/ Modified feb 8, 2022 4:42 p.m.

Arizona bankruptcies at 15-year low

The pandemic brought the monthly count to below 1,000 filings.

Money Economy Bills closeup
AZPM Staff

Bankruptcies in Arizona are at a 15-year low and have fallen below 1,000 filings per month since the pandemic began.

University of Arizona economist George Hammond said the most recent drop in bankruptcy filings is in part because of expansive federal support through the pandemic.

"That includes the income support through expanded federal UI benefits or unemployment insurance benefits, the economic impact payments, the so-called ‘stimmy’ payments, as well as the paycheck protection program," Hammond said.

He also said the state’s quick recovery from the pandemic recession played a role.

The longer trend is related to Arizona’s gradual recovery from the Great Recession, which hit the state particularly hard.

The Tucson area has had consistently few bankruptcies compared to the Phoenix area and Northern Arizona. Hammond said that’s because government jobs make up a larger portion of Tucson’s workforce, which helps stabilize the local economy.

MORE: Economy, News
By posting comments, you agree to our
AZPM encourages comments, but comments that contain profanity, unrelated information, threats, libel, defamatory statements, obscenities, pornography or that violate the law are not allowed. Comments that promote commercial products or services are not allowed. Comments in violation of this policy will be removed. Continued posting of comments that violate this policy will result in the commenter being banned from the site.

By submitting your comments, you hereby give AZPM the right to post your comments and potentially use them in any other form of media operated by this institution.
Arizona Public Media is a service of the University of Arizona and our broadcast stations are licensed to the Arizona Board of Regents who hold the trademarks for Arizona Public Media and AZPM. We respectfully acknowledge the University of Arizona is on the land and territories of Indigenous peoples.
The University of Arizona