A new year: what to expect for Phoenix's economy in 2021

PHOENIX - The year 2020 was unprecedented and tough. The state of Arizona saw a loss of jobs.

But the Phoenix Chamber of Commerce hopes to get back on track, and they're working on retraining efforts.

The pandemic made almost every industry adapt and make changes. Many had to find new ways to work.

"The trend is to downsize. I know we are looking at new space."

Todd Sanders, the CEO of the Phoenix Chamber of Commerce, says with many employees working remote or doing a hybrid option, businesses reevaluated the size of their workspaces and offices. But that doesn't mean all is lost for landlords.

"You could see some expansion of other places like ASU downtown and they could expand where there is additional space, and it could be an interesting renaissance."

As for jobs, Arizona as a whole lost 300,000 during this pandemic. Big industries like tourism and restaurants took a big hit, but there is already momentum to gain those back.

"We have recovered two-thirds of those which puts us ahead of the country and puts us in a good position to hit the ground running and to increase economy and growth," Sanders said.

But during this pandemic, many people and even companies, have relocated to Arizona after seeing the unique growth opportunities here.

"As they set up operations and we come out of this in that second or third quarter, then you start seeing the jobs come, which is great news for us in Arizona."

And in 2021, the Chamber of Commerce says things are looking up. With the vaccine rollout, Sanders is sure the economy will be back.

"That growth pattern is continuing. People want to come here. I think in that second or third quarter, we are really going to see a rebound."

The Chamber says big items they are focusing on next year is helping businesses get those federal dollars to assist them and job retraining efforts. They also say they want to focus on helping companies get employees the vaccine so they feel comfortable going out again.