Arizona on the brink of bouncing back

Arizona’s economy is on the cusp of a slow recovery after three years of decline, an Arizona State University economist said Wednesday. Economist Lee McPheters told more than 1,000 attendees at the W.P. Carey School of Business/JPMorgan Chase 47th Annual Economic Forecast Luncheon that 2011 will be the best year Arizona has seen since before the recession. A full recovery will come in about three years. “After three really weak years of economic performance, I think it’s pretty clear we’re on the threshold of recovery,” he told reporters before the luncheon. “Arizona is much stronger than it was a year ago.” Recent data indicates that Arizona has become the No. 1 fastest-growing market for private sector jobs while it was among the weakest this time last year. Nationwide, it’s ranked 12th for job creation. The Phoenix metropolitan area shows the second highest job growth of large cities in the nation, trailing Washington, D.C.

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