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    Home » Trends » Arizona Ranks No. 1 for Economic Performance
    Economic Development

    Arizona Ranks No. 1 for Economic Performance

    BEX StaffBy BEX StaffMay 4, 2022No Comments2 Mins Read
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    By Arizona Commerce Authority

    A new report comparing state economies ranks Arizona No. 1 for economic performance over the last decade. The latest Rich States, Poor States analysis from the American Legislative Exchange Council gave Arizona the highest marks in the country in its annual ranking based on the state’s Gross Domestic Product, population, and job growth. This year’s survey is the first time Arizona ranked No. 1 for economic performance.

    In addition, Arizona ranked No. 3 for economic outlook, a measure that predicts future economic performance based on 15 policy variables including a state’s tax burden, public debt, and cost of doing business. Arizona’s economic outlook ranking improved ten spots from No. 13 over the last year.

    In November, Arizona became just the third state to recover all jobs lost during the early months of the pandemic. The latest monthly employment report shows Arizona’s unemployment rate at 3.3%, and lower than the national rate of 3.6%. Over the last year, the state’s labor force has increased by more than 45,000 people.

    In just the last five months, Arizona has successfully landed multiple major manufacturing projects representing diverse sectors such as semiconductors, renewable energy, home products and medical technology.

    These recent expansions build on landmark wins in recent years from Intel, TSMC, KORE Power, ElectraMeccanica, Lucid, Nikola and others. (Source)

    American Legislative Exchange Council Arizona Commerce Authority economic development economic outlook ElectraMeccanica employment GDP gross domestic product jobs recovery KORE Power labor force Lucid Nikoka Poor States Rich States Sandra Watson trends TSMC unemployment rate
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    Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail

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