Phoenix, Arizona - Arizona’s economy is growing at one of the fastest rates in the country and median household incomes have reached a record high. Over 290,400 new jobs have been added since 2015. And, a report released by the Arizona Office of Economic Opportunity projected continued strong job growth across all sectors.
More on Arizona’s booming economy:
Arizona’s Economic Growth
- Arizona had the fourth largest increase in total jobs and ranked third among states for growth in total labor force size during 2018.
- Forbes ranked Arizona as a top five state for growth prospects in 2018, and Robert Half Technology projects the Phoenix area to be top three in the U.S. for tech hiring in 2019.
- In December 2018, year-over-year job growth for Arizona came in at 3.3 percent, the fastest rate since 2006.
- Arizona ranked fifth in the country for economic momentum during the first quarter of 2018, according to the Index of State Economic Momentum.
- Site Selection magazine named Arizona first in its region for Economic Competitiveness in 2018.
- From 2017-2018, Arizona ranked third in GDP growth with a compounded annual growth rate of 4.2 percent.
Incomes Rising
- Paychex and IHS Markit ranked Arizona second in the nation in small business wage and job growth for the month of January 2019.
- Arizona’s median household income reached a record high of $61,125 in 2017.
- Our state’s median household income rose 4.8 percent, more than double the national growth rate of 1.8 percent between 2016 and 2017.
- From 2016-2017, median household income grew $2,800 in Arizona, surpassing the national median income growth of $1,000.
- From 2012-2017, median household income in Arizona rose 21.5 percent, the fifth fastest growth rate in the nation and well above the national average rate of 12.5 percent.
More Jobs On The Way
- Arizona is projected to add over 165,000 jobs over the next two years, climbing from 3,015,242 to 3,180,933 jobs.
- Job gains are projected across all 11 of Arizona’s top industries.
- Arizona is expected to see the highest job growth rates in the Construction (5.8 percent) and Manufacturing (3.6 percent) sectors.
- The state is expected to see the largest job gains in the Education and Health Services (37,126 jobs) and the Professional and Business Services (26,177 jobs) sectors.
- From 2016-2017, more than 88,000 people lifted themselves out of poverty in Arizona, an 8 percent decrease compared to a 3.8 decrease nationwide.