Arizona tech jobs lag in growth but unemployment stays low
The Arizona Technology Council today released its Q1 2024 Arizona Technology Industry Impact Report. Takeaways from the report focused on job growth throughout the Southwest. Arizona technology job demand remains high but still lags Nevada, Utah and Texas. In Q1 2024, Arizona tech jobs growth sat at 3% in Arizona, tied with California, while other states reported job growth of 4% or more. However, a noteworthy highlight is that Arizona has the lowest number of unemployed individuals in the tech industry among the compared states, with just 24,000.
“We’re thrilled to see that job demand remains high and unemployment remains very low in Arizona’s technology industry,” said Steven G. Zylstra, president and CEO of the Council and SciTech Institute. “However, we’re working hard to attract new companies to Arizona to take advantage of the outstanding business environment and quality of life for employees. This will allow the state to boost job growth and retake the lead as the fastest-growing technology hub in the Southwest.”
A few additional data points stood out in the Q1 2024 report, including:
- Tech jobs in Arizona are projected to increase 9% in the next five years (2023-2028). This is behind Texas, Utah and Nevada.
- Arizona experienced a $4 billion gross regional product growth from 2022 to 2023.
- Arizona technology industry earnings have reached $32.4 billion.
In addition to the updated data on the Arizona technology industry, the Council also supplements its report with published works, blogs and interviews highlighting technology industry leaders in the state, news from organizations across a wide range of sectors in the technology community and more.
Highlights from the Q1 2024 Impact Report include the following stories:
Technology Sector Jobs News
- Intel awarded $8.5 billion in CHIPS Act grants
- KOREPlex Site Plan Receives Key Approval, Project to Deliver a $1.25B Investment in Buckeye
Diversity and Inclusion News
- NAU Graduate Asks: Where are all the women in tech?
- How Arizona brings STEM learning opportunities like Chief Science Officers to rural communities
Company News
- Lucid Motors, Arizona-based EV company, announces facility expansion, SUV
- Planatome Expands Manufacturing Operations in Arizona
Workforce Development and Education News
- U of A, NAU formalize agreement toward boosting Arizona’s semiconductor industry
- ASU Business School Launches New AI Degree Program
Investment News – Funded, Grants, etc.
- TSMC set to receive $5 billion for Arizona fabs, report says
- Biden-Harris Administration Announces Over $40 Million Across Arizona for Clean School Buses as Part of the Investing in America Agenda
On the Council’s behalf, the quarterly report is compiled by Lightcast , an organization that creates web-based, data-reporting solutions designed to help cities, industries and planners drive effective policy, create new growth and engage stakeholders. The report is based on Lightcast’s analysis of data from Emsi, Brookings Institution, CompTIA, AngelList, National Science Board and others.
Download or view the complete report on the Council’s website here.