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Arizona Leads Nation In Homeownership Growth Featured

Governor Ducey Press Release October 17, 2020 409

Strong Economic Activity Generates Increase In Homeownership 

Big Idea

  • Arizona homeownership increased by 7.7 percentage points in Q2 2020
  • Arizona is ranked third best in the nation for economic momentum
  • The state’s median household income rose by 15.2%
  • Data shows there are nearly 177,600 manufacturing jobs in Arizona.
  • Read more...

Arizona is adding homeowners faster than any state in the nation.

PHOENIX⁠ — Arizona is adding homeowners faster than any state in the nation, a sign of continued growing economic momentum in the state. The state’s quarter-over-quarter homeowner rate change increased by 7.7 percentage points in Q2 2020, according to data from the U.S. Census Bureau, the best in the nation.

“The American dream of owning a home is alive and well in Arizona,” said Governor Ducey. “People continue to flock to Arizona for our growing jobs market, unbeatable quality of living, and affordable housing. While many states pursue an opposite approach—higher taxes, more regulations and more burdens on regular people—we will continue to pursue policies that keep Arizona an affordable and attractive place to live.”

The state’s homeowner rate increased from 64% to 71.7% from Q1 2020 to Q2 2020 — the fastest growth in the nation. Arizona is followed by:

  • Missouri with an increase of 7 percentage points; 

  • Kentucky with an increase of 6.6 percentage points;

  • North Carolina with an increase of 5.8 percentage points;

  • And Virginia with an increase of 5.6 percentage points.

The next closest state in the Western Region is New Mexico with an increase of 3.7 percentage points, ranking #13 in the nation. 

Background
Arizona is ranked third best in the nation for economic momentum, based on a new report by State Policy Reports. The report ranks states’ economic momentum based on growth in personal income, employment and population. 

The state’s median household income rose by 15.2%, according to new data from the U.S. Census Bureau that compared income growth averaged between 2017-2019 and 2014-2016. Arizona also experienced the fifth strongest personal income growth in 2019, according to data from the Bureau of Economic Analysis. 

Data shows there are nearly 177,600 manufacturing jobs in Arizona. In Fiscal Year 2018, manufacturing across the state produced a total gross state product of $47.3 billion and total exports reached $24.5 billion.

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Last modified on Saturday, 17 October 2020 06:28
Published in Arizona News

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