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Arizona’s economy is attracting business, but cost issues loom over voters
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Arizona’s economy is attracting business, but cost issues loom over voters

PHOENIX – Businesses continue to move to Arizona, but the lingering effects of inflation and sustained economic growth loom over voters’ minds as voters head to the polls Tuesday.

The post reported that recent polls indicated the economy was a major concern among Grand Canyon State voters, with 82 percent saying it was a “major factor,” according to the CBS News and YouGov poll.

The Phoenix metro area saw a shocking 13% year-over-year inflation increase in August 2022, according to US Bureau of Labor Statistics. While the rate has since dropped to 2.3 percent, Arizonans are still paying high prices because a slowdown in inflation doesn’t necessarily mean prices will drop to pre-pandemic levels.

The main concern of Arizonans is the level of prices, according to an expert. Getty Images

Glenn Farley, director of policy and research at the Arizona-based Common Sense Institute, told The Post in an email that inflation will play a “central role” in Arizona and nationally in this election.

“But to be clear, this is inflation as seen by consumers/voters and not necessarily as defined academically or by the press. Specifically, people are frustrated with the price level, and their frustration is not just with consumer prices but housing prices and interest rates nor do any of these fall into the modern consumer price index.”

I think voters will vote for people and policies that they think will help lower prices and not just the inflation rate, including housing prices, interest rates, etc.,” Farley added.

Farley’s sentiment is sure to resonate with some voters, including Marc Hernandez, a 25-year-old farmer from Douglas, Arizona, who told The Post this summer that he was voting for Donald Trump after endorsing Biden in 2020.

“After graduation, I started working on my family’s cattle ranch and the economy has been very tough for farmers and ranchers the past few years. Inflation ate up most of our profits and we had to let some of our farmers go. We also have problems with the increase in water and energy rates,” said Hernandez.

“I don’t see myself starting a family, buying a house or starting my own business unless the economy gets a lot better soon.”

Democrats are campaigning that legislation like CHIPS and the Science Act, as well as the COVID-19 stimulus packages, have helped boost the labor market, particularly in the Grand Canyon State.

There are major efforts in both the public and private sectors in the state to boost apprenticeships for skilled trades, including in the semiconductor industry, with the hope of creating sustained long-term job growth.

Taiwan Semiconductor Manufacturing Company is one of many businesses that have come to Arizona in recent years. Megan Mendoza/The Republic/USA TODAY NETWORK

“The job market has strengthened in Arizona,” real estate investor Arvand Sabetian and founder of Ziprent told The Post in a statement, citing growth in the tech world.

“Other sectors such as healthcare, manufacturing and renewable energy felt strong as unemployment was below the national average,” he added. September Arizona jobs report has a statewide unemployment rate of 3.5%, compared to 4.1% nationally.

As expected, the economy has translated into a major campaign focus, including for surrogates visiting the Grand Canyon State, including the former New York representative. Lee Zeldinwho held an event in Tucson this week promoting the no-tax-on-tips proposal on behalf of the Trump campaign.

Former congressman Lee Zeldin hopes to seal the deal for Trump in swing states. Reuters

“In terms of issues, the number one issue we hear is the economy,” Zeldin said in an interview with The Post in Phoenix on Tuesday.

“Some people will allow optimism to be an excuse for complacency, but there is no room for complacency in that. The race is still very close everywhere and the only way to win is for everyone to do everything in their power to get out the vote,” he later added.