These announcements appeared in the major news outlets around the state, including the Arizona Republic, the Arizona Daily Star, among many others. ![]() This particular dataset tracks the number of announcements, not the number of jobs associated with the announcements. Exhibit 1 shows monthly announcements by firms related to both employment increase and employment decrease. The Economic and Business Research Center has been tracking firm announcements related to employment change since 1999. While job growth performance has not been particularly rapid so far this year, the buzz related to employment change has been unusually strong. The Tucson MSA added just 700 jobs over the year, for 0.2% growth. The Phoenix metropolitan statistical area (MSA) added 50,300 jobs over the year in the second quarter, for 2.6% growth. That was slightly slower than the 2.1% rate posted in the first quarter, but above the national rate of 1.5%. Over the year, the state added 54,200 jobs, which translated into 2.0% growth. Arizona Recent DevelopmentsĪrizona’s job growth continued at a moderate pace in the second quarter of 2017. If Arizona’s college attainment rate continues to lag behind the national average, it will be very difficult to close the income gap. One key factor driving this has been the trend in four year college attainment, which has drifted from well above the national average in the 1940s to significantly below average today. That means Arizona is forecast to lose ground to the nation on a key measure of prosperity.ĭuring the past 40 years, Arizona has gradually fallen further and further behind the nation in per capita income, with slow wage growth contributing to the divergence. This is expected to remain positive and outpace inflation, but the state is not expected to beat the national rate. However, that is not likely to be true for the state’s growth in per capita income. ![]() The 30-year forecast calls for Arizona to outpace the national rate of growth. Demographics (aging of the baby boom generation) is likely playing a role here, and this will continue to be an issue in the long run. However, gains are coming at a slow pace compared to the state’s own history. Arizona Third Quarter Economic Outlook UpdateĪrizona continues to add jobs, income, and residents at a faster pace than the nation.
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