Banking Deposits Per $1,000 of Personal Income
The amount of banking deposits relative to the size of the economy, as measured by personal income, has fluctuated in Arizona since 1994. The figure declined by 19 percent during the mid-to-late 1990s, likely due to people shifting their savings from banks into the stock market. Following a recovery in deposits from 2001 through 2005 that brought the value almost back to the 1994 level, deposits per $1,000 of personal income dropped in the early part of the recession but recovered to set a record in 2010. The 2011 through 2013 figures were slightly higher than the long-term average, but below the 2010 record.
Though bank deposit data exist for 2014, the latest personal income data for counties are for 2013. Banking deposits per $1,000 of personal income in 2013 were below the long-term average in 11 of Arizona’s 15 counties. In each of these counties, deposits have been below average for several consecutive years. However, the populous counties of Maricopa and Pima had somewhat above-average deposits in 2013. Coconino County has experienced an upward trend since 2008 to the highest figure on record.