Arizona Gets Economic Momentum

Arizona is the third best state in the nation for economic momentum, informed a new economic article by State Policy Reports.

Momentum ranks states on the basis of three economic measures: personal income growth, employment growth, and population growth.

Arizona ranked in the top ten for all three categories.

“Whether it’s the number of new jobs or people choosing to move here, Arizona continues to show tremendous growth,” said Governor Doug Ducey. “My thanks to the hardworking entrepreneurs, employers, and job creators driving these gains. By focusing on the things that matter, like education, public safety and fiscal security, we are ensuring Arizona’s growth is sustainable and setting up our state for success for generations to come.”

Arizona climbed from ninth to third in employment growth and from sixth to fourth in population growth. Arizona ranked sixth in personal income growth.

The state’s economy is growing at one of the fastest rates in the country, and median household incomes recently reached a record high of US$61,125 yearly.

A recent report released by the U.S. Bureau of Economic Analysis ranked Arizona fourth in the nation for wage growth in 2018. Over 301,600 new jobs have been added since 2015, and a report by the Arizona Office of Economic Opportunity projects the state will add more than 165,000 new jobs by 2020.