Arizona Business Growth and Unemployment

Arizona Business Growth and Unemployment

Arizona is growing. Simple as that. For anyone that lives in the Phoenix Metro Area, you have probably noticed that traffic and realized that more houses show up every year. The official numbers is 2.2% increase from 2017 to 2018 which is up from 1.2% the next year. Speculations from news sources state the weather, lower taxes, and new opportunities work wise are bringing people to the state. What does that mean for everything else in terms of available jobs, infrastructure, unemployment, schools, etc.? Focusing on job creation and unemployment, we see an interesting story.

Around 70,600 jobs were created in the last year1. From a percentage standpoint, this comes to a 2.5% increase which matches closely to the increase of jobs created over the last year. That number includes a .3% increase for current Arizonans. These numbers are great in terms of solid growth for a state. Similar to inflation, there can be too much or too little growth. In general, the increase usually means greater opportunity is coming to the state. For current and new business owners, the time is now.

We are still in a state of progress and prosperity in the United States. Arizona has one of the highest unemployment rates at 5% which is low in comparison to previous years in the past century2. The unemployment rate for the United States currently sits at 3.8%. Even though, there are conversation of another recession, that should not stop anyone from growing their business. Having some liquidity would not hurt but do not try to time the market when it comes to taking on that new project or developing a new product. 

We are currently in an Employee Market. Employers are looking for employees and employees are looking for jobs. For businesses that means having to increase benefits and wages in order to obtain talent needed. My advice to business owners in Arizona is be willing to pay a little extra for the right employee. New individuals are coming here. Do not be afraid to reach out to individuals in other states. They may be looking to make a change in their life. Unfortunately that may include having to “Poach” from other companies to get the experience needed.

In summary, Arizona is growing, the time is now to take some risk, and we are in an employee market. 

Anthony Smith
Management Consultant
Helping Managers assist their employees in finding their why, creating a path to achieve that why, and keeping them on that path.

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Sources

1. https://www.bls.gov/web/laus/statewide_otm_oty_change.htm

2. https://www.bls.gov/web/laus/laumstrk.htm

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