gross Retail
Retail
Restaurants & Bars
Gasoline, EBR
Gallons (000s) ADOT
Contracting
Hotel/Motel
YUMA METROPOLITAN REGION
Civilian Labor Force, ADES
Employment
Unemployment
Unemployment Rate (%)
Employees on Nonagricultural Payrolls, ADES
Total
Total Private
Goods-Producing
Mining and Construction
Manufacturing
Service-Providing
Trade, Transportation, and Utilities
Information
Financial Activities
Professional and Business Services
Educational and Health Services
Leisure and Hospitality
Other Services
Government
Federal Government
State and Local Government
Sales ($000s) ADOR
Gross Retail
Retail
Restaurants & Bars
Gasoline, EBR
Gallons (000s) ADOT
Contracting
Hotel/Motel
New Housing Units Authorized, Census C-40
Total Units
Single Family Units

% change versus year ago
for most recent:
month
12-months

SEP
2006

OCT
2006

NOV
2006

DEC
2006

JAN
2007

7,900
7,450
450
5.7

7,700
7,275
425
5.5

7,750
7,350
400
5.2

7,850
7,425
425
5.4

7,925
7,425
500
6.3

2.9
3.1
0.0
-2.8

1.4
2.4
-12.2
-13.5

5,650
2,950
475
5,175
1,350
1,125
2,700
325
2,375

5,575
2,900
475
5,100
1,350
1,075
2,675
325
2,350

5,625
2,900
475
5,150
1,375
1,050
2,725
325
2,400

5,700
2,925
475
5,225
1,375
1,075
2,775
325
2,450

5,700
2,900
500
5,200
1,325
1,075
2,800
325
2,475

3.6
-4.1
5.3
3.5
0.0
-12.2
13.1
8.3
13.8

2.3
-1.8
14.0
1.3
1.1
-10.4
7.5
40.5
4.0

15,062
7,935
1,548
5,579
2,372
2,172
461

16,410
8,333
2,528
5,549
2,587
5,786
404

16,852
9,064
2,108
5,680
2,595
2,784
425

20,933
10,906
2,520
7,507
3,234
2,544
461

...
...
...
...
...
...
...

12.9
-2.1
20.5
41.3
31.4
-33.6
12.6

-3.3
-8.9
-4.5
7.2
-2.9
27.3
9.3

76,700
63,700
13,000
16.9

75,100
64,000
11,100
14.8

76,200
65,800
10,400
13.6

76,700
68,000
8,700
11.3

74,900
66,600
8,300
11.1

0.3
-0.4
6.4
6.1

1.6
2.7
-4.4
-5.9

50,900
36,300
7,600
5,200
2,400
43,300
9,600
1,200
1,500
3,600
6,000
5,300
1,500
14,600
3,300
11,300

51,700
36,900
7,600
5,300
2,300
44,100
9,800
1,200
1,600
3,600
6,100
5,400
1,600
14,800
3,300
11,500

53,200
38,200
7,900
5,300
2,600
45,300
10,400
1,200
1,600
3,600
6,200
5,700
1,600
15,000
3,400
11,600

55,100
40,300
8,300
5,200
3,100
46,800
11,700
1,300
1,600
3,600
6,300
5,900
1,600
14,800
3,300
11,500

53,900
39,800
8,200
5,100
3,100
45,700
11,400
1,300
1,600
3,500
6,400
5,800
1,600
14,100
3,300
10,800

-1.1
-1.5
-6.8
-5.6
-8.8
0.0
-2.6
18.2
0.0
-2.8
4.9
0.0
-5.9
0.0
3.1
-0.9

2.7
1.8
1.0
2.4
-1.8
3.0
1.9
8.3
0.0
3.8
1.4
1.5
0.5
5.0
6.3
4.7

124,369
96,618
13,293
14,458
6,146
46,284
3,716

136,578
105,212
14,593
16,773
7,820
36,956
4,522

153,906
124,655
15,691
13,560
6,196
42,515
4,211

191,987
153,165
18,225
20,596
8,872
31,983
3,870

...
...
...
...
...
...
...

3.5
2.6
6.6
7.7
0.2
-21.5
-0.1

5.9
5.9
8.7
3.5
-6.2
1.4
18.1

113
108

107
102

94
94

86
81

62
60

-56.3
-57.7

-34.4
-35.3

See sources and abbreviations at the bottom of page 16. • For additional detail and history, subscribe to Arizona Economic Indicators Data Book.
www.ebr.eller.arizona.edu

13.

A R I Z O N A E C O N O M I C
I N D I C A T O R S

SANTA CRUZ COUNTY
Civilian Labor Force, ADES
Employment
Unemployment
Unemployment Rate (%)
Employees on Nonagricultural Payrolls, ADES
Total
Total Private
Goods-Producing
Service-Providing
Trade, Transportation, and Utilities
Other Private Service-Providing
Government
Federal Government
State and Local Government
Sales ($000s) ADOR
Gross Retail
Retail
Restaurants & Bars
Gasoline, EBR
Gallons (000s) ADOT
Contracting
Hotel/Motel
New Housing Units Authorized, Census C-40
Total Units
Single Family Units
COCHISE COUNTY
Civilian Labor Force, ADES
Employment
Unemployment
Unemployment Rate (%)
Employees on Nonagricultural Payrolls, ADES
Total
Total Private
Goods-Producing
Mining and Construction
Manufacturing
Service-Providing
Trade, Transportation, and Utilities
Information
Financial Activities
Professional and Business Services
Educational and Health Services
Leisure and Hospitality
Other Services
Government
Federal Government
State and Local Government
Sales ($000) ADOR
Gross Retail
Retail
Restaurants & Bars
Gasoline, EBR
Gallons (000s) ADOT
Contracting
Hotel/Motel
New Housing Units Authorized, Census C-40
Total Units
Single Family Units

OCT
2006

NOV
2006

DEC
2006

JAN
2007

16,425
14,750
1,675
10.2

16,575
14,950
1,625
9.8

16,525
15,175
1,350
8.2

16,475
15,250
1,225
7.4

16,475
15,225
1,250
7.6

2.3
1.2
19.0
16.3

2.6
3.4
-6.3
-8.7

13,225
9,800
1,150
12,075
4,750
3,900
3,425
1,350
2,075

13,500
10,000
1,150
12,350
4,950
3,900
3,500
1,375
2,125

13,675
10,175
1,125
12,550
5,200
3,850
3,500
1,375
2,125

13,900
10,425
1,125
12,775
5,425
3,875
3,475
1,400
2,075

13,825
10,375
1,100
12,725
5,400
3,875
3,450
1,375
2,075

1.7
2.5
-2.2
2.0
0.5
6.9
-0.7
12.2
-7.8

4.1
5.6
12.5
3.3
1.0
10.1
-0.1
9.2
-5.1

38,345
28,873
3,946
5,526
2,349
8,942
779

39,865
31,146
4,304
4,415
2,058
11,972
963

47,006
38,055
4,237
4,713
2,153
10,279
911

66,023
54,876
4,519
6,628
2,855
12,444
934

...
...
...
...
...
...
...

12.7
14.6
-0.5
7.5
-0.1
39.0
-29.6

10.3
11.8
15.5
-0.7
-9.6
44.7
1.8

61
58

35
35

34
34

28
28

45
45

-64.8
-64.8

-7.8
-9.0

56,725
54,175
2,550
4.5

56,550
54,025
2,525
4.5

56,850
54,400
2,450
4.3

56,350
53,900
2,450
4.3

56,250
53,350
2,900
5.2

1.2
0.9
6.4
5.1

2.1
2.3
-2.4
-4.3

37,850
25,525
3,700
2,800
900
34,150
6,600
425
1,025
4,800
3,975
3,975
1,025
12,325
4,950
7,375

37,925
25,650
3,725
2,800
925
34,200
6,700
425
1,025
4,825
4,025
3,925
1,000
12,275
4,825
7,450

38,075
25,850
3,650
2,750
900
34,425
6,950
425
1,025
4,900
4,025
3,900
975
12,225
4,775
7,450

37,975
25,725
3,700
2,800
900
34,275
6,875
425
1,000
4,800
4,100
3,850
975
12,250
4,750
7,500

37,525
25,475
3,650
2,750
900
33,875
6,675
425
950
4,850
4,075
3,875
975
12,050
4,700
7,350

1.4
2.4
5.0
2.8
12.5
1.0
1.5
-5.6
-5.0
4.9
3.2
3.3
-7.1
-0.8
-4.6
1.7

2.7
3.4
4.0
5.4
-0.5
2.5
3.1
-3.2
1.4
10.1
0.4
0.9
0.6
1.1
-1.1
2.7

85,375
67,949
9,355
8,070
3,431
25,741
2,506

79,491
58,294
10,903
10,294
4,799
24,448
3,437

84,142
67,257
8,719
8,166
3,731
23,533
2,860

112,832
85,686
14,159
12,988
5,594
27,621
2,827

...
...
...
...
...
...
...

13.6
8.8
47.5
19.0
10.6
21.1
31.0

6.5
6.8
10.5
1.8
-7.6
28.6
6.7

57
57

63
63

36
36

38
38

28
28

-53.3
-53.3

-28.8
-28.5

See sources and abbreviations at the bottom of page 16. • For additional detail and history, subscribe to Arizona Economic Indicators Data Book.
14.

% change versus year ago
for most recent:
month
12-months

SEP
2006

A R I Z O N A E C O N O M I C
I N D I C A T O R S

TUCSON METROPOLITAN REGION (PIMA)
Civilian Labor Force (000s) ADES
Employment
Unemployment
Unemployment Rate, Seas. Adj. (%)
Employees on Nonagricultural Payrolls (000s) ADES
Total
Natural Resources and Mining
Construction
Manufacturing
Computer and Electronic Prod.
Aerospace Products and Parts
Wholesale Trade
Retail Trade
Transp., Warehousing, and Utilities
Information
Financial Activities
Professional and Business Services
Educational and Health Services
Arts, Entertainment, and Recreation
Accommodation
Food Svcs and Drinking Places
Other Services
Federal Government
State and Local Government
State and Local Government Education
Sales ($000s) ADOR
Aggregate Retail Sales
Retail
Food, EBR
Restaurants & Bars
Gasoline, EBR
Contracting
Hotel/Motel
New Housing Units Authorized, Census C-40 adjusted by EBR
Total Units
Single Family Units
2-5-plus Unit Structures
Housing Sales and Prices, TAR
Total Sales ($000s)
Total Units
Average Price ($)
Tucson International Airport, TAA
Total Passengers
Total Aircraft Movements

OCT
2006

NOV
2006

DEC
2006

JAN
2007

454.1
435.5
18.6
3.7

455.9
437.8
18.1
3.9

460.2
442.7
17.5
4.0

458.1
440.9
17.2
4.1

453.8
433.7
20.1
N/A

2.7
2.7
2.6
N/A

2.6
3.0
-6.9
N/A

384.0
1.6
29.1
29.1
4.3
11.8
9.4
42.7
9.2
6.9
17.3
49.5
53.9
5.4
7.3
27.5
15.8
10.4
68.9
42.8

387.4
1.6
29.2
29.2
4.3
11.8
9.4
43.6
9.1
6.8
17.5
50.2
54.2
5.4
7.6
27.8
16.1
10.3
69.4
43.4

389.7
1.7
29.0
27.8
4.2
10.5
9.5
45.4
9.2
6.7
17.6
50.5
54.0
5.9
7.7
28.2
16.3
10.4
69.8
43.7

391.0
1.7
28.7
27.9
4.2
10.6
9.6
45.9
9.3
6.6
17.8
50.8
54.3
5.8
7.8
28.4
16.2
10.4
69.8
43.8

383.3
1.7
28.1
27.8
4.1
10.6
9.5
43.6
9.1
6.5
17.4
50.5
54.2
5.9
7.9
28.4
16.3
10.4
66.0
39.9

3.2
21.4
6.8
-2.8
-8.9
-7.0
5.6
1.2
1.1
-13.3
4.2
6.8
5.0
15.7
6.8
4.4
5.2
4.0
0.5
-2.4

3.5
15.8
8.8
1.2
-7.6
0.7
8.1
2.9
2.0
-4.6
4.3
6.8
4.5
6.7
-1.7
3.0
8.0
1.3
-0.5
-3.3

896,763
595,369
129,366
110,099
61,929
219,326
20,945

916,932
579,459
134,905
137,653
64,915
217,135
28,917

981,599
669,434
137,287
112,335
62,543
211,142
30,552

1,194,196
856,342
138,186
126,624
73,045
227,551
27,736

...
...
...
...
...
...
...

3.3
2.0
2.9
8.4
10.3
9.8
13.1

6.0
6.7
5.1
8.6
-1.9
13.8
4.9

483
435
48

520
477
43

427
401
26

404
369
36

352
314
38

-55.3
-55.7
-52.5

-34.2
-32.6
-48.5

273,322
1,077
253,781

292,205
1,095
266,854

262,678
982
267,493

256,382
981
261,348

251,602
930
270,540

-2.6
-1.5
-1.2

-11.1
-15.5
4.8

299,914
19,496

357,124
20,235

357,276
23,981

355,122
21,561

351,381
22,818

1.6
-6.3

1.8
-7.0

IV
2005

I
2006

II
2006

III
2006

IV
2006

969.9
1.3
3.2
1.9
6.8

977.6
1.3
3.2
1.9
6.4

984.9
1.3
3.2
1.9
5.9

991.5
1.3
3.3
2.0
5.3

997.7
1.3
3.3
2.0
5.0

2.9
0.3
1.3
2.0
-27.1

3.1
-1.3
0.5
1.8
-5.5

26,987
18,691
2,132
122
5,161
5,146
27,825

27,569
19,119
2,191
123
5,271
5,247
28,200

28,136
19,522
2,242
125
5,390
5,341
28,568

28,651
19,874
2,287
126
5,506
5,432
28,897

29,085
20,146
2,322
127
5,613
5,521
29,150

7.8
7.8
9.0
4.3
8.8
7.3
4.8

8.4
8.7
10.1
4.7
9.1
7.7
5.2

TUCSON METROPOLITAN REGION (PIMA COUNTY) - QUARTERLY DATA

Demographics & Vital Statistics (000s, seas adj) ADHS & EBR
Population
Natural Increase
Births
Deaths
Net Migration
Personal Income by Source ($mil, SAAR) EBR
Total Personal Income
Earnings by Place of Work
Less: Contributions for Social Insurance
Plus: Adjustment for Residence
Plus: Dividends, Interest & Rents
Plus: Transfer Payments
Per Capita Personal Income ($, SAAR) EBR

% change versus year ago
for most recent:
month
12-months

SEP
2006

% change versus year ago
for most recent:
quarter
4-quarters

www.ebr.eller.arizona.edu

15.

A R I Z O N A E C O N O M I C
I N D I C A T O R S

PHOENIX-MESA METROPOLITAN REGION (MARICOPA AND PINAL)
Civilian Labor Force (000s) ADES
Employment
Unemployment
Unemployment Rate, Seas. Adj. (%)
Employees on Nonagricultural Payrolls (000s) ADES
Total
Natural Resources and Mining
Construction
Durable Goods
Fabricated Metal Products
Computer and Electronic Prod.
Aerospace Products and Parts
Non-Durable Goods
Wholesale Trade
Retail Trade
Utilities
Transportation and Warehousing
Information
Finance and Insurance
Real Estate, Rental, and Leasing
Professional and Business Services
Educational Services
Health Care and Social Assistance
Arts, Entertainment, and Recreation
Accommodation
Food Svcs and Drinking Places
Other Services
Federal Government
State and Local Government
State and Local Government Education
Sales ($000s) ADOR
Aggregate Retail Sales
Retail
Food, EBR
Restaurants & Bars
Gasoline, EBR
Contracting
Hotel/Motel
New Housing Units Authorized, Census C-40
Total Units
Single Family Units
2-4 Unit Structures
5-plus Unit Structures
Housing Sales and Prices, ARMLS
Total Sales ($000s)
Total Units
Average Price ($)
Phoenix Sky Harbor International Airport, PSHIA
Total Passengers
Total Aircraft Movements

SEP
2006

OCT
2006

2,034.3
1,961.0
73.3
3.2

% change versus year ago
for most recent:
month
12-months

NOV
2006

DEC
2006

JAN
2007

2,042.2
1,971.1
71.1
3.4

2,060.5
1,991.9
68.6
3.5

2,059.9
1,991.4
68.5
3.6

2,055.0
1,973.9
81.1
N/A

4.8
4.9
2.4
N/A

4.8
5.4
-8.4
N/A

1,912.1
2.8
190.4
113.3
15.0
41.2
14.8
27.3
87.9
225.9
8.7
56.1
32.7
115.6
39.5
324.8
32.9
164.9
24.0
27.6
127.4
73.8
22.0
214.5
113.3

1,933.1
2.8
192.6
113.2
15.2
41.1
14.7
27.2
88.4
229.3
8.7
56.2
32.6
116.4
40.5
329.7
33.1
165.2
24.6
28.1
129.6
74.1
21.7
219.1
116.5

1,948.4
2.8
191.8
112.8
15.2
40.7
14.8
27.2
88.9
238.5
8.7
56.1
32.3
116.3
40.8
331.8
33.6
165.5
25.0
29.0
130.9
74.3
22.1
220.0
117.7

1,959.1
2.8
190.8
112.6
15.5
40.6
14.7
27.2
89.2
242.9
8.8
56.4
31.9
117.0
41.4
335.4
33.6
165.8
25.6
29.0
131.8
74.8
22.3
219.8
118.2

1,928.5
2.9
187.4
112.6
N/A
40.4
14.6
26.6
88.7
235.4
8.6
55.5
31.3
116.6
41.0
329.2
33.5
165.2
25.0
28.8
131.5
75.5
21.8
211.4
109.5

5.4
16.0
8.8
1.2
5.4
-0.2
-0.7
-0.7
4.7
5.5
3.6
0.5
-5.4
4.3
5.7
8.7
7.0
4.6
10.6
2.1
5.5
7.1
0.0
4.8
6.7

5.9
23.3
12.2
3.2
5.2
3.3
-1.0
-0.5
5.0
5.3
5.6
2.1
-1.8
4.5
5.8
8.1
7.2
5.6
8.0
3.3
6.1
10.3
-0.1
2.8
15.4

4,504,595
3,044,918
593,926
523,086
342,665
1,511,280
90,433

4,493,650
2,931,712
619,359
618,041
324,536
1,351,888
121,734

4,727,272
3,218,660
630,293
550,358
327,962
1,300,914
133,730

5,720,785
4,130,774
634,419
591,120
364,471
1,688,962
104,817

...
...
...
...
...
...
...

2.6
0.3
7.2
6.8
18.0
17.0
2.4

8.6
7.7
9.5
10.6
13.1
22.6
6.8

2,707
2,083
28
596

2,158
1,662
100
396

2,031
1,911
41
79

2,395
2,148
124
123

2,709
2,564
33
112

-44.9
-28.6
-87.2
-89.5

-33.7
-34.1
-9.4
-35.5

1,772,257
5,423
326,804

1,794,554
5,371
334,119

1,632,869
4,691
348,085

1,653,122
4,816
343,256

1,381,429
3,909
353,397

-19.8
-22.6
3.6

-22.5
-29.9
10.1

3,041,533
43,777

3,367,020
45,845

3,412,552
45,067

3,407,513
45,899

3,375,510
46,081

2.0
-0.6

0.3
-2.4

SOURCES AND ABBREVIATIONS:
ADES: Arizona Department of Economic Security
ADHS: Arizona Department of Health Services
ADOR: Arizona Department of Revenue
ADOT: Arizona Department of Transportation
ARMLS: Arizona Regional Multiple Listing Service
ASPB: Arizona State Parks Board
BEA: Bureau of Economic Analysis, U.S. Department of Commerce

16.

BLS: Bureau of Labor Statistics,
U.S. Department of Labor
Census C-40: U.S. Census Bureau, U.S. Department of
Commerce
EBR: Economic & Business Research Center,
The University of Arizona
NPS: National Park Service, U.S. Department of the Interior

PSHIA: Phoenix Sky Harbor International Airport
SAAR: Seasonally adjusted at annual rates
TAA: Tucson Airport Authority
TAR: Tucson Association of Realtors
U.S. Bankruptcy Court: District of Arizona
USCBP: U.S. Customs and Border Protection,
U.S. Department of Homeland Security

A R I Z O N A E C O N O M I C
I N D I C A T O R S
IV
2005

I
2006

PHOENIX-MESA METROPOLITAN REGION (MARICOPA AND PINAL COUNTY) - QUARTERLY DATA
Demographics & Vital Statistics (000s, seas adj) ADHS & EBR
Population
3,953.3
3,990.7
Natural Increase
9.9
9.9
Births
16.4
16.4
Deaths
6.5
6.6
Net Migration
29.2
27.5
Personal Income by Source ($mil, SAAR) EBR
Total Personal Income
130,786
134,459
Earnings by Place of Work
106,310
109,825
Less: Contributions for Social Insurance
11,516
11,892
Plus: Adjustment for Residence
-74
-74
Plus: Dividends, Interest & Rents
19,289
19,562
Plus: Transfer Payments
16,777
17,039
Per Capita Personal Income ($, SAAR) EBR
33,083
33,693
ARIZONA - QUARTERLY DATA
Demographics & Vital Statistics (000s, seas adj) ADHS & EBR
Population
Natural Increase
Births
Deaths
Net Migration
Personal Income Derivation ($mil, SAAR) BEA & EBR
Total Personal Income
Earnings by Place of Work
Less: Contributions for Social Insurance
Plus: Adjustment for Residence
Plus: Dividends, Interest & Rents
Plus: Transfer Payments
Components of Earnings ($mil, SAAR) BEA & EBR
Wages and Salaries
Other Labor Income EBR
Proprietor’s Income
Farm
Nonfarm
Per Capita Personal Income ($, SAAR) EBR
Average Wage Per Employee, Annual Rate ($) EBR

% change versus year ago
for most recent:
quarter
4-quarters

II
2006

III
2006

IV
2006

4,026.2
9.9
16.5
6.6
25.6

4,059.5
10.0
16.7
6.7
23.3

4,091.7
10.1
16.9
6.7
22.0

3.5
3.0
3.2
3.4
-24.4

3.7
2.2
2.7
3.4
-9.1

137,384
112,267
12,160
-75
19,992
17,360
34,122

140,021
114,361
12,388
-76
20,411
17,711
34,492

142,264
115,994
12,561
-76
20,800
18,106
34,769

8.8
9.1
9.1
-2.3
7.8
7.9
5.1

9.9
10.7
10.7
-2.0
7.7
7.6
5.9

6,121.9
12.2
23.9
11.7
38.7

6,173.3
13.1
24.9
11.8
39.0

6,226.7
14.4
25.4
11.0
40.2

6,281.3
14.8
25.6
10.8
39.8

6,336.0
14.7
25.9
11.2
40.2

3.5
20.6
8.1
-4.9
4.1

3.5
12.5
6.2
-0.8
5.1

183,942
141,261
15,427
648
29,325
28,134

191,827
148,506
16,315
661
30,090
28,886

193,488
149,043
16,378
663
30,722
29,439

197,635
151,790
16,642
675
31,628
30,186

201,957
155,417
17,002
692
32,386
30,465

9.8
10.0
10.2
6.7
10.4
8.3

9.6
10.3
10.9
4.4
9.3
7.3

102,920
22,561
15,780
349
15,432
30,047
39,601

108,663
23,565
16,124
318
15,806
31,074
41,036

108,930
23,775
16,070
286
15,784
31,074
40,440

111,060
24,242
15,976
319
15,657
31,464
40,645

113,802
24,815
...
...
...
31,874
...

10.6
10.0
0.6
-19.0
1.1
6.1
2.4

10.9
9.9
6.1
-23.0
6.9
5.9
4.8

SEP
2006

OCT
2006

NOV
2006

DEC
2006

1,592,239
128,652
581,951
881,636
170,346
19,041
118,354
32,951

1,413,261
130,651
503,734
778,876
185,250
26,565
131,143
27,542

962,028
87,873
352,202
521,953
232,006
30,901
177,030
24,075

629,115
58,783
268,031
302,301
209,825
36,672
159,767
13,386

770,748
61,470
234,155
475,123
271,540
42,790
206,127
22,623

-17.0
-14.7
-10.9
-20.1
-3.2
-0.6
-2.0
-16.6

-1.9
-4.3
-2.5
-1.2
-2.0
-10.6
-1.4
5.4

594,983
1,611,054
690,701

574,105
1,671,874
733,551

754,349
2,028,830
752,152

729,319
2,239,147
760,662

643,143
1,927,787
730,888

1.9
4.6
-10.4

-2.8
1.5
-10.3

202.9
198.4

201.8
197.0

201.5
196.8

201.8
197.2

202.4
197.6

2.1
1.9

3.1
3.1

TRAVEL AND TOURISM - MONTHLY DATA

Visits to Parks & Other Recreational Areas, NPS & ASPB
Northern Arizona
Historical
Scenic
Water Based Recreation
Southern Arizona
Historical
Scenic
Water Based Recreation
International Border Crossings, USCBP
U.S. Citizens
Aliens
Vehicles
MEASURES OF INFLATION AND PRICES - MONTHLY DATA
Consumer Price Index (1982-1984=100) BLS
U.S. - All Urban
U.S. - Wage Earners

JAN
2007

% change versus year ago
for most recent:
month
12-months

See sources and abbreviations at the bottom of page 16. • For additional detail and history, subscribe to Arizona Economic Indicators Data Book.
www.ebr.eller.arizona.edu

17.

A R I Z O N A E C O N O M I C
I N D I C A T O R S

ARIZONA MONTHLY DATA
Civilian Labor Force (000s) ADES
Employment
Unemployment
Unemployment Rate, Seas. Adj. (%)
Employees on Nonagricultural Payrolls (000s) ADES
Total
Natural Resources and Mining
Construction
Durable Goods Manufacturing
Fabricated Metal Products
Computer and Electronic Prod.
Aerospace Products and Parts
Non-Durable Goods Manufacturing
Wholesale Trade
Retail Trade
Utilities
Transportation and Warehousing
Information
Finance and Insurance
Real Estate, Rental, and Leasing
Professional and Business Services
Educational Services
Health Care and Social Assistance
Arts, Entertainment, and Recreation
Accommodation
Food Svcs and Drinking Places
Other Services
Federal Government
State and Local Government
State and Local Government Education
Hours Worked Per Week, Manufacturing, ADES
Average Hourly Earnings ($) ADES
Construction
Manufacturing
Trade, Transportation, Utilities
Retail Trade
Wholesale Trade
Sales ($000s) ADOR
Aggregate Retail Sales
Retail
Food, EBR
Restaurants & Bars
Gasoline, EBR
Gallons (000s) ADOT
Utilities
Communications
Amusements
Rentals - Personal Property
Contracting
Mining - Metal, Oil & Gas
Hotel/Motel
New Housing Units Authorized, Census C-40
Total Units
Single Family Units
2-4 Unit Structures
5-plus Unit Structures
Bankruptcy Filings, U.S. Bankruptcy Court
Total
Chapter 7
Chapter 11
Chapter 13

SEP
2006

OCT
2006

3,004.7
2,877.9
126.8
4.0

DEC
2006

JAN
2007

3,010.5
2,888.7
121.8
4.1

3,033.7
2,916.4
117.3
4.1

3,028.0
2,912.3
115.7
4.1

3,014.6
2,880.6
134.0
4.2

4.0
4.0
3.6
-4.3

4.2
4.7
-7.1
-11.2

2,668.2
10.3
252.8
152.4
19.4
46.0
27.1
35.4
105.8
318.5
12.4
71.4
44.4
132.6
51.9
398.8
43.8
250.6
33.6
46.6
185.3
101.3
53.0
367.3
196.2
40.7

2,692.7
10.4
254.6
152.4
19.3
45.9
27.1
35.3
106.5
323.5
12.3
71.5
44.2
133.4
52.8
405.1
44.3
251.3
33.8
47.1
187.1
101.9
52.0
373.2
200.8
40.5

2,712.0
10.5
253.6
150.6
19.3
45.5
25.9
35.6
107.5
335.8
12.4
71.6
43.8
133.3
53.1
408.0
44.8
252.0
34.0
48.0
188.7
102.2
52.0
374.5
202.1
40.9

2,725.2
10.5
252.1
150.5
19.6
45.3
25.9
36.1
109.2
341.1
12.5
71.8
43.4
134.1
54.0
412.1
44.7
252.4
34.7
47.9
189.8
102.7
52.4
373.2
201.1
41.1

2,680.8
10.6
247.7
150.4
19.5
45.2
25.9
35.6
108.5
329.3
12.3
71.2
42.6
133.4
53.4
405.3
44.6
251.6
34.1
47.3
189.1
103.3
51.4
359.1
186.2
40.4

4.6
17.8
7.8
0.6
4.3
-0.4
-2.3
0.3
4.8
4.2
2.5
0.8
-6.2
4.3
5.5
8.4
5.4
4.7
9.3
3.1
4.5
6.2
-0.2
2.9
2.3
1.3

5.2
16.1
11.3
2.9
4.2
2.2
0.3
0.9
5.4
4.6
4.2
2.2
-1.9
4.5
5.8
7.9
5.7
5.2
6.9
2.2
5.0
9.6
0.5
2.0
1.7
0.1

17.03
15.32
15.40
11.98
18.69

17.07
15.14
15.58
12.05
18.63

16.94
14.76
15.39
11.85
18.96

16.98
14.63
15.32
11.70
19.47

16.94
15.03
15.68
11.96
19.78

4.7
3.5
3.6
-3.3
8.4

5.1
2.5
2.7
-0.5
-0.9

6,490,880
4,322,684
883,661
750,193
534,341
227,157
855,475
285,814
67,007
300,857
2,030,187
183,734
161,410

6,476,920
4,174,160
921,502
874,554
506,704
236,226
718,693
293,568
66,304
324,034
1,859,940
181,459
199,022

6,745,582
4,545,915
937,769
768,170
493,729
225,581
574,272
306,665
90,869
319,789
1,779,209
160,010
199,981

8,186,370
5,834,937
943,909
839,336
568,187
244,739
633,999
295,029
77,484
335,239
2,206,635
153,621
166,058

...
...
...
...
...
...
...
...
...
...
...
...
...

3.3
0.9
8.4
8.4
14.7
6.6
0.6
13.2
-0.2
12.5
13.4
8.0
4.7

8.2
7.3
10.7
10.1
8.6
-0.7
11.0
12.7
12.8
11.2
20.6
54.2
6.9

3,881
3,159
88
634

3,284
2,717
157
410

2,921
2,747
84
90

3,339
3,002
160
177

3,520
3,332
69
119

-47.3
-36.5
-77.9
-89.3

-33.4
-34.2
2.8
-34.9

582
466
8
108

687
520
10
157

646
490
10
146

539
367
12
160

592
410
14
168

95.4
93.4
75.0
102.4

-82.0
-84.5
-1.4
-62.4

See sources and abbreviations at the bottom of page 16. • For additional detail and history, subscribe to Arizona Economic Indicators Data Book.
18.

% change versus year ago
for most recent:
month
12-months

NOV
2006

A R I Z O N A E C O N O M I C
I N D I C A T O R S

MEASURES OF INFLATION AND PRICES -QUARTERLY DATA
Consumer Price index (1982-84=100) BLS
Western Region (U.S.)
U.S. - All Urban Consumers
U.S. - Urban Wage Earners
Price Indexes (2000=100) BEA
Gross Domestic Product
Personal Consumption Expenditures

% change versus year ago
for most recent:
quarter
4-quarters

IV
2005

I
2006

II
2006

III
2006

IV
2006

201.3
197.6
193.4

202.7
198.9
194.5

206.2
202.3
198.0

207.3
203.4
199.1

206.5
201.7
197.0

2.6
2.1
1.9

3.4
3.3
3.3

114.0
112.9

115.0
113.4

115.9
114.6

116.4
115.2

116.9
115.0

2.5
1.9

2.9
2.8

See sources and abbreviations at the bottom of page 16. • For additional detail and history, subscribe to Arizona Economic Indicators Data Book.

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Website Sponsor:

Maricopa Association of Governments
www.ebr.eller.arizona.edu

19.

Make the Right Decision.
The quality of one’s decisions grows from the quality
of the information upon which they are based. The
Arizona Business Leaders Confidence Index ® (BLCI),
a collaborative effort by Compass Bank and The
University of Arizona’s Eller College of Management,
provides executives like you with valuable perspectives
on the latest economic news and business trends.
Please log on at www.blci.com/arizona/ and register to
become a BLCI panelist. It only takes a few minutes
and you’ll be notified by email when the next survey
opens on June 1st.
With increased participation from business leaders
like you, the BLCI will become a more valuable
planning tool for the Arizona business community.
Plus, when you participate, you receive an exclusive
preview of survey results before they are released to
the general public.

Join us for breakfast as The University of Arizona
economists Gerald Swanson and Marshall Vest review
the nation’s current situation regarding budget
deficits, national debt, and mid-year economic
forecast for the State and Metro economies.
Wednesday, June 6, 2007
7:00 am – 8:45 am

When:

Doubletree Hotel Tucson at Reid Park
445 South Alvernon Way
Where:

Cost:

$20.00 per person

Reservations:

www.eller.arizona.edu/outlook or

520.626.9137
Sponsored by Chase

Join today!

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Tucson, Arizona 85721-0108
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PERMIT NO. 190

Change of address, please email: ebrpublications@eller.arizona.edu