Florida has low wages and no concentrations of high-paying professions. Most of the affluent either moved from other parts of the states to retire or from other countries. It’s entire economy is based disproportionately on tourism, real estate, and agriculture. The state does well when folks from elsewhere decided to sell the family business and lay out the cabbage for houses/restaurants, etc, but at times like this it gets hammered (see also Florida in the 1970s).
The Grand Canyon State had some major industries that the Government forced off the coast during and after WWII for defense reasons. It had some bases. It had the retirees, agriculture and mining and a little regional banking. And it had unlimited opportunities.
During the '80's we had a huge influx of bright young professionals from the inland colleges looking to establish themselves and make a life. Our own educational system was mediocre but these kids were a gold mine and we know it. Our Reaganite movement was a concerted effort to get the hell out of their way.
We, like Florida, outran ourselves on expansion. Even when we were in the middle of the boom a common joke was that "all Arizona growth was in growth" but we still have a solid base. Those bright young professionals are a little older now and rounder and a tad less aggressive but they are still a huge talent pool if we can keep our asses out of their way.
It concerns me somewhat that they ain't bitchin' as much as they were last time and are more fatalistic. I want them to stand up and start kicking butt.