Arizona Real Estate

Arizona is anticipating that a 2020 recession is imminent as the result of the pullback in the economy caused by COVID-19. 

According to the National Bureau of Economic Research:

“A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible, real income, employment, industrial production, and wholesale-retail sales.”

Bill McBride, the founder of Calculated Risk, believes we are already in a recession:

“With the sudden economic stop, and with Arizona shutting down by closing down schools, bars and restaurants…the US economy is now in a recession (started in March 2020), and GDP will decline sharply in 2020. The length of the recession will depend on the course of the pandemic.”

How deep will it go?

No one knows for sure. It depends on how long it takes to beat this virus. Goldman Sachs anticipates we will see a difficult first half of the year, but the economy will recover possibly in the second half.

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