COVID-19 News Round-up for June 30

Budget, Policy & Stimulus News 
State Budget Expecting $700M Hit 
Arizona’s economy has performed better than anticipated since the start of the coronavirus outbreak, but the state is still projected to see a $700M shortfall, according to the legislature’s top budget analyst. Earlier estimates had ranged as high as $1.1B. (Source: KTAR) 
Economic News 
Work from Home May be Fueling Casa Grande Home Boom 
The number of permits pulled for the construction of new homes in Casa Grande continues to grow and is even starting to match or even exceed the number of new home permits issued in the City of Maricopa. In addition to the area’s ongoing economic development, the COVID-19 pandemic has fueled demand for housing in suburban and rural areas. (Source: PinalCentral) 
Hotel Recovery Expected to Begin in 2021 
After suffering the greatest performance declines in the history of the U.S. lodging industry during 2020, the nation’s hotels will benefit from what is expected to be a relatively rapid economic turnaround in 2021 and 2022. CBRE foresees demand for accommodations returning to pre-crisis levels in the third quarter of 2022, but revenue per available room won’t recover until 2023. (Source: AZ Big Media)