Arizona looking to add more than 700,000 jobs by 2023

PHOENIX, Ariz. (KYMA, KECY) - A new report from the Arizona Office of Economic Opportunity (OEO) projected that more than 700,000 may be created in the state by the year 2023.

This projection of jobs is a sign of Arizona's economy growing during and after the pandemic, while also exceeding the nation's market trends by at least three times the national numbers.

Governor Doug Ducey released a statement regarding the projection: "Jobs, jobs, jobs - that’s the forecast for Arizona over the next 10 years."

The OEO report is predicting an exact growth of 721,689 jobs, or 2.2% annualized growth.

“Our economy’s momentum continues to accelerate. Arizona has emerged as the destination for key high-tech, high-wage industries like semiconductors, electric vehicle manufacturing, startups and more," continued Ducey. "Over the next decade, Arizona will remain a leader in the U.S. for people, businesses and jobs moving to our state.”

The most growth is expected to be in Eduction and Health Services, along with Professional and Business Service areas, with the trends possibly going up in Arizona's 15 counties.

“Governor Ducey and Arizona business leaders have set the stage for a decade of exciting job growth and economic success,” stated Sandra Watson, President & CEO of the Arizona Commerce Authority. “These projections are based on current trends and trajectories, which reflect the efforts of recent years to grow advanced manufacturing, diversify our economy, improve the state’s attractiveness for business and investment and rebound quickly from the pandemic. Arizonans will benefit from the creation of more quality jobs and greater opportunity throughout our state.” 

A recent story has shown that Arizona is recovering jobs faster than most other states and is currently the third-fastest in recovering jobs in the nation. Personal income has rose in Arizona quicker than other states as well.