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The Arizona economy is in very strong shape over the four quarters ending in the last quarter of 2018 we added over. 96 thousand new jobs that translates into three point four percent job growth which was double the national Rea now the sector's that added the most jobs during that period were construction professional and business services health care and leisure and hospitality but what's really new over the. Past year has been a big acceleration in construction job growth in fact we're now adding construction jobs at the fastest pace we've seen. Since the Great Recession began which was more than a decade ago part of what's driving this acceleration in. Construction job growth is increased residential activity in fact housing permits in Arizona through the first 11 months of 2018 were up 5.3 percent over the same period of 2017 overall most of the job growth over the past year has been in the Phoenix metro area but Tucson has been adding jobs and a really solid clip. As well so growth has been a bit diversified across the state overall job growth has contributed to income and wage gains as we've seen the state's unemployment rate gradually come down and we've also seen a contribution to wage. And income growth from the increases in the state's minimum wage overall job growth has also contributed to population gains and in fact Arizona added over a hundred and ten thousand new residents in 2018 that translates into about 1.6 percent population growth which was more than double the. National rate of growth Arizona's population gained was driven last year primarily by net migration as the state attracts more residents than it loses to other states. But we also got a positive contribution from natural increase because the state had more births - overall the outlook for the next couple of years for Arizona I think is positive but I also think we'll see somewhat slower growth in coming years then we saw in 2018 the. Forecast calls for job growth statewide this year to be 2.6 percent compared to 3.2 percent last year I think we'll see even a little bit slower growth in 2020 overall Phoenix and Tucson are well-positioned to continue growing as well now our job growth over the next couple of years will contribute to a lower unemployment rate I think. Our state unemployment rate will come down from four point seven percent last year to three point nine percent by 2020 that will contribute to wage gains as employers compete for labor and the increases in the state's minimum wage that are still to come will contribute to increased wages over the. Next couple of years as well now that income growth will contribute to retail spending in Arizona but I think our retail spending growth rates will. Settle back into somewhat more normal pace significantly slower than the really rapid growth we saw last year overall population growth should remain solid in the neighborhood of one point six percent per year and again that's. Primarily driven by positive net migration into Arizona reflecting. Both our job growth and our attractive climate and quality of life overall. Arizona is well-positioned to continue growing. In 2019 I think the risks of recession are low this year but 2020 is a bit of a different story with slowing national growth will see slower growth in. Arizona as well and that will raise those recession risks a bit so be sure to tune back in and visit our websites here in the eller college and economic and business research center for updated analysis and forecast as we go through 2019 thanks.

 


Arizona Stock Exchange Company News

Fri, 10 May 2019 04:05:00 GMT
Uber to give its market value a lift in stock market debut - KTAR.com
Uber to give its market value a lift in stock market debut KTAR.com SAN FRANCISCO (AP) -- Uber's next stop is the stock market, where it hopes to pick up more investors willing to bet on a ride-hailing market brimming with.
Wed, 08 May 2019 13:09:30 GMT
Benchmark Executives Elected to the Arizona Chamber of Commerce - I-Connect007
Benchmark Executives Elected to the Arizona Chamber of Commerce I-Connect007 Continuing its long-standing commitment to serve as an asset to the communities in which it operates, Benchmark has announced that Steve Beaver, vice ...
Wed, 10 Apr 2019 07:00:00 GMT
Bridgepoint Education Rebrands, Charts Arizona Location - NBC 7 San Diego
Bridgepoint Education Rebrands, Charts Arizona Location NBC 7 San Diego Over 800 roles at Bridgepoint Education will be moved to Chandler, Arizona, in the next two years.
Mon, 06 May 2019 21:25:00 GMT
Hudbay Announces First Quarter 2019 Results Toronto Stock Exchange:HBM - GlobeNewswire
Hudbay Announces First Quarter 2019 Results Toronto Stock Exchange:HBM GlobeNewswire Completed the Rosemont permitting process, acquired the minority joint venture interest and initiated an early works program for Rosemont; Extended the 777 ...
Wed, 10 Apr 2019 07:00:00 GMT
CB2 Insights Completes Acquisition of Cannabis Evaluation Clinics in Arizona and Colorado - GlobeNewswire
CB2 Insights Completes Acquisition of Cannabis Evaluation Clinics in Arizona and Colorado GlobeNewswire Acquisition further strengthens medical cannabis data company's financial metrics and data asset; reaching more than 85000 patient evaluations per year.
Thu, 02 May 2019 23:11:34 GMT
Students fired up about financial lessons, game - San Tan Sun News
Students fired up about financial lessons, game San Tan Sun News By COLLEEN SPARKS Managing Editor. Excitement was high as sixth graders played a game in which they made decisions about going to college or getting ...
Fri, 19 Apr 2019 07:00:00 GMT
Top execs at American weed retailer MedMen quit amid ex-CFO's claims of financial duress - CNBC
Top execs at American weed retailer MedMen quit amid ex-CFO's claims of financial duress CNBC The chief operating officer and general counsel of MedMen have both resigned amid an employee shakeup at the American marijuana retailer.
Tue, 07 May 2019 21:58:00 GMT
Hudbay Announces Election of Directors Toronto Stock Exchange:HBM - GlobeNewswire
Hudbay Announces Election of Directors Toronto Stock Exchange:HBM GlobeNewswire TORONTO, May 07, 2019 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE: HBM) today announced that each of the ...
Tue, 16 Apr 2019 07:00:00 GMT
Is MedMen Enterprises Inc. (OTCQX: MMNFF) Stock Price About to Surge? - MicroCap Daily
Is MedMen Enterprises Inc. (OTCQX: MMNFF) Stock Price About to Surge? MicroCap Daily MedMen Enterprises Inc. (OTCQX: MMNFF) stock price entered a strange routine that is taking it up and down in an almost completely precise pattern. The price.
Tue, 30 Apr 2019 07:00:00 GMT
CB2 Insights Announces FY2018 Financial Results After Transformative Year - GlobeNewswire
CB2 Insights Announces FY2018 Financial Results After Transformative Year GlobeNewswire CB2 Insights to Host Conference Call Wednesday, May 1 at 4pm Eastern.