Arizona is a national leader in personal income growth
Arizona ranked second in the nation for personal income growth during the first quarter of 2019, according to new data released by the U.S. Bureau of Economic Analysis.
Arizona had the second-fastest personal income growth from Q4 2018 to Q1 2019. Arizona’s annualized growth rate of 5.5 percent beat out the national rate of 3.4 percent. Arizona also had a faster growth rate than every neighboring state, in addition to states such as Texas, Florida, and California.
Arizona ranked in the top ten states for per capita personal income growth in the same period. Per capita personal income grew at an annualized rate of 3.8 percent compared to a national rate of 2.8 percent.
“Arizona’s booming economy is delivering larger paychecks for our citizens,” said Gov. Doug Ducey. “With personal income growth outpacing the national average, Arizonans have more money in their pockets to provide for their families. Our growth is thanks to the hard work of job creators, entrepreneurs and employees. We will continue to focus on creating an economic environment that brings more jobs and opportunity to our state.”
Earnings were a driving factor behind Arizona’s income gains. From Q4 2018 to Q1 2019, Arizona’s earnings increased at an annualized rate of 4.9 percent, the fourth-fastest rate among all states. Sectors that contributed most to the increase in earnings were health care, construction, leisure and hospitality and professional and scientific.
Arizona continues to lead the nation for economic growth, ranking fourth in the U.S. for GDP growth last year. Since 2015, Arizona has added more than 300,000 private sector jobs. Arizona also ranks third in the country for economic momentum, fourth for population growth and fifth for personal income growth in 2018.