According to data released today by the U.S. Bureau of Economic Analysis, Arizona’s real gross domestic product (GDP) increased by four percent in 2018, the fourth fastest growth rate in the nation. Arizona’s GDP growth outpaced that of 46 other states including California (3.5%), Florida (3.5%), and Texas (3.2%). Sectors including manufacturing, real estate and rental leasing, and construction contributed the most to Arizona’s GDP growth over the last year.
“A growing economy means more job opportunities, bigger paychecks for Arizonans and more investments in the things that matter, like education, child safety and public safety,” said Gov. Doug Ducey. “Our growth continues to be driven by Arizona’s hardworking employees, job creators and innovators. We remain focused on creating the best economic environment and ensuring sustainable, responsible growth.”
Not only is Arizona’s economy growing at one of the fastest rates in the nation, Arizona’s median household incomes recently reached a record high of $61,125. Arizona also recently ranked third in the U.S. for economic momentum, fourth for population growth and fifth for personal income growth. Maricopa County, Arizona’s largest county, led the nation with the largest population increase of any county in the nation in 2018.
More than 298,000 new jobs have been added in Arizona since 2015, and the state is projected to add another 165,000 new jobs by 2020.