Arizona among states in US with highest GDP growth
May 21, 2018, 4:15 AM
(AP Photo/Matt Slocum)
(AP Photo/Matt Slocum)
PHOENIX – New data released by the Bureau of Economic Analysis on Friday revealed Arizona had one of the highest growths in gross domestic product in the U.S. last year.
According to Governing.com, the preliminary estimates indicated that the nation’s GDP rose 2.1 percent last year.
Arizona’s 3.2 percent increase in GDP was among the best in the nation, only trailing Washington (4.4), Colorado (3.6) and Nevada (3.5).
Health care and retail trade played a major role in the state’s growth from last year, along with an increase in the population and number of jobs available.
The population in Maricopa County grew by approximately 74,000 people last year, the largest increase for any county in the U.S.
According to a study by Arizona State University, the state is expected to see a net job growth of 69,000 in 2018, an increase of 6,000 from 2017.
Due to the state’s growing population, a vast majority of the jobs are expected to be in the construction industry, with a 6.4 percent growth expected for the year.
