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Income Growth Trends — AZ Leading the Way

arizona market research phoenix Dec 10, 2020

Over the last three years, Arizona has led all western and mountain states in growth (even beating out TX and FL). According to the Census Bureau, Arizona's median household income has risen by 15.2% over the last three years. To put this in perspective: Utah increased by 11.3% ($7,956), California by 8.7% ($5,956), Colorado by 5.7% ($4,048), and New Mexico decreased by 0.6% ($314) in the same period.  

From 2017-2019, Arizona's median household income increased from $56,818 to $65,450. This adds up to more than an $8,600 raise per household. AZ's personal income growth in the last 12 months was the fifth strongest in the nation at 5% growth, according to the Bureau of Economic Analysis.

In total dollars, this means that AZ's personal income grew by a total of $16 billion last year. Which markets did this occur? The Grand Canyon State has seen its largest increases in the health care and social assistance industries, as well as construction.

“Arizona is a national leader in attracting more jobs and companies to move here — and it’s bringing real benefits for Arizona families. This growth doesn’t happen by accident. It’s a result of welcoming policies and hard work from Arizona entrepreneurs and employees to innovate and expand. We want Arizona to continue to be a state that continuously affords more opportunity for its citizens. We will continue to advocate for policies that keep our state on a path of growth and opportunity for all.” - AZ Governor, Doug Ducey stated recently that, Arizona is ranked 5th in the nation for the dollar amount increase, and 4th for percent increase. "Arizona’s dollar increase from 2014-2016 to 2017-2019 is 174% of the U.S. median income increase, and the state’s percentage growth is 185% of the national rate."

Arizona Adds 80,000 Jobs in August 2020 — Unemployment Drops

In July of this year, unemployment reached levels as high as 10.7% in Arizona. By August, the state had already dropped that number down to 5.9% (much better than the U.S. average of 8.4%).

"During August, the private sector in Arizona recorded a gain of 30,400 jobs, which is 12,200 more jobs than the ten year average for the month. Gains were posted across ten private sectors, with ‘education and health services’ and ‘trade, transportation and utilities’ at the top."

“This pandemic has been incredibly hard for many people, but these numbers show Arizona is moving in the right direction. We still have a ways to go. We know many people are still out of work due to the pandemic. I’m grateful to all the entrepreneurs and business owners who’ve continued to prioritize health and safety of customers and employees. Together, we can keep moving forward safely and continue to be a national leader for growing jobs and opportunity.” -Gov Doug Ducey 

Nation's Best Economies: Arizona Ranks #6

(Source: 24/7 Wall Street)

  • 5 yr annualized GDP growth rate, Q1 2020: +3.0% (5th highest)
  • 5 yr. annualized employment growth rate, June 2020: +1.2% (4th highest)
  • June 2020 unemployment rate: 10.0% (20th highest)
  • Poverty rate: 14.0% (14th highest)
  • Population Growth Rate (from migration alone), 2010-2019: +9.3%

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