Arizona beat its expectations in job creation, wages and capital investment for the fiscal year 2019, according to the state’s leading economic development agency.
According to the Arizona Commerce Authority, 105 companies made commitments to create 24, 422 new jobs and to invest $2.6 billion in the state over the next five years. The agency obtained the commitment from July 1 through June 30, 2019.
The companies’ commitments exceeded the agency’s goal of assisting with the creation of 16,000 jobs for the fiscal year.
In its FY19, annual report, the Arizona Commerce Authority indicated that the estimated jobs have an average salary of over $66,000 a year, 186 percent of the state’s median wage.
By the end of this year, the agency already achieved 53 percent of is five-year job creation goal, just two years into its current five-year business plan, Companies made a commitment to create 42,531 new jobs. The agency also achieved its five-year investment goal after companies committed to investing $4.76 billion into Arizona.
Gov. Ducey says Arizona’s economy is “booming”
In a statement, Arizona Governor Doug Ducey said, “Companies from all over the world have discovered that there’s no better place than Arizona to expand or scale a business. As a result, Arizona has become a jobs juggernaut and our economy is booming.
The Governor expressed gratitude to “hard-working entrepreneurs and employees for their investments and commitments” in the state’s communities. He also thanked the Arizona Commerce Authority’s President and CEO Sandra Watson and her team for their efforts in working with companies in job creation.
On the other hand, Watson said, “I’m very proud that we had yet another record-breaking year, evidence that Arizona’s unique value proposition continues to resonate with business decision-makers worldwide.”
Since its establishment in 2011, the Arizona Commerce Authority completed 750 projects with companies that promised to create more than 138,000 new jobs and invest $21.6 billion in the state.
Since 2015, Arizona added more than 300,000 new private sector jobs. The state’s economy is one of the fastest growing in the United States.