Arizona income growth led nation in 2020 despite pandemic, report finds

Mar 31, 2021, 4:55 AM

(Pexels photo)...

(Pexels photo)

(Pexels photo)

PHOENIX — Arizona had the highest jump in personal income in the nation last year despite the ongoing COVID-19 pandemic, according to a report released last week by the Bureau of Economic Analysis.

The report found Arizona had an 8.4% personal income change from 2019 to 2020, to an average of nearly $49,000 a year.

Eric Jay Toll, communications manager with Phoenix Community and Economic Development, credits the personal income jump to manufacturing, bioscience healthcare and business-finance firms coming to the Valley and diversifying the economy.

“Every time one of these new companies comes in, or one of our local companies expands, that increases the amount of wealth that’s available in the economy,” Toll told KTAR News 92.3 FM.

“Kroger announced their new high technology warehouse for delivery shoppers. That’s 700 jobs there,” Toll said. “Thrift Book is another 300 jobs.”

Intel also recently announced an expansion of the Chandler facility, resulting in the addition of 15,000 long-term jobs in the area, while a Canadian company plans to build its tiny three-wheeled electric vehicles in Mesa and bring 500 jobs to the city.

“Our phones are busy on a daily basis in the Business and Workforce Development Center with companies calling and saying they’re ready to hire,” Toll said.

Metro Phoenix in February added 13,400 jobs over the previous month, putting the workforce within 3.6% of February 2020’s employment totals before the pandemic halted the economy a month later.

The highest personal income changes last year occurred on the west coast, according to the report, with Montana (8.4%) and neighboring Utah (8.2%) placing second and third, respectively.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

A 2-year-old boy died after he was found in a backyard jacuzzi Saturday. (Pixabay photo)...

2-year-old boy found dead in west Phoenix jacuzzi

Detectives are investigating the death of a two-year-old boy who was found in a backyard jacuzzi on Saturday in west Phoenix.

9 minutes ago

State's new budget a sore spot for attorney general - Here's why...

Serena O'Sullivan

Arizona AG ‘extremely disappointed’ with state budget cuts to opioid settlement funds

Arizona Attorney General Kris Mayes released a statement saying she is "extremely disappointed" with the state's new budget on Saturday.

1 hour ago

Bipartisan state budget of $16 billion passes in Arizona Legislature...

Associated Press

Arizona lawmakers pass bipartisan $16.1 billion budget, fix $1.4 billion deficit

Arizona lawmakers passed a $16.1 billion bipartisan state budget, which Gov. Hobbs negotiated with GOP leaders, on Saturday evening.

5 hours ago

Southbound Loop 101 on-ramp in Scottsdale to close (ADOT Photo)...

Bailey Leasure

Southbound Loop 101 on-ramp in Scottsdale to close for 2 months

 The southbound Loop 101 on-ramp at Princess Drive and Pima Road in Scottsdale is scheduled to be closed for two months

7 hours ago

Improvements coming to Brooks Crossing Park (City of Chandler Photo)....

Bailey Leasure

New improvements coming to Chandler’s Brooks Crossing Park

Chandler City Council approves a construction agreement that will allow for improvements to Brooks Crossing Park.

7 hours ago

The new Desert Sage Restaurant & Bar inside the recently renovated Renaissance Phoenix Glendale Hot...

Brandon Brown/Phoenix Business Journal

Renaissance Phoenix Glendale Hotel & Spa wraps up extensive renovation

The Renaissance Phoenix Glendale Hotel & Spa hotel in Glendale recently underwent a nine-month long, multimillion-dollar renovation.

8 hours ago

Sponsored Articles


Sanderson Ford

3 new rides for 3 new road trips in Arizona

It's time for the Sanderson Ford Memorial Day sale with the Mighty Fine 69 Anniversary, as Sanderson Ford turned 69 years old in May.


Collins Comfort Masters

Here’s how to be worry-free when your A/C goes out in the middle of summer

PHOENIX -- As Arizona approaches another hot summer, Phoenix residents are likely to spend more time indoors.


Day & Night Air Conditioning, Heating and Plumbing

Beat the heat, ensure your AC unit is summer-ready

With temperatures starting to rise across the Valley, now is a great time to be sure your AC unit is ready to withstand the sweltering summer heat.

Arizona income growth led nation in 2020 despite pandemic, report finds