Economy of Arizona
Parts of this article (those related to per capita income) need to be updated.(May 2021) |
The Economy of Arizona had a total
The state's per capita income is $40,828, ranking 39th in the U.S. The state had a
Employment
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
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
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
References
- ^ "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.