Throughout 2021, Arizona continued to create an economic environment that promotes business growth and expands opportunities for all. Companies large and small moved to Arizona, and businesses already in the state grew their operations. Smart policies led to Arizona’s economic momentum and to families and businesses keeping more of their hard-earned money.
Arizona’s year-end job numbers demonstrate the success of Governor Doug Ducey’s economic leadership. As of last month, Arizona has recovered 101 percent of jobs lost during the initial months of the pandemic.
The economic opportunity in Arizona has people flocking to the state. According to the latest U.S. Census figures, Arizona last year retained its position as one of the fastest growing states.
Gov. Doug Ducey led the way this year to achieve historic tax reform, making Arizona the state with the lowest flat tax in the nation. The 2.5 percent flat tax saves money for every Arizona taxpayer no matter their income. This tax cut – the largest income tax cut in state history – also protected small businesses from a 77.7 percent tax increase.
Arizona’s approach to tax policy, combined with its less-is-better view toward government regulations, has spurred unparalleled economic growth.
The wave of major job announcements Arizona saw in 2021 tells the story:
• ElectraMeccanica broke ground on its first U.S.-based electric vehicle assembly facility
• KORE Power announced it would bring 3,000 jobs to Buckeye for it’s lithium-ion battery manufacturing facility
• Lucid Motors opened its advanced manufacturing plant in Casa Grande, Arizona
• Intel broke ground on two new semiconductor fabrication facilities, a $20 billion investment that will create 3,000 jobs
But Arizona’s economic success isn’t limited to high-tech. Gaming has long been a vibrant sector of Arizona’s economy, and in 2021 the state successfully modernized it. Governor Ducey signed a historic tribal-state gaming compact amendment to bring gaming into the 21st century, marking a multi-year effort with our tribal partners. The expanding industry provides millions of dollars in revenue for critical state needs.
Further removing red tape and needless barriers for businesses, Governor Ducey signed bipartisan legislation in May to allow Arizonans to order mixed cocktails to-go. The bipartisan bill followed the positive impact selling liquor to-go had on businesses throughout the state during the pandemic.
View the governor’s 2021 Year in Review video HERE.