March 27, 2019

AZ Business Magazine

Arizona ranks in Top 5 states for personal income growth

Arizona ranked fifth in the United States for personal income growth in 2018, according to a report released today by the U.S. Bureau of Economic Analysis. Personal income grew 5.5 percent in Arizona, beating out the national average of 4.5 percent.

Earnings were the leading contributor to personal income growth in 2018. Arizona’s net earnings increased by 5.8 percent from 2017 to 2018, the fourth fastest rate in the nation. Construction, health care and social assistance; finance and insurance; professional, scientific, and technical services; and administrative and waste management services were the largest contributors to earnings growth in Arizona from 2017 to 2018.

“Arizona’s booming economy is delivering larger paychecks for workers and families,” said Governor Doug Ducey. “Over the last year, personal income in Arizona increased at one of the fastest rates in the nation — and well above the national average — thanks to the hard work of job creators, entrepreneurs and employees. Arizona will continue to focus on setting the best economic environment to continue bringing more jobs and opportunity to our state.”

Arizona’s economy is growing at one of the fastest rates in the country and median household incomes recently reached a record high of $61,125. Over 290,400 new jobs have been added since 2015, and a recent report by the Arizona Office of Economic Opportunity projected Arizona will add more than 165,000 new jobs by 2020. Click here for more on Arizona’s booming economy.