There’s no denying that Arizona’s economy has been through some tough times in recent years. However, there are signs that things are beginning to turn around. In fact, according to a recent report from the Arizona Commerce Authority, the state’s economy is growing at a faster rate than the US economy as a whole! Here’s a closer look at some of the key findings from the report.
One of the most encouraging signes for Arizona’s economy is the state’s population growth. According to the report, Arizona’s population grew by 1.7% in 2016, which is ahead of the national average of 0.7%. This population growth is helping to drive economic growth in a number of industries, including retail, construction, and healthcare.
Another sign that things are on the up and up is the state’s unemployment rate. While it was still higher than the national average in 2016 (5.3% vs. 4.9%), it has been steadily declining since hitting a high of 9% in 2010. And, perhaps even more importantly, job growth in Arizona has outpaced job growth in the US as a whole for 14 consecutive months!
Arizona’s Economy is Flourishing – Here’s Why
If you live in Arizona, chances are you’ve noticed that the economy here is booming. Businesses are opening left and right, unemployment is at an all-time low, and there seems to be a general air of optimism among Arizonans these days. But what’s driving this economic growth? Let’s take a look at some of the factors that are contributing to Arizona’s flourishing economy.
One of the main drivers of Arizona’s economic growth is the state’s thriving tourism industry. In 2018, a record-breaking 44 million visitors came to Arizona, pumping $26.8 billion into the state’s economy. And those numbers are only expected to grow in 2019 and beyond. Thanks to impressive attractions like the Grand Canyon, Sedona, and Tombstone, Arizona is becoming increasingly popular as a tourist destination, and that’s good news for the state’s bottom line.
Another factor that’s contributing to Arizona’s economic success is the recent influx of new businesses to the state. In 2018 alone, over 7,000 new businesses opened their doors in Arizona. That’s thanks in part to the state’s business-friendly environment; according to CNBC,Arizona is the 6th best state in America for doing business. With its combination of low taxes, skilled labor force, and favorable regulations, it’s no wonder that so many businesses are choosing to set up shop here.
Finally, another reason why Arizona’s economy is on the upswing is the fact that more and more people are moving here. According to U-Haul, Arizona was the 2nd most popular state for inbound moves in 2018. And as more people move to Arizona, they bring their talents and skills with them, which only further boosts the state economy.
Signs That Arizona’s Economy is Improving
It seems like every day there’s a new story about the improving economy. Unemployment is down, businesses are expanding, and wages are on the rise. But what does that mean for Arizona? Let’s take a look at some of the signs that our state’s economy is getting even better.
- More people are employed.
The most recent figures show that Arizona’s unemployment rate is 4.7%, which is down from 5% last year and 6% the year before that. What’s more, the number of people employed in the state has increased by nearly 2% over the past 12 months. That may not sound like a lot, but it translates to almost 60,000 new jobs!
- Wages are rising.
Not only are more people finding employment, but they’re also seeing higher wages. In fact, average hourly earnings have gone up by 3% in the past year alone. This means that workers are keeping more of their hard-earned money and have more disposable income to spend on things like housing, food, and entertainment.
- Businesses are expanding.
With more people working and earning higher wages, it’s no surprise that businesses are doing well too. In fact, many businesses are reporting higher profits and expanded operations. This is good news for everyone because it means that businesses are hiring even more people and helping to grow our state’s economy even further.
There’s no doubt about it, Arizona’s economy is on the upswing. And that’s good news for everyone! With more people employed and earning higher wages, businesses are able to expand their operations and hire even more workers. This upward trend is sure to continue as we head into the new year, so let’s all give a big cheer for a bright future!