Arizona projected to add more than 700,000 jobs by 2030

ARIZONA – More than 700, 000 jobs will be created in Arizona in the next decade, according to the most recent report from the Office of Economic Opportunity (OEO), as part of the strategies to compensate for the effects of the pandemic.

According to the report, which studies the state’s economy and labor market trends, employment in Arizona is projected to increase from 3,030,216 jobs in 2020 to 3,751,905 jobs in 2030. It would represent a growth of 721, 689 jobs, or an annualized increase of 2.2 percent.

The growth rate of employment in that state will exceed, by more than 3 times, the general rate expected in the United States. During the same period, work in the country is projected to grow 0.7 percent annually from 2020, compared to 2.2 percent in Arizona.

The OEO indicates that the highest labor gains are anticipated in the Education and Health Services sector with 23,906 jobs a year, and in the Professional and Commercial Services area.

The education and healthcare sectors as well as construction are expected to experience the fastest job growth rates with an annualized increase of 3.2 percent and 2.7 percent, respectively. The report predicts employment growth in all 15 counties and all sectors, excluding government.

Over the past decade, employment in Arizona increased by 492,645 jobs, or an annual change of 1.8 percent, from 2,537,571 jobs in 2010 to 3,030,216 in 2020.

Also, it was reported that Arizona leads the economic and labor development programs. Major companies, including Intel, Taiwan Semiconductor Manufacturing Company (TSMC), and Lucid Motors, have selected Arizona to build and expand their operations, making it the first place for new semiconductor investments.

Source: MEXICO-NOW Staff