FOR IMMEDIATE RELEASE
January 9, 2017
PHOENIX — This afternoon, in his annual State of the State address, Governor Ducey told the story of the many Arizonans—Governors Castro and Mofford, Congresswoman McSally, and others—who embraced the boundless opportunity our state offers and used it to achieve their dreams.
Then, he announced exactly where Arizona stands:
“Ladies and Gentlemen, I’m proud to stand here today and report, just like all these trailblazers, the state of our state in 2017, is resilient and strong. Our economy is growing, our schools are improving, and our citizens are succeeding.”
Arizona overcame one of the worst economic recessions in history and stands today as a beacon of freedom and innovation that the rest of the nation is looking to for guidance —
Arizona’s Economy: Resilient And Strong
Arizona’s Unemployment Rate Is Currently The Lowest It’s Been Since 2008. (“Local Area Unemployment Statistics,” United States Department Of Labor, Accessed 01/09/17)
Over The Last Two Years, We’ve Seen More Than 100,000 Private-Sector Jobs Land In Our State. (Arizona Office Of Economic Opportunity, Accessed 01/09/17)
In March 2016, It Was Announced That Arizona Had Recovered All Of The Jobs We Lost During The Great Recession—Ahead Of Eight Other States. “Arizona formally matched its pre-recession employment levels in December, closing a job hole that lasted eight years and lingered 19 months longer than the nation’s. . . . Only Nevada lost a greater share of its workers during the downturn than Arizona. Even so, Arizona has recovered faster than eight states.” (Ronald Hansen, “At Last, Arizona Recovers From Great Recession,” Arizona Republic, 03/25/16)
“A Reminder Of How Severely Arizona Was Hit By The Great Recession.” (Ronald Hansen, “At Last, Arizona Recovers From Great Recession,” Arizona Republic, 03/25/16)
The Office Of Employment And Population Statistics “Expects Arizona’s Recent Growth Spurt To Continue Through Mid-2017.” “The state’s Office of Employment and Population Statistics expects Arizona’s recent growth spurt to continue through mid-2017, helping bring a broader recovery to the state, especially in the Tucson area.” (Ronald Hansen, “At Last, Arizona Recovers From Great Recession,” Arizona Republic, 03/25/16)
Phoenix Business Journal: “Arizona Quarter GDP Hits Record High; Beats U.S. GDP Growth.” “Arizona’s gross domestic product hit an all-time high in the first quarter, growing 23.4 percent since the darkest days of the Great Recession. The $296.6 billion GDP for Q1 2016 was a 3.5 percent gain over Q1 2015. The U.S. economy grew 3.3 percent over that same period. The state’s GDP was up 0.8 percent from Q4 2015, double the U.S. quarterly growth of 0.4 percent from the fourth quarter.” (Eric Jay Toll, “Arizona Quarter GDP Hits Record High; Beats U.S. GDP Growth,” Phoenix Business Journal, 11/22/16)
Arizona’s GDP Growth In The First Quarter Of 2016 Outpaced 43 Other States. (“Gross Domestic Product By State: First Quarter 2016,” Bureau Of Economic Analysis, 07/27/16)
Our GDP Growth In The Second Quarter Of 2016 Was The Third-Best In The United States. “Arizona had the third highest increase in real gross domestic product in the U.S. in the second quarter. Arizona’s 3.3 percent increase over the same period in 2015 was also higher than the national average. The state’s GDP was just shy of $300 billion for the quarter, compared to $290 billion a year ago.” (Eric Jay Toll, “Arizona GDP Growth Third Best In US, Topping National GDP Again,” Phoenix Business Journal, 12/07/16)
Moody’s Investors Services Upgraded Arizona’s Credit Rating. “Moody’s Investors Service has raised the State of Arizona’s Issuer Rating to Aa2 from Aa3. . . . The upgrade of the state’s issuer rating to Aa2 reflects the state’s positive economic trends, significantly improved liquidity levels, budget actions expected to eliminate a structural imbalance resulting from the expiration of a temporary sales tax enacted during the recession, and below average debt and pension liabilities.” (“Moody’s Upgrades Arizona’s Issuer Rating To Aa2 From Aa3; Outlook Stable,” Moody’s Investors Service, 05/04/15)
MOODY’s: “The State’s Economy Will Continue To Expand.” “The outlook for the State of Arizona is stable reflecting the expectation that the state’s economy will continue to expand and that recent budget actions will stabilize reserves and rapidly restore structural balance.” (“Moody’s Upgrades Arizona’s Issuer Rating To Aa2 From Aa3; Outlook Stable,” Moody’s Investors Service, 05/04/15)
Standard & Poor’s Upgraded Arizona’s Credit Rating. “Arizona has received a second financial upgrade from Wall Street, with Standard & Poor’s Ratings Services raising its general evaluation of state-government debt to AA from AA-. Standard & Poor’s also raised its grade for bond investments known as certificates of participation issued by Arizona, to AA- from A+.” (Russ Wiles, “Arizona Receives Second Credit-Rating Upgrade,” Arizona Republic, 05/20/15)
S&P Analyst: “The Stable Outlook Reflects Recent Strong Revenue Growth And Spending Restraint.” HITCHCOCK: “The stable outlook reflects recent strong revenue growth and spending restraint that we expect to keep Arizona near structural balance in fiscal 2016 and for the foreseeable future, as well as limited future debt plans.” (Richard Williamson, “S&P Upgrades Arizona to AA On Stronger Budget,” Bond Buyer, 05/20/15)
Consumer Confidence Is Increasing. According to a recent poll conducted by the Behavior Research Center (BRC), Arizona consumer confidence climbed to 88.4 in June 2016. Confidence of Arizona consumers reached an historic low in January 2009 at 44.2, and has not been this close to 90.0 since July 2007. (“Good News: Arizona Consumer Confidence Reaches Highest Level Since July 2007,” Behavior Research Center, 07/06/16)
Arizona’s Economy Is Open For Business
In January 2016, Governor Ducey Announced Arizona’s “Renewed Focus” On Marketing And Promoting Our State To Businesses. GOVERNOR DUCEY: “It’s time for ACA 2.0, with a renewed focus on marketing and promotion. We have a great state with amazing assets. We know: Life’s better here. Now—let’s do a better job at getting the word out.” (“State Of The State,” Office Of The Arizona Governor, 01/11/16)
In February 2016, Carlisle Companies Announced That It Would Be Moving Its Headquarters To Arizona. (“Carlisle Companies Corporate Headquarters Moving To Phoenix,” Arizona Commerce Authority, 02/11/16)
In March 2016, Orbital ATK Announced That It Would Be Expanding Operations In Arizona. (Ryan Randazzo, “Aerospace Company Orbital Announces More Gilbert Jobs,” Arizona Republic, 03/20/16)
In April 2016, Google Announced That It Would Be Expanding Its Self-Driving Vehicle Program In Arizona. (David Shepardson, “Google Expanding Self-Driving Vehicle Testing To Phoenix, Arizona,” Reuters, 04/07/16)
In May 2016, Caterpillar Announced That It Would Be Expanding Its Presence In Arizona. (“Caterpillar Inc. Bringing Regional HQ To Downtown Tucson, 600 Jobs,” Arizona Daily Star, 05/03/16)
In June 2016, Dot Foods Announced That It Would Be Opening A New Distribution Center In Arizona. (“Dot Foods Chooses Mohave County,” Mohave Daily News, 06/07/16)
In July 2016, SK Food Group Announced That It Would Be Expanding Operations To Arizona. (“SK Food Group Inc. Plans Tolleson, Arizona, Manufacturing Complex,” Area Development, 07/14/16)
In August 2016, Rogers Corporation Announced That It Would Be Relocating Its Global Headquarters To Arizona. (“Rogers Corporation To Relocate Global Headquarters To Arizona,”Rogers Corporation, 08/08/16)
In September 2016, McKesson Corporation Announced That It Would Be Expanding In Arizona. (Eric Jay Toll, “Exclusive: California Health Care, Tech Firm Building $38M, 2,000 Worker Regional Operations Center On Tribal Land In Phoenix Area,” Phoenix Business Journal, 09/14/16)
In October 2016, Vector Space Systems Announced That It Would Be Locating Its Manufacturing Facility In Arizona. (“New Manufacturing Jobs Headed To Tucson,” Office Of The Arizona Governor, 10/13/16)
In November 2016, Lucid Motors Announced That It Would Be Building A $700 Million Manufacturing Plant In Arizona. (“Lucid Motors To Build $700M Manufacturing Plant In Casa Grande,” ABC 15, 11/29/16)
In December 2016, Uber Announced That It Would Be Moving Its Self-Driving Vehicle Program To Arizona. (Ryan Randazzo, “Uber Sends Self-Driving Cars From California To Looser-Regulated Arizona,” Arizona Republic, 12/22/16)
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For more information or assistance, contact Governor Ducey’s press office: (602) 542-1342.
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