In this edition of The Economic Minute, economist Dennis Hoffman says that Arizona could be called "ground zero of the worst recession since World War II." The hard economic fact is that Arizona depends on in migration to keeps its economy vibrant, and the state is not exactly a people magnet right now. But, Hoffman said, this is not the first time the shine has disappeared from Arizona sunshine. The early '90s were similar, but the decade that followed was a boom. Hoffman advised that smart businesses should be preparing for the time when Phoenix regains its people magnetism. Dennis Hoffman is director of the L. William Seidman Research Institute at the W. P. Carey School of Business. The Economic Minute is presented at the monthly Economic Club of Phoenix luncheon. 8:05

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