State economy undergoing permanent changes?

October 17, 2009

By hammersmith

[Source: East Valley Tribune] – The economic recession is altering Arizona’s economy in ways that could become permanent, according to leading economy watchers.

In the future, the state might have to rely less on population growth as an economic engine, consumer spending might not be as big a part of the economy and a higher value is likely to be placed on new ideas, they say.

Technology will be more important than ever as all Arizona industries — whether they be old standbys like mining or agriculture or high-fliers like aerospace — will need innovations to compete, said Nancy Welch, associate director of the Morrison Institute for Public Policy at Arizona State University and co-author of a new report on lessons from Arizona’s economic history.

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