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Eller College Economic Outlook Projects Positive Developments for Local Economy in 2014
The University of Arizona’s Eller College released their annual Economic Outlook for 2014 and predict gradual increases in most measures of economic growth for the local economy. Tucson’s job growth rate, at 1.5%, reflects national growth trends and jobs lost in the recession are being recuperated, roughly 46% so far. The forecast projects that the local job market will improve over the next 2 to 3 years, and may achieve a growth rate of 2.5%. Housing is projected to show gains in 2014 due to net migration and new permits. Income growth and retail sales, however, are not expected to match job gains. Nonetheless, the forecast paints an overall positive picture for the upcoming year as the economy gradually recovers from the recession.