Tucson’s Economic Growth Expected to Be Strong Through 2019 | Economic news
By 2020, the national economy is expected to slow, along with growth in Tucson’s labor market, personal income and retail sales.
“The federal stimulus that in part drove our growth will dissipate by then,” Hammond said.
Last year, Tucson recorded 2.9% growth in real gross domestic product (GDP), which measures total economic output corrected for inflation, surpassing national GDP growth by 2.1%.
“We’ve gained momentum in Tucson over the past two years,” he said, adding that Tucson’s economy tends to grow more slowly than its counterparts in western metropolitan areas.
According to preliminary figures, Tucson created nearly 9,000 net jobs in the third quarter of 2017 in the same quarter of this year, translating into a 2.4% increase and beating the national growth rate by 2.1%, said Hammond.
Most of the jobs during this period were added in education and health services – mainly in health care – followed by leisure and hospitality and professional and business services.
But construction is also showing signs of life, with more than 1,000 jobs created in the sector, the AU found.
“Construction in Tucson has really started to rebound,” Hammond said, adding that all sectors have contributed to the job growth.