Economy of Arizona

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)

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Arizona's Meteor Crater is a tourist attraction.

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.

## Employment[edit]

See also: Arizona locations by per capita income

Total employment 2016

* 2,379,409

Total 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 | 488.6
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[edit]

According to The Arizona Republic, the largest private employers in the state as of 2016[update] were:[5]

Rank  | Company  | Employees  | Industry

|
|
|

1  | Banner Health | 39,800  | Health care
2  | Walmart Stores, Inc. | 34,900  | Discount retailer
3  | Kroger Co. | 16,900  | Grocery stores
4  | McDonald's Corp. | 15,200  | Food service
5  | Wells Fargo & Co. | 15,100  | Financial services
6  | Albertsons Inc. | 14,500  | Grocery stores, retail drugstores
7  | Intel Corp. | 11,300  | Semiconductor manufacturing
8  | HonorHealth  | 10,600  | Health care
9 (tie)  | American Airlines | 10,000  | Airline
Home Depot Inc. | 10,000  | Retail home improvement
Honeywell International Inc. | 10,000  | Aerospace manufacturing
12  | Bank of America Corp. | 9,800  | Financial services
13  | Raytheon Co. | 9,600  | Defense (missile manufacturing)
14  | JP Morgan Chase & Co. | 9,500  | Financial services
15  | Bashas' Supermarkets | 8,500  | Grocery stores
16  | Target Corp. | 8,200  | Discount retailer
17  | Freeport-McMoRan Copper & Gold Inc. | 8,000  | Mining
18  | Dignity Health | 8,000  | Health care
19  | CVS Health | 7,200  | Pharmaceutical services (including retail drugstores)
20  | American Express Co. | 7,100  | Financial services
21  | Circle K Corp. | 6,800  | Convenience stores
22  | UnitedHealthcare | 6,000  | Health care
23  | Pinnacle West Capital Corp. | 6,400  | Electric utility
24  | Mayo Foundation | 6,300  | Health care
25  | Amazon.com | 6,000  | Online Shopping

## Taxation[edit]

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%.

Single  | Tax rate  | Joint  | Tax rate

|
|
|

0 – $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[edit]

* List of power stations in Arizona

## References[edit]

1. ^ "Gross Domestic Product: All Industry Total in Arizona". January 1997.
2. ^ "News Release" (PDF). Archived from the original (PDF) on September 21, 2012. Retrieved December 28, 2011.
3. ^ "U.S. Census Bureau QuickFacts: Arizona". Archived from the original on November 9, 2019. Retrieved November 11, 2019.
4. ^ "Arizona Economy at a Glance". Bls.gov. Archived from the original on September 23, 2016. Retrieved September 9, 2016.
5. ^ "Arizona Republic 100: State's biggest employers". The Arizona Republic.
6. ^ "Arizona Income Tax Rates for 2017". www.tax-rates.org. Archived from the original on February 27, 2017. Retrieved February 26, 2017.

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State of Arizona

Phoenix (capital)

Topics|

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Economy of the United States by jurisdiction

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