With new COVID-19 relief bills making their way through Congress, Arizona businesses are expected to receive additional economic relief in the following months. Arizona’s unemployment has risen from 5.9% in August to 7.8% in November largely due to the ramifications of the pandemic. Tucson’s unemployment correlated almost exactly to Arizona’s, increasing from 5.9% in August to 7.6% in November. The national unemployment rate stands at 6.7%. California residents have moved in large numbers into the Phoenix and Tucson markets due to the lower cost of living. This increase in population will likely have positive impacts on the market in 2021.
