Arizona Officially Recovered From the “Great Recession”

Arizona’s Department of Administration recently shared updated job-trend information as well as projections through second quarter 2017, and the news is (mostly) bright. Key trends include:

  • Growth in real GDP, real personal income, employment, and retail sales
  • Continued drop in the U.S. (4.9 percent) and Arizona (5.5 percent) unemployment rates
  • Increase in labor force participation rates while unemployment levels decline
  • Improvement in residential and commercial real estate markets
  • Growth in population, non-farm employment, and real personal income in 2015 outpaced U.S.

The state projects the following for the period beginning in the third quarter of 2015 through the second quarter of 2017:

  • Arizona is projected to gain 156,535 jobs over the two-year period (2.84 percent annual growth)
  • Eleven of 12 sectors are forecast to add jobs over the two-year period
  • The Professional and Business Services (PBS) sector is expected to add the largest number of jobs at 34,902 or 4.36 percent
  • Construction is expected to have the largest annualized percentage gain at 6.6 percent (17,732 jobs)
  • Sectors with the largest expected gains are: Professional and Business Services (34,902 jobs), Educational and Health Services (31,428 jobs), Trade, Transportation and Utilities (23,414 jobs), Leisure and Hospitality (22,594 jobs), and Construction (17,732 jobs).

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