PHOENIX — The Arizona Office of Economic Opportunity (OEO) is projecting the state will add more than half a million jobs over the next eight years, continuing a surge in economic growth.
According to the OEO, Arizona will add nearly 550,000 jobs by 2029 for an annualized job growth rate of 1.6%, four times the U.S. growth rate.
The OEO projections come as Arizona is experiencing an explosion of advanced manufacturing in industries like semiconductors and electric vehicles.
In March, Governor Doug Ducey announced personal income in Arizona rose last year at a rate faster than nearly any state in the country, according to estimates from the Bureau of Economic Analysis. With a personal income growth rate of 8.4%, Arizona tied with Montana for the fastest rate of growth in personal income in 2020.
Last year, Taiwan Semiconductor Manufacturing Company announced the addition of 1,600 jobs and construction of a new semiconductor fabrication facility in Phoenix. In March, Intel announced adding 3,000 jobs along with two new semiconductor fabs in Chandler. Intel’s $20 billion investment represents the largest private sector investment in state history.
“Today’s projections show Arizona is going to continue to lead the nation as a destination for employment and advanced industries,” said President & CEO of the Arizona Commerce Authority Sandra Watson. “What this means is more jobs for Arizona residents and more opportunity throughout our economy.”
When it comes to electric vehicles, companies like Lucid, Nikola, and ElectraMeccanica, which all have set up manufacturing facilities in the state, are projected to add thousands of jobs in coming years. These announcements mean more jobs for suppliers and support industries as well.