Arizona economy speeding toward long-lasting growth, consultant says
Dec 17, 2021, 11:15 AM
(Photo by Win McNamee/Getty Images)
PHOENIX – As 2021 rushes to an end, a top economist in Phoenix says the state is doing what it needs to keep growing over the next several years.
Arizona has fully recovered the estimated 320,000 jobs that were lost since the onset of the COVID-19 pandemic, Gov. Doug Ducey announced Thursday, after the release of a November employment report from the Arizona Commerce Authority.
“I think there’s a lot to point to on the economic side when it comes to talking about the state,” Phoenix-based economist Jim Rounds of Rounds Consulting Group told KTAR News 92.3 FM.
Employment in the state has reached 2,998,000, the commerce authority said.
Arizona is one of only three states to see full job recovery, according to the economic-development group’s press release. As a whole, the country has recovered 83% of jobs lost since last year.
Unemployment dropped from 5.2% to 4.7%. The state rate hadn’t fallen below 4.7% since March 2008.
“We continue to be a top five state in terms of employment growth. In terms of the job count we’re doing really well,” Rounds said.
Recruiting is succeeding with value-added businesses such as manufacturing and high-tech that will eventually trickle into the wage and household income statistics,” he added.
Rounds predicted Arizona will be in the top five in the country in most economic categories for the rest of the decade.
“Overall we are finishing out a really good year. Much better than I was anticipating,” he said.