Arizona’s economy has long been known for the 5 C’s: Copper, Cattle, Citrus, Climate, and Cotton. These exports helped to establish Arizona as a strong economic state with a focus on agriculture, mining, and ranching.
These vital economic contributors, while only moederatley impactful in today’s market, have helped to establish a rich history and culture in Arizona.
Economic Incentives History
Twelve years ago, during the Great Recession, Arizona was experiencing some of the worst repercussions of the economic downturn. To combat these problems, Governor Brewer signed into legislation a package that would help make Arizona a competitive market for corporations and individuals alike. These efforts helped to attract more businesses, create greater economic stability, and diversify the state.
One incentives offered was a Quality Jobs Program that gave corporate tax credits up to $9,000 for each new job. Additional programs included the Arizona Job Training program, which reimbursed grants for job training. Arizona also phased in a more appealing corporate income tax rate, making it the fifth best in the country.
Many incentives helped to stabilize Arizona’s economy and increase employment rates throughout the state. Additional incentives further helped get Arizona out of an economic slump and increased the appeal of moving to the state.
This was best witnessed nearly 10 years later in 2020, when Arizona ranked the fourth most popular state for relocation.
Present Economic Outlook
Today’s economic outlook is quite different from the past. Arizona has seen more and more businesses investing in their state, and has built a strong and vibrant economy.
Today’s best economic contributors in the state include: Healthcare and Social Assistance, Retail Trade and Administration, Business Support, and Waste Management Services.
The strong economy that Arizona is building has put it in 11th place, when compared to other states and assessing an individual’s disposable income. It is estimated that the average Arizona resident has a disposable income of over $49k.
The healthcare industry plays a vital role in the economic success of Arizona, generating $29.8 billion annually. Despite this, many nurses have become burned out with their work in recent years. This has resulted in Arizona ranking #10 in the USA with nursing shortages.
Similarly to how Gov. Brewer sought to incentivise corporations and workers, the Arizona government is offering grants to nurses to help offset the shortage. The goal is to provide an additional 900 nurses to the healthcare system.
Not only is it vital to train the new nurses to help fill the void created by overworked nurses, but it is essential that existing nurses continue to be well-supported and maintain their credentials.
Due to elderly snowbirds who frequent Arizona during the winter, and the added strain that novel illnesses create, additional training and certification in respiratory therapy is a key component to help maintain Arizona’s competitive healthcare edge.
Nurses, and other healthcare professionals like respiratory therapists, do not need to obtain their continuing education units (CEUs) in person, but can access live online CEU training that best suits their needs and schedules.
Despite the ebb and flow of the economy, Arizona has proven to be strong and adaptable. The many programs and incentives created during tumultuous times have helped to stimulate the economy and further propel the state to greater success and stability.