Economy
Inflation-Adjusted Percent Change in Taxable Retail Sales
Retail Sales Continue to Plummet
Unprecedented declines in retail sales date back to the middle of 2007. Since then, the decreases have become more severe in magnitude.
According to the Arizona Joint Legislative Budget Committee, February sales tax collections totaled $257 million. These revenues were down 8.4% compared to last February and were $10.2 million below the budget forecast.
Arizona's Economy
The size and growth of Arizona’s economy and population always are items of interest. In the current environment of economic recession, many of Arizona’s economic indicators are heading down rather than up. Yet with time, this cyclical downturn will transition into another economic expansion featured by strong aggregate economic gains and population growth.
The economic well-being of the state’s residents and the productivity of its workforce often do not receive as much attention, but ultimately are the key measures of economic performance. Arizona ranks below the national average on measures of prosperity and productivity and shows no sign of making up the difference.
