PHOENIX – With continued low unemployment rates, sustained population growth and surges in key industries, Arizona’s economy continues its positive trajectory. These were the findings presented today by prominent economist Dr. Christopher Thornberg of Beacon Economics at the Alliance Bank of Arizona 2019 Economic Forum.

Steady growth was seen across all areas of Arizona, as every major metropolitan area in the state experienced solid job growth and consistently low unemployment rates. Looking from the second quarter of 2017 to the second quarter in 2018, Arizona’s economy grew 6.8% compared to 5.4% nationwide. Employment increased by 93,900 workers, a 3.3% increase from Dec. 2017 to Dec. 2018, while population growth was at 2.2%, which was significantly higher than the 0.4% experienced nationwide. Similarly, during the same period, the state’s unemployment rate sits at 4.8%, which is higher than the 3.9% national rate.

In terms of job creation, 11 major job sectors across the state recorded job gains year-over-year. Specifically, the top four industries leading job growth included:

  • Construction added 19,200 new jobs at a 12.7% rate of growth.
  • Information added 4,600 new jobs at a 10.2% rate of growth.
  • Professional and Business Services added 18,100 new jobs at a 4.2% rate of growth.
  • Leisure and Hospitality added 10,800 new jobs at a 3.3% rate of growth.

As well, largely due to the state’s continued population growth, the housing market continues to advance, with increases in the median home price and a rise in construction permits. With these economic indicators, Dr. Thornberg projected that Arizona’s economy will continue to grow and add jobs over the next year, with nearly every industry expected to contribute to overall growth.

 

 

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Alliance Bank of Arizona, a division of Western Alliance Bank, Member FDIC, helps business clients realize their growth ambitions. Founded in 2003, Alliance Bank of Arizona offers a full spectrum of loan, deposit and treasury management capabilities, plus superior service. With 10 offices in Greater Phoenix, Tucson and Flagstaff, along with Western Alliance Bank’s powerful array of specialized financial services, the banking division is a valued resource for Arizona’s business, real estate, professional, municipal and nonprofit communities. Alliance Bank’s wide-ranging commitment to giving back to its communities earned the prestigious 2018 Corporate Philanthropy Award from the Phoenix Business Journal. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country’s top-performing banking companies, Western Alliance is ranked #1 regional bank by S&P Global Market Intelligence for 2018 and in the top 10 on the Forbes “Best Banks in America” list for four consecutive years, 2016-2019.