AZ Forecast: State to Add More Than 165,000 New Jobs By 2020
4 Mar, 2019
The Arizona Office of Economic Opportunity released a report recently 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.”
From 2016-2017, median household income grew $2,800 in Arizona, surpassing the national median income growth of $1,000.
Over the last 5 years, median household income in Arizona rose 21.5 percent, well above the U.S. average of 12.5 percent.
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