Arizona is the state with the third best economic climate, according to a new report from the American Legislative Exchange Council (ALEC).
“Arizona’s high ranking is a direct result of significant pro-growth income and property tax reform that has supercharged our economy,” President of the Arizona Free Enterprise Club Scot Mussi told AZ Free News. “In the last decade we have slashed our income tax rates in half, cut taxes on capital gains, and significantly reduced the property tax burden on small businesses.”
Utah and Idaho surpassed the Grand Canyon state for best economic climates. New York, Vermont, and Illinois placed in the bottom three.
Arizona has moved up from 13th place in 2021 to third in 2024. Arizona’s population increased by 115,900 from July 1, 2022, to July 1, 2023, estimates from the Arizona Office of Economic Opportunity show. This translated into 1.6% growth, much faster than the U.S. at 0.5%.
Arizona ranks third for tax expenditure limits, first for being a right-to-work state with the option to join or support a union, first for estate/inheritance tax levied, and first for remaining tax burden.
It also ranked second for public employees per 10,000 of population and eighth for average worker compensation cost.
Mussi said Arizona is on track to continue its route of economic growth.
“As long as we keep these reforms in place, Arizona will remain a destination for both families and entrepreneurs,” he said.
Elizabeth Troutman is a reporter for AZ Free News. You can send her news tips using this link.
Seven in 10 workers don’t wanna work from home, according to a ResumeBuilder.com survey of 1,250 full-time workers.
While 70% don’t want to be fully remote, 40% want to be fully in-person, and 32% prefer hybrid work. Employees cited communication and collaboration as the top reasons why employees want in-person work.
“With the tug-and-pull surrounding remote and hybrid work, the voices of those advocating for full-time in-office work have not always received equal attention,” Resume Builder’s Chief Career Advisor Stacie Haller said.
The majority of those who want hybrid work want three days in-office. Thirteen percent of those would like to work four days in-person, 41% say three days per week is ideal, and 27% prefer two days in person. Ten percent would like to work one day per week in office, and 9% prefer one to three days per month.
“While the desire for some in-office presence remains prevalent, the extent of this preference remains subject to flux,” Haller said. “It’s clear that a one-size-fits-all approach is no longer tenable in today’s diverse workforce landscape. Yet, the specific configuration of in-office versus remote work versus hybrid continues to be a matter of ongoing negotiation and adaptation.”
Out of those who prefer remote work, 87% prefer work from home, while 9% would rather be in a hybrid environment, and 4% prefer in-person options.
Of hybrid employees, 68% prefer hybrid work, while 27% would like to work remotely, and 5% would rather be in-person. Of fully in-person employees, 58% prefer in-person work, while 24% would rather work in a hybrid model, and 18% would prefer remote work.
Haller said she is convinced the hybrid model will emerge as the predominant choice of most workers.
“This approach accommodates the diverse needs and preferences of both employees and employers, fostering a more flexible and resilient work environment capable of meeting the challenges of the modern era and the need for more workers to achieve a work-life balance,” Haller said.
Elizabeth Troutman is a reporter for AZ Free News. You can send her news tips using this link.
Rep. David Schweikert (R-AZ-01) gave a brief rundown on the state of his constituents’ financial well-being under Biden before Congress on Tuesday.
Schweikert said that his district consists of some of the more well-off, educated, and entrepreneurial constituents in Arizona and the country. Yet, Schweikert says his more “prosperous” district has become poorer even when accounting for factors like wage growth.
“In my district, we’ve had the highest inflation in the continental United States. If you do not make 23.6 percent more money today than you did the day President Biden took office, you are poorer,” said Schweikert.
Want to understand why the public isn’t so bubbly about the economy?
If you live in the Phoenix-Scottsdale area and haven’t received a 23.6% pay increase since President Biden took office, you are poorer today.
Schweikert’s district spans a northeast section of Phoenix that encompasses Scottsdale, Paradise Valley Fountain Hills, Cave Creek, the Salt River and Fort McDowell Yavapai Nation reservations, and part of the Tonto National Forest.
The congressman went on to say that his fellow congressmen, dubbed “the clown show,” needed to have “an honest conversation” with constituents to acknowledge that they’ve grown poorer in recent years.
Arizona experienced the highest inflation rates since February 2021, only returning to a lower rate of 2.7 percent earlier this year, last seen March 2021.
Both Arizona State University business professor and Carey School director Mark Stapp and University of Arizona economics center director George Hammond toldCronkite News last year that the reason for Arizona having the highest inflation — mainly Phoenix — has to do with shelter costs.
Arizona’s high growth rate, coupled with the lack of supply, prompted a rapid rise in housing and rent prices.
In 2022, the state boasted the highest inflation rate in the nation. At the time, the Phoenix area had a 13 percent inflation, much higher than the nationwide inflation rate at the time of 8 percent.
Schweikert has repeatedly urged his colleagues to curb inflation, last month pointing out the effects of the record levels of spending under the Biden administration. Schweikert projected that the total deficit spending for the 2024 fiscal year will be higher than both the Congressional Budget Office (CBO) and Office of Management and Budget (OMB) have projected.
Over the past three years, Arizona’s food banks have reported an unprecedented increase in the number of clientele they’re serving. The Arizona Food Bank Network reported earlier this year that it and its member food banks have served 14 percent more individuals in 2023 than in 2022 (a total of nearly 570,000 people a month), and 20 percent more than before the pandemic.
Conversely, the census reported that 12.5 percent of Arizonans were living in poverty in 2023 — the lowest rate in the past decade.
Schweikert hasn’t been the only one of Arizona’s congressmen to criticize federal leaders’ approach to handling inflation. Congressman Andy Biggs (R-AZ-05) remarked during President Joe Biden’s State of the Union last month that the overall inflation rate had hit nearly 20 percent since 2021, costing Arizonans nearly $13,000 in 2023 according to the Joint Economic Committee.
AZ Free News is your #1 source for Arizona news and politics. You can send us news tips using this link.
Rep. Andy Biggs (R-AZ) says “Bidenomics” is to blame for the surging gas prices in his district, the fifth congressional district.
According to Biggs, “Bidenomics” includes a “war on domestic energy,” meaning the oil and gas industry.
The average gas price in Arizona, per AAA, sits at about $4 per gallon, a steady rise from prices over the last month but a slight decline from the average last year, when prices hit about $4.30 a gallon.
Arizona’s averages have consistently sat higher than the national averages over the past year.
“Biden’s war on domestic energy hits Americans in the pocketbook. Gas is over $4.00/gallon in my district!” said Biggs. “Arizonans are suffering thanks to Bidenomics.”
Biden's war on domestic energy hits Americans in the pocketbook.
The highest-ever recorded average for gas prices in Arizona was nearly $5.40 in the summer of 2022.
AAA has attributed the recent steady rise in gas prices to the increase in oil prices. Crude oil hit over $10 per barrel earlier this year, attributed to Ukrainian attacks on Russian oil infrastructure and increased conflicts in the Middle East.
The Biden administration has reportedly urged Ukraine to cease its attacks on Russian oil refineries, out of concern for rising gas prices. However, Ukraine President Volodymyr Zelensky has dismissed those requests from U.S. officials, telling The Washington Post that the U.S. lacks authority to dictate his military strategy.
“We used our drones. Nobody can say to us you can’t,” said Zelensky.
Mapping of gas prices nationwide reflects a trend for prices to be highest around the West Coast, lowest around the midsection of the country, and slightly higher again around the East Coast.
Another factor for the upward surge in gas prices relates to the Biden administration’s increased pressures on oil and gas production — such as the plan announced last fall to scale back leasing for offshore oil and gas drilling — in an attempt to increase American reliance and support for “clean energy” alternatives.
Biden campaigned on the promise to abolish the oil industry, and “end fossil fuel.” His first executive order laid some of the framework to fulfill that promise, such as imposing a moratorium on certain oil and natural gas leasing activities, and directing agencies to revise fuel and emissions standards for vehicles.
On Thursday, the Biden administration announced $20 billion in grants to private companies for clean energy initiatives.
On Wednesday, the Department of Energy canceled two purchases to refill the Strategic Petroleum Reserve (SPR). Agency officials indicated a desire to avoid buying back oil above its target price of $79 per barrel, since the cost per barrel is around $87.
The Biden administration has depleted the SPR by about 45 percent.
Last month, the Biden administration announced stricter emissions standards for heavy-duty vehicles such as freight trucks and buses. Available technologies to meet their new emissions standards include the advanced internal combustion engine vehicles, hybrid vehicles, plug-in hybrid electric vehicles, battery electric vehicles, and hydrogen fuel cell vehicles.
In January, the White House paused permitting on liquified natural gas (LNG) exports.
AZ Free News is your #1 source for Arizona news and politics. You can send us news tips using this link.
The Arizona Diamondbacks and the City of Phoenix are hoping for another extended postseason run from the boys of summer in 2024.
Just before the D-Backs kicked off their new season, Arizona State University’s Seidman Research Institute conducted a study to find the economic impact of the home team’s 2023 postseason run. The study found that the economic windfall was $107.6 million.
According to a recent study, their postseason success contributed $107.6 million to the state's GDP. A total of 336,370 fans attended the seven 2023 postseason games.https://t.co/KDSejFPfuT
The study revealed that there were 336,370 individuals who attended D-Backs home playoff games during the National League Division Series against the Dodgers, the National League Championship Series against the Phillies, and the World Series against the Rangers. Most of those fans resided in the Valley, but outside of the City of Phoenix (63.4%). 21.3% of the attendees traveled from another state to watch baseball in the desert.
Bars and restaurants in downtown Phoenix observed a substantial economic boon during the D-Backs surprising playoff run. According to the analysis of the study from Downtown Phoenix Inc, “Sales at bars and restaurants Downtown were up 30.7% during home playoff games compared to non-playoff game nights,” and “17.8% of playoff game ticket holders visited a Downtown bar or restaurant before entering Chase Field and 28.2% visited a Downtown bar or restaurant post-game.”
Due to the increased number of out-of-town travelers to the City and State, hotels in the area also experienced an economic fortune. Downtown Phoenix Inc analysis stated that “total hotel revenue for seven home playoff games played at Chase Field was $625,422 more than the average daily collection for the 25 non-playoff game nights in October 2023.”
Both Downtown Phoenix Inc. and the City of Phoenix’s Community & Economic Development Department commissioned the study from the university research institute.
The Arizona Diamondbacks opened their season on Thursday, March 28, winning their first game in historic and decisive fashion, 16-1. The team started the 2024 campaign with a record payroll, thanks, in large part, to the extended 2023 postseason run. They hope to reciprocate that effort yet again later this fall, giving the team and its surrounding partners another windfall in October and November.
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
Inflation hasn’t discouraged Americans from spending to celebrate the upcoming Easter holiday. Analysts project a spending total surpassing $22 billion, with consumers explaining to them that Easter is an important tradition.
Despite record inflation and consumer goods increasing in price by more than double over the past several years, it appears that Americans still feel the holiday of hope and new life is worth the expense.
The projections come from the annual survey by the National Retail Federation (NFR) and Prosper Insights & Analytics (PIA). In a press release, NRF President and CEO Matthew Shay explained that Easter maintained its positive meaning for Americans.
“Each year, Americans look forward to the celebration of Easter and the renewal of time and traditions with loved ones,” said Shay.
NRF surveys date back to 2003. This year’s survey spanned about 8,400 adult consumers from March 1 to 6 with a margin of error plus one or minus 1.1 percent. A majority of Americans (81 percent) said they would celebrate Easter.
64 percent of consumers told survey analysts that they remain inspired to shop for Easter-related items because it’s tradition for them. The next-highest popular reason concerned spending time with family or friends (32 percent), while a close third (29 percent) shopped to capitalize on sales and promotions.
These projections account for food, clothing, and gifts in general. Respondents said they would spend an average of $177 per person. Unsurprisingly, the top-reported expenditures were equally candy and food, followed by general gifts, then clothing, then decorations.
Last year’s Easter shoppers set the record high at $24 billion, with about $190 spent per person.
Back in 2007, shoppers spent $14.5 billion. The 2008 recession did cause a decline in Easter shopping for several years; it wouldn’t be until 2011 that Americans would surpass 2007 Easter spending.
The annual survey also gauged how consumers planned to spend their Easter weekend. 57 percent mentioned cooking a holiday meal, 53 percent mentioned visiting friends and family, and 43 percent mentioned going to church. Only half of households with children planned to conduct an Easter egg hunt at home.
Discount stores were top of the list for Easter shopping destinations (53 percent), followed by department stores (40 percent), online retail (33 percent), local/small businesses (22 percent), and specialty stores (20 percent).
There were those surveyed who shared that they would not be celebrating Easter. 55 percent of that demographic said they would still take advantage of Easter sales, but would spend much less per person, around $20. The capture of their market has to do with how stores advertise and curate a shopping experience, explained PIA Vice President of Strategy Phil Rist in the NRF press release.
“The overall shopping experience itself also plays a role in purchasing behavior,” said Rist. “This year almost one-quarter of consumers said they were inspired to shop for Easter items from store displays and decorations as well as exclusive or seasonal products.”
AZ Free News is your #1 source for Arizona news and politics. You can send us news tips using this link.
