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- All Subjects: Economic development
- Creators: Rex, Tom R.
Following an analysis of economic conditions, this paper examines actions that can be taken by state governments to stimulate the economy. The only action that results in a significant near-term effect is to accelerate spending on physical infrastructure that has already been identified as needed.
For decades, Arizona was one of the national leaders in aggregate economic growth, as measured by the percent change in measures such as gross product and employment. However, its growth rate always has been highly cyclical. During expansionary periods, Arizona always has been among the top states on the rate of growth. During recessions, the Arizona economy generally slumped at a rate similar to the national average, but would experience a rapid recovery. This pattern continued through the economic expansion of the mid-2000s.