Arizona governor highlights state’s increasing economic success

Employment totals surpass pre-pandemic levels, unemployment rate dips

PHOENIX, Ariz. (KYMA, KECY) - Governor Doug Ducey has recognized Arizona's economic success in streamlining taxes and creating a pro-business environment.

The governor took the opportunity Thursday to highlight the state's unemployment rate dropping to 4.7% while speaking at an event with the Coalition to Protect American Workers.

He laid out an economic blueprint for encouraging growth, featuring a reduction in regulations, reforming of taxes and making targeted investments to improve infrastructure. 

“Arizonans are resilient, and we’ve worked hard to create an environment that promotes business growth and opportunities throughout the state,” said Gov. Ducey. “With our balanced approach, hard hit industries are reviving and our job recovery is leading the nation. We’ve not only recovered jobs lost since February 2020, but we’ve caught up to lows recorded before the height of the Great Recession. To find a lower unemployment rate, you’d have to go back 13 years to 2008.”

According to a new report from the Arizona Office of Economic Opportunity (OEO), the state has recovered 101% of jobs lost during the beginning of the pandemic. The OEO also reveals U.S. nonfarm employment has only recovered 83% of pandemic job losses.

Arizona’s seasonally adjusted unemployment rate is now 4.7%, matching the pre-pandemic low recorded in December 2019. Recent tax reform has also allowed the state to reach the lowest flat tax in the nation.

With a gain of 27,300 jobs in November, Arizona’s total number of non-farm jobs now sits at 2,988,000, surpassing 2,993,100 jobs in February 2020.

“Today’s milestone represents a significant turning point in our recovery as we now have more jobs in Arizona than ever before,” shared President and CEO of the Arizona Commerce Authority Sandra Watson. “Arizona’s accelerated recovery has been fueled by the strength and resiliency of our incredible business community. In Arizona, we can also point to sound policy decisions from leaders like Governor Ducey that kept our economy open while providing support to families and industries hit the hardest.”

Due to this economic growth, industry leaders like TSMC, Intel, KORE Power, ElectraMeccanica and Lucid Motors have all recently expanded operations in Arizona.