Arizona’s biggest paychecks are clustered in a surprisingly small club, and a fresh statewide ranking just made it crystal clear who is really signing them. A newly released list of major employers shows health systems, government and big-box retailers dominating the field, capturing hundreds of thousands of Arizonans’ livelihoods in the process. For a state hustling to grow its tech and manufacturing footprint, the roster is a reality check on which institutions still drive hiring trends.
According to Phoenix Business Journal, this year’s Book of Lists tracks 330 businesses, nonprofits and government entities that together employ more than 598,000 people across the state. The outlet reports that its online ranking builds on the print edition by adding roughly 290 employers and about 94,000 local workers to the 504,000 counted in the printed Book of Lists, and notes the list was locally researched by senior researcher Dale Brown. The interactive table in the Phoenix Business Journal data center shows Banner Health at the top with about 49,000 Arizona employees, trailed by the State of Arizona with approximately 40,212 workers and Walmart Inc. with around 37,856.
Statewide patterns
The overall picture will not shock anyone who follows Arizona’s labor market: government and health care continue to anchor a hefty share of the state’s jobs. Annual BLS data compiled by the Federal Reserve Bank of St. Louis put state government employment at roughly 92,200 positions in 2025, underscoring just how much public-sector payroll still matters here. Arizona State University reports that it employs more than 21,000 staff and faculty across its campuses, and state reporting shows a labor market that has cooled slightly, with the Arizona Office of Economic Opportunity pegging the unemployment rate at 4.8% in May 2026.
What to watch next
For all its heft, the Book of Lists is still a snapshot in time, and that snapshot may blur as big-ticket projects in advanced manufacturing, data centers and logistics shift from glossy renderings to real hiring. Workforce planners and local leaders point out that training pipelines for health-care roles, skilled trades and technical jobs will heavily influence whether today’s giants keep their spots or slide down the rankings in the coming years, a concern flagged in materials from the Workforce Arizona Council.
Access to the full Phoenix Business Journal Book of Lists is limited to subscribers, but the topline numbers already tell a straightforward story about where hiring muscle is concentrated. For jobseekers, policymakers and business leaders, the ranking functions as a practical map to where Arizona’s biggest collections of paychecks are sitting right now.
