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 (GDP), 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.
“Governor Ducey and our legislators deserve immense credit for advancing policies that have made Arizona the best place for business and innovation anywhere in the country,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “With advanced industries such as semiconductors, electric vehicles, batteries, medical technology and more surging, we look forward to continue driving economic growth in all parts of our state.”
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 manufacturing projects from LG Energy Solution, Edwards, Kohler, Xnrgy, Sunlit, EMD Electronics, Meyer Burger, Stryker, Leonardo, and more, 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, UACJ Whitehall, Lucid, Nikola, and more.
For more economic data, visit the Arizona Office of Economic Opportunity here.
