Arizona job market is still holding strong

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COVID-19 has brought not only thousands of deaths but also economic downfall and sweeping unemployment. However, not all states were affected equally. Before the beginning of the pandemic, Arizona job market was booming and now, by the end of 2020, it is still holding strong.

According to the latest data from the Bureau of Labor Statistics, the national average for unemployment is 6.9%. In Arizona this number is slightly lower – 6.7%. Compared to New York with 9.7% and California with its intimidating 11%, figures in AZ are much more optimistic.

Employment growth in Arizona is one of the highest across the country. At pre-lockdown times, the job increase rate was 2.7% with 79,100 new job openings in a year. But even after the pandemic ravaged the US economy, AZ remains one of the leaders and takes a 5th place in the national ranking for job growth.

These optimistic numbers are not a surprise considering the latest trend for big companies to expand or relocate to Arizona. Many corporations are attracted to Arizona’s business-friendly policies and affordable taxes. The corporate tax rate is 4.9%. It’s almost twice lower than in the neighboring state of California with 8.84%.

Based on the report from AZ Big Media, 49 companies from California opened a shop in the Grand Canyon State since 2015. The list contains such big players as Apple, Google, Stitch Fix and ZipRecruiter. Several companies, including Amazon, TEKsystems, Acronis, Valor Global and Infosys are planning expansion here.

Not only the numbers of job openings are promising but also the prestige of the corporations located in Arizona. Six fortune-500 companies are headquartered in the state, including ON Semiconductor, Freeport-McMoRan, Republic Services, Insight Enterprises, Magellan Health, and Avnet. So if you are looking for the impressive career, the opportunities are plenty.

Alex Devyatov and Alex Kocharov, two experts of the Arizona real estate market, joined their effort to help people with relocation to Arizona. For more information please contact us at 

Alex Devyatov – 602-370-3587
DESIGNATED BROKER 

Alex Kocharov –  602-301-3087
REALTOR 

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