“The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.”
— Thomas Jefferson
Feb 26, 2015, 2:40pm MST UPDATED: Feb 26, 2015, 3:37pm MST
Eric Jay Toll Reporter- Phoenix Business Journal
Arizona is expected to add around 120,000 jobs in 2015 and 2016, according to a new forecast from the Arizona Department of Administration.
Tourism growth is expected to lead that job growth, according to the 2016 Employment Forecast from the ADOA, with 56,600 expected to be added this year with the other 63,100 to come in 2016.
Jobs are expected to increase in all employment segments, even construction, with an 8.2 percent increase in hospitality jobs followed by 7.7 percent growth in education and health services.
While construction jobs have been sliding over the past six months, the state employment forecast sees a 2.3 percent growth through next year.
All sectors of the economy are expected to add jobs, but the range is diverse. In addition to leisure and hospitality, education and health services, financial activities and professional and business services are all expected to grow more than the state average.
Education and health services is expected to add the most jobs (29,900), followed by leisure and hospitality with 23,300. Information is only planning to add 800 jobs, 150 of which will be in Apple Inc.’s (Nasdaq: AAPL) Mesa command center.
The weak economic recovery is blamed on the failure of construction to jumpstart hiring. Overall, ADOA says that economic fundamentals continue to improve.
Economic developers are pinning hopes for a long-term strong economy with increases in manufacturing, which is only projected to add 4,500 jobs, less than a 3 percent increase over 2014. ADOA is concerned that a rising U.S. dollar against foreign currencies could hurt state exports.
What the Jobs Will Be
Employment – Percentage Change 2014-2016 – Number of new jobs
- Leisure and Hospitality – 8.2% – 23,300
- Educational and Health Services – 7.7% – 29,900
- Financial Activities – 6.4% – 12,400
- Professional and Business Services – 4.8% – 18,500
- Trade, Transportation and Utilities – 4.3% – 21,000
- Other Services – 3.7% – 3,300
- Natural Resources and Mining – 3.1% – 400
- Manufacturing – 2.9% – 4,500
- Construction – 2.3% – 2,800
- Information – 1.9% – 800
- Government – 0.7% – 2,800
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Walter Unger CCIM
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Scottsdale, AZ 85254
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