PHOENIX — Good news: The future of job growth in Arizona is better than anywhere else in the nation, according to Forbes.
The report by Moody Analytics ranked Arizona as the best state in the nation for job growth within the next five years. By 2019, the Valley is projected to grow 3.1 percent annually.
Arizona economist Elliot Pollack said there are several plausible and logical reasons to predict a high amount of job growth here in the Valley.
“The population flow is going to pick up (and) the baby boom generation is going to start to retire,” he said. “Both of those things are very positive for Phoenix.”
Prospective home-buyers are coming to Arizona for affordable housing, which is also leading to job growth, Pollack said.
“Housing is very affordable here, especially relative to California,” he said. “The number of jobs being created, while not as high as it would normally in a typical recovery, is still better than most places.”
Pollack said the job growth will also bring more housing and a greater demand for retail, industrial and office properties.
“The net effect of this is we don’t grow as rapidly as we did prior to the Great Recession, but we get a lot of that growth back,” he said.