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{{Short description|none}}
{{Outdated as of | topic = employment data | year = 2024 | month = 05 | day = 20 }}
[[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.]]
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 &#124; 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.
{{See also|Arizona locations by per capita income}}
The 2011 total [[gross state product]] was $259&nbsp;billion. This figure gives Arizona a larger economy than such countries as [[Republic of Ireland|Ireland]], [[Finland]], and [[New Zealand]]. {{Dubious|date=April 2019}} The composition of the state's economy is moderately diverse; although health care, transportation and the government remain the largest sectors.


The state's per capita income is $40,828, ranking 39th in the U.S. The state had a [[median household income]] of $50,448, making it 22nd in the country and just below the U.S. national mean.<ref>{{cite web|url=https://www.bea.gov/newsreleases/regional/spi/2010/pdf/spi0310.pdf|title=News Release|accessdate=December 28, 2011|archive-url=https://web.archive.org/web/20120921200544/http://www.bea.gov/newsreleases/regional/spi/2010/pdf/spi0310.pdf|archive-date=September 21, 2012|url-status=dead}}</ref> 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.
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>


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===

==Employment==
{{See also|Arizona locations by per capita income}}
Total employment 2016
Total employment 2016
*2,379,409
*2,379,409
Total employer establishments 2016
Total employer establishments 2016
*139,134<ref>{{Cite web |url=https://www.census.gov/quickfacts/AZ |title=Archived copy |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>
*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>



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= |accessdate=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>
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>


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===
==Largest employers==
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
| [[Banner Health]]
| [[Banner Health]]
| 39,781
| 39,800
| [[Health care industry|Health care]]
| [[Health care industry|Health care]]
|-
|-
| 2
| 2
| [[Walmart|Walmart Stores, Inc.]]
| [[Walmart|Walmart Stores, Inc.]]
| 34,856
| 34,900
| [[Discount retailer]]
| [[Discount retailer]]
|-
|-
| 3
| 3
| [[Kroger|Kroger Co.]]
| [[Kroger|Kroger Co.]]
| 16,856
| 16,900
| [[Grocery store]]s
| [[Grocery store]]s
|-
|-
| 4
| 4
| [[McDonald's|McDonald's Corp.]]
| [[McDonald's|McDonald's Corp.]]
| 15,781
| 15,200
| [[Food service]]
| [[Food service]]
|-
|-
| 5
| 5
| [[Wells Fargo|Wells Fargo & Co.]]
| [[Wells Fargo|Wells Fargo & Co.]]
| 15,071
| 15,100
| [[Financial services]]
| [[Financial services]]
|-
|-
| 6
| 6
| [[Albertsons Inc.]]
| [[Albertsons Inc.]]
| 14,490
| 14,500
| [[Grocery store]]s, [[retail]] [[Pharmacy|drugstores]]
| [[Grocery store]]s, [[retail]] [[Pharmacy|drugstores]]
|-
|-
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| 15
| 15
| [[Bashas' Supermarkets]]
| [[Bashas' Supermarkets]]
| 8,525
| 8,500
| [[Grocery store]]s
| [[Grocery store]]s
|-
|-
| 16
| 16
| [[Target Corporation|Target Corp.]]
| [[Target Corporation|Target Corp.]]
| 8,241
| 8,200
| [[Discount retailer]]
| [[Discount retailer]]
|-
|-
| 17
| 17
| [[Freeport-McMoRan|Freeport-McMoRan Copper & Gold Inc.]]
| [[Freeport-McMoRan|Freeport-McMoRan Copper & Gold Inc.]]
| 8,030
| 8,000
| [[Mining]]
| [[Mining]]
|-
|-
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| 20
| 20
| [[American Express|American Express Co.]]
| [[American Express|American Express Co.]]
| 7,079
| 7,100
| [[Financial services]]
| [[Financial services]]
|-
|-
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| 23
| 23
| [[Pinnacle West Capital Corp.]]
| [[Pinnacle West Capital Corp.]]
| 6,407
| 6,400
| [[Electric utility]]
| [[Electric utility]]
|-
|-
| 24
| 24
| [[Mayo Foundation]]
| [[Mayo Foundation]]
| 6,274
| 6,300
| [[Health care industry|Health care]]
| [[Health care industry|Health care]]
|-
|-
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|}
|}


===Taxation===
==Taxation==
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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|-
|-
|0 – $10,000
|0 – $10,000
|2.590%
|2.59%
|0 – $20,000
|0 – $20,000
|2.590%
|2.59%
|-
|-
|$10,000 – $25,000
|$10,000 – $25,000
|2.880%
|2.88%
|$20,001 – $50,000
|$20,001 – $50,000
|2.880%
|2.88%
|-
|-
|$25,000 – $50,000
|$25,000 – $50,000
|3.360%
|3.36%
|$50,001 – $100,000
|$50,001 – $100,000
|3.360%
|3.36%
|-
|-
|$50,000 – $150,001
|$50,000 – $150,001
|4.240%
|4.24%
|$100,000 – $300,001
|$100,000 – $300,001
|4.240%
|4.24%
|-
|-
|$150,001 +
|$150,001 +
|4.540%
|4.54%
|$300,001 +
|$300,001 +
|4.540%
|4.54%
|}
|}

==See also==
* [[List of power stations in Arizona]]

==References==
{{reflist}}

{{Arizona}}
{{Economy of the United States by jurisdiction}}
[[Category:Economy of Arizona| ]]

Latest revision as of 21:25, 24 May 2024

Arizona's Meteor Crater is a tourist attraction.

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

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%.[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 were:[6]

Rank Company Employees Industry
1 Banner Health 39,800 Health care
2 Walmart Stores, Inc. 34,900 Discount retailer
3 Kroger Co. 16,900 Grocery stores
4 McDonald's Corp. 15,200 Food service
5 Wells Fargo & Co. 15,100 Financial services
6 Albertsons Inc. 14,500 Grocery stores, retail drugstores
7 Intel Corp. 11,300 Semiconductor manufacturing
8 HonorHealth 10,600 Health care
9 (tie) American Airlines 10,000 Airline
Home Depot Inc. 10,000 Retail home improvement
Honeywell International Inc. 10,000 Aerospace manufacturing
12 Bank of America Corp. 9,800 Financial services
13 Raytheon Co. 9,600 Defense (missile manufacturing)
14 JP Morgan Chase & Co. 9,500 Financial services
15 Bashas' Supermarkets 8,500 Grocery stores
16 Target Corp. 8,200 Discount retailer
17 Freeport-McMoRan Copper & Gold Inc. 8,000 Mining
18 Dignity Health 8,000 Health care
19 CVS Health 7,200 Pharmaceutical services (including retail drugstores)
20 American Express Co. 7,100 Financial services
21 Circle K Corp. 6,800 Convenience stores
22 UnitedHealthcare 6,000 Health care
23 Pinnacle West Capital Corp. 6,400 Electric utility
24 Mayo Foundation 6,300 Health care
25 Amazon.com 6,000 Online Shopping

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]

  1. ^ "GDP by State". GDP by State | U.S. Bureau of Economic Analysis (BEA). Bureau of Economic Analysis. Retrieved 20 May 2024.
  2. ^ Account, Economic (2024-03-29). "Personal Income by State". U.S. Bureau of Economic Analysis (BEA). Retrieved 2024-05-20.
  3. ^ Bureau, U.S. Census. "S1901: Income in the Past 12 Months". Explore Census Data. Retrieved 2024-05-20.
  4. ^ "U.S. Census Bureau QuickFacts: Arizona". Archived from the original on November 9, 2019. Retrieved November 11, 2019.
  5. ^ "Arizona Economy at a Glance". Bls.gov. Archived from the original on September 23, 2016. Retrieved September 9, 2016.
  6. ^ "Arizona Republic 100: State's biggest employers". The Arizona Republic.
  7. ^ "Arizona Income Tax Rates for 2017". www.tax-rates.org. Archived from the original on February 27, 2017. Retrieved February 26, 2017.