By Ryan Randazzo
The Arizona Republic
The slow-rolling economy that has frustrated Arizona businesses the past three years following the recession is not going to pick up for at least two more years, economists said Friday. They depicted a struggling economy that can’t seem to find the speed it had prior to the Great Recession, in presentations to about 1,000 business leaders at the Greater Phoenix Chamber of Commerce Economic Outlook at the Arizona Biltmore Resort and Spa in Phoenix.
Most economic indicators such as employment and housing prices are rising, but the gains are so agonizingly slow that few businesses feel the improvement, they said.
The years 2003 to 2007 were among the most prosperous in history for the global economy, said Paul Thomas, chief economist for Intel Corp.
“That is where all of you formed your expectations of what normal growth was like,” he said to the audience.
Fiscal cliff, underwater mortgages keep economy in the weeds/Phoenix Business Journal
Phoenix home prices down 46 percent in past 5 years/Phoenix Business Journal