Arizona Overview An influx of residents and a real estate boom fueled Arizona's economy until the recession hit and ...
An influx of residents and a real estate boom fueled Arizona's economy until the recession hit and caused considerable declines. The Grand Canyon State's economy is slowly picking up, driven by the recovering sectors of construction, durable manufacturing, retail and real estate. The Arizona job market is expected to experience solid -- yet potentially sporadic -- gains.
Arizona Job Opportunities
Arizona is one of the fastest-growing US states, attracting retirees and young entrepreneurs alike. Entrepreneurs are lured by the state's low-cost business environment and science and technology resources. Arizona State University, the University of Arizona, Northern Arizona University and other local universities draw a large concentration of science and technology students and nurture related startups and established companies.
The trade, transportation and utilities sector dominates employment in Arizona. Government is also a key hiring sector for the state's 3 million workers. Following deep declines during the recession, all sectors have recently shown employment expansion.
Arizona Employment Trends
Employment conditions in Arizona have improved significantly since the depths of the recession. The state's unemployment rate, which peaked at 10.8 percent in late 2009 and early 2010, began 2012 below 9 percent. After falling for nearly three years, payroll numbers expanded throughout 2011. Online hiring opportunities declined for several months in late 2011, but picked up again in early 2012.
Arizona jobs are expected to grow a solid 2.9 percent between Q2 2012 and Q2 2013, much higher than the 1.3 percent growth expected in the US job supply over that time, Moody's Analytics forecasts.