Friday, September 27, 2013
Beggars can't be choosers in this state.
Today Forbes placed Arizona first in their top ten states for job growth. Arizona beat Texas even with an unemployment rate of 8.0. This is promising considering this week's layoffs in the financial district.
But the economic picture has brightened considerably in Arizona, as the housing market stabilized and unemployment hit a post-recession low of 7.8% in May. As part of Forbes’ annual Best States for Business, we look at 35 factors to determine the best and worst states, including projected employment. Arizona is expected to have the fastest job growth at 3% annually over the next five years, according to Moody’s Analytics. The job gains are projected to boost household incomes 3.6% annually through 2017, which ranks second best in the U.S. after Illinois. The added jobs also go hand-in-hand with the state’s economic growth, which Moody’s forecasts to expand at a U.S.-best 4.6% annually.
I think the immediate job growth will come from nursing. All the baby boomers are going to need care givers because their kids won't do it.
The big winners over the past year in Arizona were the construction and leisure/hospitality industries, which both added more than 10,000 jobs. Other fast-growing sectors include business services, financial activities and education and health services.