Arizona’s economic conditions are estimated to attract hundreds of thousands of new workers to the state.
A report from the Arizona Office of Economic Opportunity indicated the state’s economic growth is expected to outpace the national average.
“The Office of Economic Opportunity (OEO) is projecting Arizona employment to increase to 3,751,905 jobs in 2030 from 3,030,216 jobs in 2020,” the report said. “This represents growth of 721,689 jobs, or 2.2% annualized growth. By comparison, United States employment is projected to grow by 0.7% annually from 2020 to 2030.”
From 2010-2020, Arizona employment increased by 492,645 jobs, a 1.8% increase, to 3,030,216 jobs, though economic disasters bookended the decade.
The employment gains are expected to center in the “education and health services” sector, which OEO expects an average of 23,906 new jobs annually.
“Governor Ducey and Arizona business leaders have set the stage for a decade of exciting job growth and economic success,” said Sandra Watson, president and CEO of the Arizona Commerce Authority. “These projections are based on current trends and trajectories, which reflect the efforts of recent years to grow advanced manufacturing, diversify our economy, improve the state’s attractiveness for business and investment and rebound quickly from the pandemic.”
Watson added Arizonans would benefit from the creation of more quality jobs and greater opportunities.
State leaders have seen the payoff from months of aggressive courting of semiconductor manufacturers. Chipmakers Intel and Taiwan Semiconductor Manufacturing Company (TSMC) have announced plans to either create or greatly expand footprints in Arizona, citing the state’s business-friendly climate and growing workforce.
“Jobs, jobs, jobs – that’s the forecast for Arizona over the next ten years,” Gov. Doug Ducey said in a release. “Our economy’s momentum continues to accelerate. Arizona has emerged as the destination for key high-tech, high-wage industries like semiconductors, electric vehicle manufacturing, startups, and more. Over the next decade, Arizona will remain a leader in the U.S. for people, businesses, and jobs moving to our state.”