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Phoenix Outpaces Small Business Growth in Arizona

When it comes to the pandemic, we expect job loss and loss of business. That’s not what we are seeing in our economy. Thank goodness! According to a report issued on May 6 by the Arizona Office of Economic Opportunity, the state is forecast to gain approximately 550,000 jobs between 2019 and 2029, assuming no more severe economic or political shocks.

A statement from Sandra Watson, president and CEO of the Arizona Commerce Authority, stated that the state would continue to be a leader in the nation as a destination for jobs and sophisticated sectors in the coming years. “This will result in more jobs for Arizona citizens as well as greater opportunities across our whole economy.”

With annualized growth of 1.6 percent, the state is forecast to outperform the rest of the country, which is projected to expand at a rate of only 0.4 percent each year. The prediction represents a small slowdown from the preceding 10-year period, during which Arizona had yearly job growth of 1.9 percent.

Education and health services are the sector with the fastest expected growth, with an annual growth rate of 2.8 percent. The government is predicted to incur a loss of -0.1 percent on an annual basis.

Annual percentage increase in both Maricopa and Pinal counties is expected to beat the state, with 1.9 percent and 1.7 percent anticipated growth, respectively, above the state average. Jobs announced by major companies, such as the construction of a massive plant in north Phoenix, Intel’s expansion in Chandler, and ElectraMeccanica’s assembly plant in Mesa, as well as Nikola Corp.’s plant in Coolidge and Lucid Motors’ plant in Casa Grande, are helping to fuel some of the economic growth in both counties.

“Arizona has transformed into a jobs magnet,” Arizona Governor Doug Ducey stated in a press release. Job growth is accelerating, and incomes are increasing at one of the quickest rates in the country. Our recovery is progressing, and we now have more opportunities than we have ever had before,” says the president.

Many organizations, like the Arizona Board of Regents and a new Pinal County training center known as Drive48, are stepping up their efforts to provide new job training programs in order to keep up with the increase in industrial employment around the state. This means more jobs and more small business success that will flourish years to come.