Parts of this article (those related to per capita income) need to be updated. Please help update this article to reflect recent events or newly available information.(May 2021)
The Economy of Arizona had a total gross state product of $373 billion in 2020.[1] 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.[2] 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.
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[update], the state's unemployment rate was 5.4%.[4]
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
According to The Arizona Republic, the largest private employers in the state as of 2016[update] were:[5]
Arizona collects personal income taxes in five brackets: 2.59%, 2.88%, 3.36%, 4.24% and 4.54%.[6] 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%.
^"Gross Domestic Product: All Industry Total in Arizona". January 1997.
^(PDF). Archived from the original (PDF) on September 21, 2012. Retrieved December 28, 2011.
^"U.S. Census Bureau QuickFacts: Arizona". from the original on November 9, 2019. Retrieved November 11, 2019.
^"Arizona Economy at a Glance". Bls.gov. from the original on September 23, 2016. Retrieved September 9, 2016.
^"Arizona Republic 100: State's biggest employers". The Arizona Republic.
^"Arizona Income Tax Rates for 2017". www.tax-rates.org. from the original on February 27, 2017. Retrieved February 26, 2017.
August 22, 2023
economy, arizona, parts, this, article, those, related, capita, income, need, updated, please, help, update, this, article, reflect, recent, events, newly, available, information, 2021, total, gross, state, product, billion, 2020, composition, state, economy, . Parts of this article those related to per capita income need to be updated Please help update this article to reflect recent events or newly available information May 2021 The Economy of Arizona had a total gross state product of 373 billion in 2020 1 The composition of the state s economy is moderately diverse although health care transportation and the government remain the largest sectors Arizona s Meteor Crater is a tourist attraction 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 2 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 Contents 1 Employment 2 Largest employers 3 Taxation 4 See also 5 ReferencesEmployment EditSee also Arizona locations by per capita income Total employment 2016 2 379 409Total employer establishments 2016 139 134 3 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 update the state s unemployment rate was 5 4 4 The top employment sectors in Arizona are August 2014 excludes agriculture Sector Employees thousands Trade transportation and utilities 488 6Government 408 5Education and health services 392 1Professional and business services 384 2Leisure and hospitality 286 4Financial activities 193 2Manufacturing 156 0Construction 118 2Other services 88 2Information 41 8Mining and logging 13 7Largest employers EditAccording to The Arizona Republic the largest private employers in the state as of 2016 update were 5 Rank Company Employees Industry1 Banner Health 39 800 Health care2 Walmart Stores Inc 34 900 Discount retailer3 Kroger Co 16 900 Grocery stores4 McDonald s Corp 15 200 Food service5 Wells Fargo amp Co 15 100 Financial services6 Albertsons Inc 14 500 Grocery stores retail drugstores7 Intel Corp 11 300 Semiconductor manufacturing8 HonorHealth 10 600 Health care9 tie American Airlines 10 000 AirlineHome Depot Inc 10 000 Retail home improvementHoneywell International Inc 10 000 Aerospace manufacturing12 Bank of America Corp 9 800 Financial services13 Raytheon Co 9 600 Defense missile manufacturing 14 JP Morgan Chase amp Co 9 500 Financial services15 Bashas Supermarkets 8 500 Grocery stores16 Target Corp 8 200 Discount retailer17 Freeport McMoRan Copper amp Gold Inc 8 000 Mining18 Dignity Health 8 000 Health care19 CVS Health 7 200 Pharmaceutical services including retail drugstores 20 American Express Co 7 100 Financial services21 Circle K Corp 6 800 Convenience stores22 UnitedHealthcare 6 000 Health care23 Pinnacle West Capital Corp 6 400 Electric utility24 Mayo Foundation 6 300 Health care25 Amazon com 6 000 Online ShoppingTaxation EditArizona collects personal income taxes in five brackets 2 59 2 88 3 36 4 24 and 4 54 6 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 rate0 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 EditList of power stations in ArizonaReferences Edit Gross Domestic Product All Industry Total in Arizona January 1997 News Release PDF Archived from the original PDF on September 21 2012 Retrieved December 28 2011 U S Census Bureau QuickFacts Arizona Archived from the original on November 9 2019 Retrieved November 11 2019 Arizona Economy at a Glance Bls gov Archived from the original on September 23 2016 Retrieved September 9 2016 Arizona Republic 100 State s biggest employers The Arizona Republic Arizona Income Tax Rates for 2017 www tax rates org Archived from the original on February 27 2017 Retrieved February 26 2017 Retrieved from https en wikipedia org w index php title Economy of Arizona amp oldid 1139234332, wikipedia, wiki, book, books, library,
