The tax cuts of late 2017 spurred a whirlwind of growth in Phoenix. The state of Arizona has added nearly 70,000 new jobs over the year — and more than 85 percent of these jobs came from the Phoenix Metropolitan Area.
The surge in construction jobs is partially responsible, although all major industries have added a significant number of job opportunities.
More Money for the Everyday Worker
The surging economic growth, combined with President Trump’s tax cuts, has given 90 percent of workers bigger paychecks and bigger shares of those paychecks. Thanks to these tax cuts, an average family now receives 2,000 dollars more per year. Families are buying homes and some are looking to refinance their mortgage in Phoenix to pay off their debts quicker.
The Business Sector is Booming
The implementation of standard deductions and lower tax rates has given a new life to small business ventures and big enterprises alike. Businesses are expanding and more people are getting into the workforce. The lower tax rates have given companies the necessary leeway to raise wages — with some companies even giving their employees bonuses.
The Outlook is Good
In the coming years, Phoenix is expected to lead the country in terms of job growth, wages, and even population growth. The overall job growth forecasts for the next 30 years see Phoenix more than doubling the national average. The steady rise in population also ensures that the demographic pressure brought about by an aging baby boomer generation doesn’t hit the city as hard as it will the other states.
Things are looking good in Phoenix. More jobs are opening, wages are on the rise, and taxes are getting low. People have more money to spend, save, and ensure that their family can live comfortably in the coming years.