Tag Archives: Job Forecast

Arizona Projected To Add 159,000 New Jobs Over The Next Two Years

Arizona’s booming economy will add more than 159,000 new jobs over the next two years, according to new projections by the Arizona Office of Economic Opportunity. Arizona will continue to be a national economic powerhouse; just last month, Arizona ranked second in the nation for job growth from December 2018 to December 2019.

“Arizona continues to add jobs at one of the fastest paces in the nation, with more on the way,” said Governor Ducey. “Our friendly business environment, progress eliminating red tape and welcoming atmosphere continue to attract more opportunity and investment to our state. My thanks to all the business leaders, innovators and hardworking employees who continue to grow jobs in Arizona.”

The Office of Economic Opportunity projects that Arizona will add 159,473 new jobs between the third quarter of 2019 and the second quarter of 2021. The construction, finance and manufacturing sectors will experience the most significant annualized growth.

According to the Office of Economic Opportunity, annualized growth and job gains in the following sectors are projected to be:

  • Construction: 6.7 percent, with 11,941 new jobs added
  • Financial Activities: 3.3 percent, with 7,513 new jobs added
  • Manufacturing: 3.1 percent, with 5,554 new jobs added
  • Education And Health Services: 2.9 percent, with 18,956 new jobs added
  • Professional And Business Services: 2.7 percent, with 12,139 new jobs added
  • Trade, Transportation And Utilities: 2 percent, with 10,881 new jobs added
  • Leisure And Hospitality: 1.5 percent, with 5,481 new jobs added
  • Information: 1.4 percent, with 710 new jobs added

During that time period, Maricopa County is projected to experience 3 percent annualized growth with 66,324 new jobs and Yavapai County is projected to experience 2.1 percent annualized growth with 1,519 new jobs. 

Background
Arizona has added more than 350,000 new private sector jobs since 2015. At the same time, Arizona’s poverty rate declined at the fastest rate in the nation — representing approximately 175,000 Arizonans pulling themselves out of poverty between 2015 and 2018. Arizona’s job growth ranked second in the nation last year, according to the U.S. Bureau of Labor Statistics, with 84,400 jobs added between December 2018 and December 2019. Additionally, Arizona ranked third in percentage population growth rate in 2019, welcoming more than 120,00 residents from 2018 to 2019.

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Forecast: Arizona To Add More Than 165,000 New Jobs By 2020

The Arizona Office of Economic Opportunity released a report projecting Arizona will add 165,691 jobs over a two-year period. From the third quarter of 2018 through the second quarter of 2020, Arizona’s employment is expected to increase from 3,015,242 to 3,180,933, representing an annualized growth rate of 2.7 percent — an increase from last year’s projection of 2.6 percent and more evidence of Arizona’s continued acceleration over the last 12 months.

Arizona is projected to see the highest job growth rates in Construction (5.8 percent) and Manufacturing (3.6 percent). The largest job gains are expected in the Education and Health Services (37,126 jobs) and the Professional and Business Services (26,177 jobs) sectors, although gains are projected across all 11 of Arizona’s top industries.

In addition to the projected job growth, Arizona also saw positive gains in its median household income from 2016 to 2017, according to data from the United States Census Bureau. Arizona’s median household income rose 4.8 percent — more than double the national growth rate of 1.8 percent. According to the data, Arizona’s median household income reached $61,125, a record high.

“Arizona’s economy is booming,” said Governor Doug Ducey. “Not only is Arizona projected to add 165,000 jobs over the next two years, Arizona families are taking home more dollars and incomes are rising at one of the fastest rates in the country. This is positive news that affects our entire state — and we have Arizona’s hard-working entrepreneurs, business leaders and employees to thank. We will continue to focus on advancing Arizona’s business-friendly environment to bring even more jobs and opportunity to our state.”

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