1. Economic Outlook: Here We Grow Again? Matt Croucher PhD Chief Economist Arizona Public Service Co.

2. US GDP: Where We Currently Stand

3. Time For “THAT” Discussion

4. Which Sparky?

5. US GDP: The “New Normal”………?

6. US Long-Term Unemployed: Structural Problems?

7. US Labor Force Participation Rates by Age: Dispelling a Myth 25 – 49 year olds have rates above 80 percent – have stayed relatively flat

8. Interest Rates Lowering the Cost of New Investment

9. Case-Shiller Home Price Index: Metro Phoenix

10. Cumulative Supply of Excess Housing APS Territory, Metro Phoenix

11. Nonresidential Building Vacancy: Metro Phoenix

12. Arizona Total Nonfarm Jobs: The Climb has begun Seasonally Adjusted

13. Arizona: Looking at the Sectors

14. Conclusion We are seeing signs of (sustained) traction/rebound in the Arizona Economy Need to remember that the long-term fundamentals are still in place My real GDP forecast? D: One of the above