Arizona

Arizona's population as of Census 2020 was 7,151,502, up 11.9% from 2010 making Arizona the 9th fastest-growing state over the decade. All Arizona counties saw population gains from 2010 to 2020, except La Paz (-19.2%), Apache (-7.7%), Cochise (-4.5%), Navajo (-0.7%), and Gila (-0.6%). The strongest population growth from 2010 to 2020 of Arizona's 15 counties was Maricopa (+15.8%), followed by Greenlee (+13.3%), Pinal (+13.2%), and Yavapai (+11.9%). Maricopa County accounted for 80% of the statewide population gains from 2010 to 2020. Arizona's population is expected to reach 8.3 million in 2030 and 10.7 million in 2060, according to projections by Arizona Office of Economic Opportunity.

PERSONAL INCOME

• In 2023, Arizona had a per capita personal income (PCPI) of $62,543. This PCPI ranked 34th in the United States and was 89.6% of the national average, $69,810. The 2023 PCPI reflected an increase of 6.1% from 2022. The 2022–2023 national change was 5.4%. 
• In 2013, the PCPI of Arizona was $36,877 and ranked 41st in the United States. The 2013–2023 compound annual growth rate of PCPI was 5.4%. The compound annual growth rate for the nation was 4.6%.

GROSS DOMESTIC PRODUCT

• In 2023, Arizona current-dollar GDP was 522,767.2 million and ranked 17th in the United States. In 2013, Arizona GDP was 278,679.5 million and ranked 22nd in the United States.
• In 2023, Arizona real GDP grew 3%; the 2022–2023 national change was 2.9%. The 2013–2023 compound annual growth rate for Arizona real GDP was 3.5%; the compound annual growth rate for the nation was 2.4%.
• In 2023, the largest industry in Arizona was finance, insurance, real estate, rental, and leasing. This industry accounted for 23.6 percent of Arizona GDP and had 0.9 percent real growth. The second largest industry was professional and business services, which accounted for 11.7 percent of Arizona GDP and had 2.9 percent real growth.
• The largest contributor to real GDP growth in Arizona was retail trade. This industry accounted for 0.71 percentage point of the total growth in real GDP. The second largest contributor to real GDP growth was educational services, health care, and social assistance. This industry accounted for 0.62 percentage point of the total growth in real GDP.

For more info on Arizona's personal income and GDP, check out the state's BEA Regional Fact Sheet (BEARFACTS) 

MAJOR INDUSTRY SALES: In 2024, Arizona's retail sales were down 0.3% following gains of 19.0% in 2021, 7.9% in 2022, and 2.6% in 2023. The strong growth rate in 2021 was the highest on record (with records back to 2009). Restaurant & bar sales were up 2.4% in 2024 after growth of 28.6% in 2021, 18.0% in 2022, and 6.2% in 2023 (that followed a COVID-related decline of 13.5% in 2020). Arizona's hotel/motel receipts were up 0.7% in 2024 following gains of 44.1% in 2021, 32.8% in 2022, and 6.9% in 2023 (rebounding from a 28.5% COVID-related drop in 2020). Arizona's restaurant & bar and hotel/motel industries have fully recovered from the COVID declines with sales in 2024 at record highs. 

BANK DEPOSITS: In 2024, bank deposits in Arizona (as of June 30) were up 1.7% from a year prior, after falling 8.3% in 2023. That followed strong growth of 21.6% in 2020, 18.1% in 2021, and 11.8% in 2022. Growth rates over the three years from 2020 through 2022 were the highest of any three-year period on record (with records back to 1994). Deposits in those years were helped along by stimulus payments and other COVID programs.

HOME SALES, PRICES & DAYS ON MARKET: In 2023, home sales in Arizona were down 14% following a 21.7% drop in 2022, according to data from Arizona Regional Multiple Listing Service. Home sales in 2023 were at their lowest level in more than a decade. The median price of homes sold in Arizona in December 2023 was $430,000, up 4.4% from December 2022. The average cumulative days on market for homes sold as of December 2023 was 62, down from 71 a year prior. For the most recent Arizona housing market data, click here.

NEW HOME CONSTRUCTION: In 2023, there were 34,429 building permits issued for new single-family homes in Arizona, down 7.7% from 2022. The average permit value in 2023 was $289,276 (does not include value of land), up 2.4% from the year prior.

BORDER CROSSINGS: In 2023, pedestrian border crossings from Mexico into the United States at Arizona land ports of entry were up 12.7% on the heels of increases of 11.5% in 2021 and 26.7% in 2022 (that followed a 44.7% drop in 2020, the first year of the COVID pandemic). Despite increases in recent years, the number of pedestrian crossers in 2023 remained 12.0% below the pre-COVID year of 2019. The number of personal vehicle passengers arriving from Mexico through Arizona land ports was up 0.3% in 2022, following increases of 31.4% in 2021 and 36.6% in 2022 (after falling 42% in 2020). With the recent increases, vehicle passenger border crossings at Arizona land ports in 2023 were up 4.4% from 2019.

INTERNATIONAL TRADE: In 2023, the total value of international trade (imports and exports) passing through Arizona ports of entry was $36 billion, up 7.1% from 2022. Exports totaled $11.9 billion (down 2.1%) while imports came in at $24.1 billion (up 12.4%).