Economy of Arizona: Difference between revisions
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{{Outdated as of | topic = employment data | year = 2024 | month = 05 | day = 20 }} |
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[[File:Barringer Crater aerial photo by USGS.jpg|thumb|Arizona's [[Meteor Crater]] is a tourist attraction.]] |
[[File:Barringer Crater aerial photo by USGS.jpg|thumb|Arizona's [[Meteor Crater]] is a tourist attraction.]] |
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⚫ | The '''Economy of Arizona''' had a total [[gross state product]] $508{{spaces}}billion in 2023.<ref name="GDPByState">{{cite web |title=GDP by State |url=https://www.bea.gov/data/gdp/gdp-state |website=GDP by State | U.S. Bureau of Economic Analysis (BEA) |publisher=Bureau of Economic Analysis |access-date=20 May 2024}}</ref> The composition of the state's economy is moderately diverse; although health care, transportation and the government remain the largest sectors. |
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⚫ | |||
⚫ | The |
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Arizona's per capita income was $61,652 in 2023, ranking 33rd in the U.S.<ref name="r095">{{cite web | last=Account | first=Economic | title=Personal Income by State | website=U.S. Bureau of Economic Analysis (BEA) | date=2024-03-29 | url=https://www.bea.gov/data/income-saving/personal-income-by-state | access-date=2024-05-20}}</ref> The state had a [[median household income]] of $74,568, making it 19th in the country and just below the U.S. national mean.<ref name="u858">{{cite web | last=Bureau | first=U.S. Census | title=S1901: Income in the Past 12 Months | website=Explore Census Data | url=https://data.census.gov/table/ACSST1Y2022.S1901 | access-date=2024-05-20}}</ref> |
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Early in its history, Arizona's economy relied on the "five C's": copper (see ''[[Copper mining in Arizona]]''), cotton, cattle, [[citrus]], and [[climate]] (tourism). Copper is still extensively mined from many expansive open-pit and underground mines, accounting for two-thirds of the nation's output. |
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Total employment 2016 |
Total employment 2016 |
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*2,379,409 |
*2,379,409 |
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Total employer establishments 2016 |
Total employer establishments 2016 |
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*139,134<ref>{{Cite web |url=https://www.census.gov/quickfacts/AZ |title= |
*139,134<ref>{{Cite web |url=https://www.census.gov/quickfacts/AZ |title=U.S. Census Bureau QuickFacts: Arizona |access-date=November 11, 2019 |archive-url=https://web.archive.org/web/20191109142226/https://www.census.gov/quickfacts/AZ |archive-date=November 9, 2019 |url-status=live }}</ref> |
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The state government is Arizona's largest employer, while [[Banner Health]] is the state's largest private employer, with over 39,000 employees (2016). {{As of|March 2016}}, the state's unemployment rate was 5.4%.<ref>{{cite web |url=http://www.bls.gov/eag/eag.az.htm |title=Arizona Economy at a Glance |publisher=Bls.gov |date |
The state government is Arizona's largest employer, while [[Banner Health]] is the state's largest private employer, with over 39,000 employees (2016). {{As of|March 2016}}, the state's unemployment rate was 5.4%.<ref>{{cite web |url=http://www.bls.gov/eag/eag.az.htm |title=Arizona Economy at a Glance |publisher=Bls.gov |access-date=September 9, 2016 |archive-url=https://web.archive.org/web/20160923195505/http://www.bls.gov/eag/eag.az.htm |archive-date=September 23, 2016 |url-status=live }}</ref> |
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The top employment sectors in Arizona are (August 2014, excludes agriculture): |
The top employment sectors in Arizona are (August 2014, excludes agriculture): |
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==Largest employers== |
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According to ''[[The Arizona Republic]]'', the largest private employers in the state {{as of|2016|lc=y}} were:<ref>[https://azcentral.com/story/money/business/jobs/2016/04/22/republic-100-report-highlights-arizonas-top-employers-workplace-trends/83313758/ "Arizona Republic 100: State's biggest employers"]. ''The Arizona Republic''.</ref> |
According to ''[[The Arizona Republic]]'', the largest private employers in the state {{as of|2016|lc=y}} were:<ref>[https://azcentral.com/story/money/business/jobs/2016/04/22/republic-100-report-highlights-arizonas-top-employers-workplace-trends/83313758/ "Arizona Republic 100: State's biggest employers"]. ''The Arizona Republic''.</ref> |
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| 1 |
| 1 |
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| [[Banner Health]] |
| [[Banner Health]] |
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| 39, |
| 39,800 |
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| [[Health care industry|Health care]] |
| [[Health care industry|Health care]] |
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|- |
|- |
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| 2 |
| 2 |
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| [[Walmart|Walmart Stores, Inc.]] |
| [[Walmart|Walmart Stores, Inc.]] |
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| 34, |
| 34,900 |
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| [[Discount retailer]] |
| [[Discount retailer]] |
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|- |
|- |
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| 3 |
| 3 |
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| [[Kroger|Kroger Co.]] |
| [[Kroger|Kroger Co.]] |
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| 16, |
| 16,900 |
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| [[Grocery store]]s |
| [[Grocery store]]s |
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|- |
|- |
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| 4 |
| 4 |
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| [[McDonald's|McDonald's Corp.]] |
| [[McDonald's|McDonald's Corp.]] |
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| 15, |
| 15,200 |
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| [[Food service]] |
| [[Food service]] |
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|- |
|- |
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| 5 |
| 5 |
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| [[Wells Fargo|Wells Fargo & Co.]] |
| [[Wells Fargo|Wells Fargo & Co.]] |
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| 15, |
| 15,100 |
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| [[Financial services]] |
| [[Financial services]] |
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|- |
|- |
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| 6 |
| 6 |
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| [[Albertsons Inc.]] |
| [[Albertsons Inc.]] |
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| 14, |
| 14,500 |
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| [[Grocery store]]s, [[retail]] [[Pharmacy|drugstores]] |
| [[Grocery store]]s, [[retail]] [[Pharmacy|drugstores]] |
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|- |
|- |
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| 15 |
| 15 |
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| [[Bashas' Supermarkets]] |
| [[Bashas' Supermarkets]] |
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| 8, |
| 8,500 |
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| [[Grocery store]]s |
| [[Grocery store]]s |
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|- |
|- |
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| 16 |
| 16 |
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| [[Target Corporation|Target Corp.]] |
| [[Target Corporation|Target Corp.]] |
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| 8, |
| 8,200 |
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| [[Discount retailer]] |
| [[Discount retailer]] |
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|- |
|- |
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| 17 |
| 17 |
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| [[Freeport-McMoRan|Freeport-McMoRan Copper & Gold Inc.]] |
| [[Freeport-McMoRan|Freeport-McMoRan Copper & Gold Inc.]] |
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| 8, |
| 8,000 |
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| [[Mining]] |
| [[Mining]] |
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|- |
|- |
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| 20 |
| 20 |
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| [[American Express|American Express Co.]] |
| [[American Express|American Express Co.]] |
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| 7, |
| 7,100 |
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| [[Financial services]] |
| [[Financial services]] |
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|- |
|- |
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| 23 |
| 23 |
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| [[Pinnacle West Capital Corp.]] |
| [[Pinnacle West Capital Corp.]] |
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| 6, |
| 6,400 |
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| [[Electric utility]] |
| [[Electric utility]] |
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|- |
|- |
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| 24 |
| 24 |
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| [[Mayo Foundation]] |
| [[Mayo Foundation]] |
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| 6, |
| 6,300 |
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| [[Health care industry|Health care]] |
| [[Health care industry|Health care]] |
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|- |
|- |
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==Taxation== |
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Arizona collects personal [[income tax]]es in five brackets: 2.59%, 2.88%, 3.36%, 4.24% and 4.54%.<ref>{{cite web|url=http://www.tax-rates.org/arizona/income-tax|title=Arizona Income Tax Rates for 2017|website=www.tax-rates.org|access-date=February 26, 2017|archive-url=https://web.archive.org/web/20170227150119/http://www.tax-rates.org/arizona/income-tax|archive-date=February 27, 2017|url-status=live}}</ref> The state [[transaction privilege tax]] is 5.6%; however, county and municipal sales taxes generally add an additional 2%. |
Arizona collects personal [[income tax]]es in five brackets: 2.59%, 2.88%, 3.36%, 4.24% and 4.54%.<ref>{{cite web|url=http://www.tax-rates.org/arizona/income-tax|title=Arizona Income Tax Rates for 2017|website=www.tax-rates.org|access-date=February 26, 2017|archive-url=https://web.archive.org/web/20170227150119/http://www.tax-rates.org/arizona/income-tax|archive-date=February 27, 2017|url-status=live}}</ref> The state [[transaction privilege tax]] is 5.6%; however, county and municipal sales taxes generally add an additional 2%. |
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|- |
|- |
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|0 – $10,000 |
|0 – $10,000 |
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|2. |
|2.59% |
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|0 – $20,000 |
|0 – $20,000 |
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|2. |
|2.59% |
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|- |
|- |
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|$10,000 – $25,000 |
|$10,000 – $25,000 |
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|2. |
|2.88% |
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|$20,001 – $50,000 |
|$20,001 – $50,000 |
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|2. |
|2.88% |
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|- |
|- |
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|$25,000 – $50,000 |
|$25,000 – $50,000 |
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|3. |
|3.36% |
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|$50,001 – $100,000 |
|$50,001 – $100,000 |
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|3. |
|3.36% |
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|- |
|- |
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|$50,000 – $150,001 |
|$50,000 – $150,001 |
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|4. |
|4.24% |
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|$100,000 – $300,001 |
|$100,000 – $300,001 |
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|4. |
|4.24% |
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|- |
|- |
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|$150,001 + |
|$150,001 + |
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|4. |
|4.54% |
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|$300,001 + |
|$300,001 + |
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|4. |
|4.54% |
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|} |
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==See also== |
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* [[List of power stations in Arizona]] |
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==References== |
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{{reflist}} |
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{{Arizona}} |
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{{Economy of the United States by jurisdiction}} |
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[[Category:Economy of Arizona| ]] |
Latest revision as of 21:25, 24 May 2024
Parts of this article (those related to employment data) need to be updated.(May 2024) |
The Economy of Arizona had a total gross state product $508 billion in 2023.[1] The composition of the state's economy is moderately diverse; although health care, transportation and the government remain the largest sectors.
Arizona's per capita income was $61,652 in 2023, ranking 33rd in the U.S.[2] The state had a median household income of $74,568, making it 19th in the country and just below the U.S. national mean.[3]
Early in its history, Arizona's economy relied on the "five C's": copper (see Copper mining in Arizona), cotton, cattle, citrus, and climate (tourism). Copper is still extensively mined from many expansive open-pit and underground mines, accounting for two-thirds of the nation's output.
Employment[edit]
Total employment 2016
- 2,379,409
Total employer establishments 2016
- 139,134[4]
The state government is Arizona's largest employer, while Banner Health is the state's largest private employer, with over 39,000 employees (2016). As of March 2016[update], the state's unemployment rate was 5.4%.[5]
The top employment sectors in Arizona are (August 2014, excludes agriculture):
Sector | Employees (thousands) |
---|---|
Trade, transportation, and utilities | 488.6 |
Government | 408.5 |
Education and health services | 392.1 |
Professional and business services | 384.2 |
Leisure and hospitality | 286.4 |
Financial activities | 193.2 |
Manufacturing | 156.0 |
Construction | 118.2 |
Other services | 88.2 |
Information | 41.8 |
Mining and logging | 13.7 |
Largest employers[edit]
According to The Arizona Republic, the largest private employers in the state as of 2016[update] were:[6]
Taxation[edit]
Arizona collects personal income taxes in five brackets: 2.59%, 2.88%, 3.36%, 4.24% and 4.54%.[7] The state transaction privilege tax is 5.6%; however, county and municipal sales taxes generally add an additional 2%.
The state rate on transient lodging (hotel/motel) is 7.27%. The state of Arizona does not levy a state tax on food for home consumption or on drugs prescribed by a licensed physician or dentist. However, some cities in Arizona do levy a tax on food for home consumption.
All fifteen Arizona counties levy a tax. Incorporated municipalities also levy transaction privilege taxes which, with the exception of their hotel/motel tax, are generally in the range of 1-to-3%. These added assessments could push the combined sales tax rate to as high as 10.7%.
Single | Tax rate | Joint | Tax rate |
---|---|---|---|
0 – $10,000 | 2.59% | 0 – $20,000 | 2.59% |
$10,000 – $25,000 | 2.88% | $20,001 – $50,000 | 2.88% |
$25,000 – $50,000 | 3.36% | $50,001 – $100,000 | 3.36% |
$50,000 – $150,001 | 4.24% | $100,000 – $300,001 | 4.24% |
$150,001 + | 4.54% | $300,001 + | 4.54% |
See also[edit]
References[edit]
- ^ "GDP by State". GDP by State | U.S. Bureau of Economic Analysis (BEA). Bureau of Economic Analysis. Retrieved 20 May 2024.
- ^ Account, Economic (2024-03-29). "Personal Income by State". U.S. Bureau of Economic Analysis (BEA). Retrieved 2024-05-20.
- ^ Bureau, U.S. Census. "S1901: Income in the Past 12 Months". Explore Census Data. Retrieved 2024-05-20.
- ^ "U.S. Census Bureau QuickFacts: Arizona". Archived from the original on November 9, 2019. Retrieved November 11, 2019.
- ^ "Arizona Economy at a Glance". Bls.gov. Archived from the original on September 23, 2016. Retrieved September 9, 2016.
- ^ "Arizona Republic 100: State's biggest employers". The Arizona Republic.
- ^ "Arizona Income Tax Rates for 2017". www.tax-rates.org. Archived from the original on February 27, 2017. Retrieved February 26, 2017.