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Arizona to see massive job growth over next decade
https://www.whatjobs.com/news/business-news/arizona-to-see-massive-job-growth-over-next-decade
By Hugh Fort in Business News, posted November 10, 2023
The state of Arizona is poised for significant job growth in the next decade, with projections indicating an increase nearly five times greater than the national average.
This surge is largely attributed to the need for services catering to the state's expanding senior population.
Maricopa County, in particular, is expected to receive a substantial portion of this growth, according to the state Office of Economic Opportunity.
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The latest data reveals Arizona will see the creation of 477,968 jobs by 2032.
This is an annual growth rate of 1.4 percent.
In comparison, the nationwide job growth rate for the same period is estimated at just 0.3 percent.
The main reason for this is a rising demand for healthcare workers.
Doug Walls, the agency's labor market information director, said: "A key driver of this growth is the escalating demand for healthcare workers.
"Health care and social assistance has been one of the strongest, most consistent industries in terms of employment growth over the last several decades.
"And that's only likely to continue.''
He said that this year alone, nearly 350,000 people across the U.S. turn 65 each month.
He added: "We're seeing an aging population.
"And with an aging population does tend to come more spending on health care.''
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He added research shows nearly half of an individual's lifetime medical expenditures occur after the age of 65.
64,470 new jobs in the healthcare sector by 2032
The data shows there will be 64,470 new jobs in the healthcare sector by 2032.
This includes roles in medical offices, clinics, out-patient surgery centers, hospital outpatient departments, and dialysis centers.
This sector is projected to grow at an annualized rate of 2.9 percent.
This is more than double the state's overall job growth projection.
The report also predicts a rapid increase in employment within nursing homes and residential care facilities.
A growth rate of 3.2 percent is expected through 2032.
Hospital employment is also set to rise, with a projected growth rate of 1.9 percent per year.
The state's annual population growth currently stands at 1.7 percent.
However, it is anticipated to slow to 1.1 percent annually by 2032.
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One area expected to see slower growth is construction employment, with an annual increase of just 1.2 percent.
This is a stark contrast to the 5.3 percent growth experienced in the previous decade.
Walls said the rapid growth in construction over the last ten years must be viewed in the context of the industry's sharp decline during the 2008-2009 recession.
The current trends in this sector are also influenced by factors like inflation and borrowing costs,.
Maricopa County will account for 394,411 of the new positions
The report indicates Maricopa County will account for 394,411 of the new positions by 2032/
This represents 83 percent of the state's total job gains, despite currently housing only about 62 percent of Arizona's population.
In contrast, Pima County, home to 14.5 percent of Arizonans, is projected to add just 32,166 jobs, averaging about 6.7 percent annually.
Yavapai County is expected to gain 10,589 new jobs by 2032.
This will account for 2.2 percent of the state's total new employment opportunities.
Apache County may see a slight decrease in employment.
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