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Panel: employment momentum remains but hiring slowdown and housing costs cloud outlook
Summary
Panelists at JLBC's fall meeting said Arizona continues to show job growth and labor‑force gains, but weak hiring rates, benchmark data revisions, and high housing cost burdens suggest slower near‑term growth and downside risks.
Panelists at the Finance Advisory Committee meeting described a mixed employment picture for Arizona: measured job growth and a rising labor force alongside a slowdown in hiring that may weigh on future gains.
Doug Walz, Labor Market Information Director at the Office of Economic Opportunity, said Bureau of Labor Statistics preliminary benchmarking indicates Arizona’s employment was likely underestimated by nearly 35,000 jobs for March 2025; most other states saw downward revisions. "Arizona bucked that trend, and they found that Arizona's employment had been underestimated by nearly 35,000 jobs for March 2025," he said, and JLBC expects…
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