A government shutdown is looming and a fight over the debt ceiling is on deck, but at the Economic Outlook Summit 2014, put on by the Greater Phoenix Chamber of Commerce, experts paint a much rosier picture, specifically in the Valley.
After a nearly lost decade due to recession and a mediocre recovery, keynote speaker and Valley economist Elliott Pollock said Arizona is poised for a breakout.
"It's going to be better here than the rest of the country. We have historically been one of the top five growth states. In fact, in 2006, in terms of employment, we were second. By 2010, we were 49th out of 50 states. We're back in the seventh, so we've made quite a recovery," Pollock said.
Construction, services and manufacturing are already seeing big gains that Pollack said will continue at a more rapid pace through the next two years. And while politicians may be pitching doom and gloom, Pollack doesn't see any of the D.C. distractions derailing his solid economic forecast.
"I call these problems 'du jour.' There's always something. There's the Middle East, it's the sequestration, it's the fight over the debt ceiling. These things are transitory," Pollock said.
"Jobs are growing. Businesses are in great shape, have tremendous cash flows and no excess inventories. Financial markets are the last things to normalize. That's kind of what's holding us back, but they are getting better, so I just don't see anything in the economy that suggests things won't continue for quite some time," Pollack added.
Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.
7831 N. Business Park Drive
Tucson, AZ 85743