Arizona leads west in income growthChristian Fernsby ▼ | October 8, 2020
Arizona’s median household income rose by 15.2% over the latest three year recording period, according to new data from the U.S. Census Bureau.
Census data Arizona
In addition, last year, Arizona’s total personal income rose by 5%, the fifth strongest growth in the nation, according to the Bureau of Economic Analysis.
In the latest three year recording period, Arizona’s median household income increased from $56,818 to $65,450, a difference of more than $8,600. In comparison, Utah’s increased by just 11.3% or $7,956; California’s median household income increased by 8.7% or $5,956; Colorado’s increased by 5.7% or $4,048; and New Mexico’s decreased by 0.6% or $314 over the same period.
Arizona is fifth in the nation for the dollar amount increase and fourth for percent increase. Arizona’s dollar increase from 2014-2016 to 2017-2019 is 174% of the U.S. median income increase, and the state’s percentage growth is 185% of the national rate.
Arizona’s personal income grew by more than $16 billion in 2019. Arizona last year saw large earnings growth in the areas of health care and social assistance as well as construction, significantly contributing to the state’s personal income growth of 5%.
The 2019 personal income growth in California, New Mexico and Nevada is 4.7%, 4.2% and 4.1%, respectively.
Arizona’s economy posted strong gains in August, adding nearly 80,000 jobs over the month. The state’s unemployment rate dropped to 5.9%, down from 10.7% in July and lower than the U.S. overall rate of 8.4%.
A recent ranking of state economies by 24/7 Wall Street listed Arizona at sixth in the nation. The same report showed Arizona had the 4th highest 5-year annualized employment growth rate through June 2020. ■