The future of Arizona looks bright as it experiences both economic prosperity and population growth. According to the U.S. Census Bureau, the population of the famous state saw a 1.7% increase in population in 2016. It is expected to increase to more than 7 million in 2017. Furthermore, the Bureau of Economic Analysis has reported that in the last 12 months a 3.8% rise in personal income was recorded.
The increase in population makes Arizona the 8th fastest-growing state with regards to percentage growth. Concerning new residents the state ranked 5th with 114,000 new residents.
The state took the 20th position for growth in personal income. Workers were able to gain 1.2% more wages over the year’s second quarter. A less than 1% increment was observed in revenue from transfer receipts, interest and rent, and dividends for the same duration.
The top five states of income growth saw gains of 4.2% and even higher. All of them were in the West.
If the state can have 7 million residents in 2017, it will come in at the 14th position as far as the population in the entire nation goes. According to projections, Illinois will fall to sixth place, while Pennsylvania will move to take the 5th rank.
Arizona’s personal income increase dropped from the 1.5% growth during the second quarter. During the final quarters, a 4% rise was seen in management wages, 2.9% increase was observed in education salaries, 2.5% in financial and business services, while a 2.3% increase was experienced by the leisure and hospitality sectors.
Declines were seen in mining and agriculture, and forestry and resources. Information services saw the biggest decline of 4.8%.
Arizona’s personal income growth was reported to be higher than California (1.1%), Nevada (1%), and Washington (0.7%). However, it wasn’t able to meet Colorado (1.6%), Utah (1.7%), and Texas (1.3%).
