Phoenix/ Politics & Govt
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Published on June 21, 2024
Arizona Unemployment Hits 50-Year Low at 3.4% as Economy Flourishes Under Governor HobbsSource: Office of the Governor - Katie Hobbs

The Grand Canyon State has some good news on the job front, with Governor Katie Hobbs announcing that Arizona's unemployment has dipped to a near half-century low at 3.4%, as revealed by the Arizona Office of Economic Opportunity's recent May Employment Report, a significant milestone marking the state's economic vigor and speaking to its strengthening job market; the report elaborates on these figures, showcasing a downtick from the previous 3.6%, according to the Office of the Governor.

Not resting on laurels, Arizona's economy celebrates securing its fourth consecutive gold shovel award commending the state's exertions in economic development, and Phoenix specifically gaining the limelight for leading in manufacturing growth, this accolade comes alongside the governor's statement noting "Arizonans have more opportunity than ever before," further commenting, "I am laser-focused on creating good-paying jobs for Arizonans, building and creating businesses in our state, and ensuring every Arizonan has the opportunity to thrive," as stated by the Office of the Governor.

Since Governor Hobbs took the reins in January 2023, Arizona has seen the creation of more than 110,000 new roles - 111,300 to be exact - with a substantial 84% (93,400) attributed to the private sector; these strides in employment were anchored largely in construction during Hobbs' initial year and are now flanked by surging manufacturing jobs as major industrial facilities transition from the construction phase to operational status, thus commencing their hiring sprees, the governor also underscored past triumphs in March, reminiscing on Arizona being a top state for jobs growth in 2023, and as of September that year, more Arizona residents gainfully employed with incomes on the rise, setting the state on a robust economic trajectory.