Arizona’s economy continues to grow at record levels and evolve as an innovative powerhouse.
The Arizona Office of Economic Opportunity’s July 2021 employment report found that the state’s private sector created more than 16,000 new jobs in July, “the only time in the last decade that Arizona has created jobs in the month of July.” Patrick Ptak, Senior Vice President of Executive Initiatives at the Arizona Commerce Authority.
Unemployment is falling
After a steep spike in unemployment in 2020, Arizona is now well on its way to hitting pre-pandemic lows.
According to the Arizona Commerce Authority, “Arizona employment growth and recovery is outperforming the US in any private sector.” While the American workforce is still below its peak in February 2020, the workforce in Arizona is 1.3%, or 47,869 workers, more than it was in February 2020.
The professional and business services, leisure, hospitality and financial industries saw large increases in employment.
While Arizona has seen employment growth across the state, specific regions and cities have been affected differently. Lake Havasu City, Kingman, Phoenix, Mesa, Scottsdale, Prescott, and Flagstaff saw positive non-farm employment growth, while Sierra Vista, Douglas, Tucson, and Yuma all saw positive growth.
Interestingly, from February 2020 to July 2021, only three economic regions fully recovered from the impact of the pandemic on unemployment: Sierra Vista-Douglas, Lake Havasu City-Kingman and Prescott.
Travel is back
The number of passengers traveling through airports is almost back to its March 2020 high, suggesting people are flying again.
Arizona’s Sky Harbor International Airport and Mesa Gateway Airport have tens of billions of dollars of economic impact on the state.
Despite the occasional business interruption caused by the COVID-19 pandemic, the country’s economy has proven resilient. Political decision-makers and elected officials, however, are anxiously watching the spread of the delta variant and assessing its possible impact on the economy.
For more resources on the vaccine and how and where to get vaccinated against COVID-19, visit www.vaccines.gov.