Arizona has one of the fast-growing states in the nation, and when it comes to its labor force, it’s no different. In 2022 alone, the state’s labor force grew by nearly 3% while maintaining a low unemployment rate, according to the Office of Economic Opportunity.
What does that mean if you’re looking for a new job or a career move in the Grand Canyon State?
We’ll explore Arizona’s labor market and discuss some of the opportunities that are available there. We’ll also look at some statistics behind job security and insurance after quitting your job.
Arizona’s Pandemic Recovery for Employment
At the height of the COVID-19 pandemic in April 2020, Arizona’s unemployment rate hit nearly 14%. Since that point, it’s been a long road to recovery. Fortunately, the current unemployment rate of around 4% is actually below pre-pandemic levels.
How did they achieve this? The state has seen a surge in new startups, offsetting job losses from larger companies. This has resulted in an increase in jobs across multiple industries, including tech and finance.
In addition, Arizona’s economy relies heavily on tourism, so the state has been able to bounce back quickly due to its location, experiencing a steady flow of visitors from the surrounding states and Mexico.
It can be daunting if you’re looking for a job in Arizona. With the competition high and employers picky, it’s important to make sure your resume is as strong as it can be.
Some hiring tips include:
- Focus on your cover letter. In addition to introducing yourself and highlighting your qualifications, your cover letter should also be free of grammar and spelling errors.
- Prioritize networking. Get connected with people in your field and attend job fairs to learn more about open positions.
- Research the company you’re applying to. This will allow you to tailor your resume to fit the company’s needs.
The Changing Arizona Labor Market
The labor market in Arizona has changed significantly over the past few decades. In the past, most jobs in the state were in agriculture or mining. However, as the population of Arizona has grown, so has the demand for other types of jobs.
Today, there are many opportunities for work in health care, education, and other service industries. The state government has also made an effort to attract businesses to Arizona, which has created even more job openings.
As a result of these changes, the labor market in Arizona is much more diverse than it once was. There are now many options for workers, regardless of their skills or experience.
Some Growing Industries in Arizona
If it’s time to find a new career opportunity or you want to make a successful career change, these are all great sectors to consider.
The Healthcare Industry
Health care is one of the fastest-growing industries in Arizona, with an estimated 4.9% growth between 2021 and 2023.
The healthcare industry includes everything from hospitals and clinics to insurance companies and pharmaceutical companies. Health care is a great option if you’re looking for a stable career with good job security.
The Finance and Insurance Industries
The insurance and finance industry is also doing well in Arizona, with an estimated 3.9% projected annual job growth between 2021 and 2023. This sector includes insurance companies, banking, financial advisors, and everything in between.
You could have a great career in this field with the right qualifications and some sales skills.
The Construction Industry
Construction continues to be a booming industry in Arizona, with an estimated 5.6% projected annual job growth between 2021 and 2023. Spanning from residential to commercial construction, this sector covers a wide array of projects.
A construction position typically offers good pay and the opportunity to grow within the industry.
There are still plenty of opportunities available in Arizona. If you’re considering making a move, now is a great time to explore your options.
What challenges does the labor market face in Arizona?
The Arizona labor market faces a number of challenges. One is that the state has a large population of low-skilled workers.
This means that there are not enough good jobs to go around, and many workers are stuck in low-paying, low-quality jobs.
Another challenge is the state’s fairly low rate of unemployment. While a seemingly positive trend at first, historically low rates of unemployment are often linked to inflation, and this is certainly the case with Arizona: By year’s end 2022, local prices in the Phoenix area rose by 9.5%.
Getting Insurance After Quitting Your Job
When you quit your job, you’ll lose your health insurance coverage. This can be a major financial setback, especially if you have a family.
Luckily, several options are available to help you stay insured after quitting your job.
One option is to sign up for a health insurance marketplace plan. These plans are available through the federal government and can help you stay insured if you don’t have access to employer-sponsored insurance.
Another option is to purchase an individual health insurance policy. This can be a more expensive option, but it will give you the coverage you need if you don’t have access to employer-sponsored insurance.
You may be able to stay on your spouse’s or partner’s health insurance plan if they have employer-sponsored insurance. You can also resort to temporary coverage that can provide the services you need while you look for a new provider.
This temporary coverage is known as COBRA insurance, and it can be a great option if you’re looking for short-term coverage. If you’re considering quitting your job, be sure to research your insurance options before making the move.
This will help you avoid any financial setbacks and ensure you have the coverage you need.
Weigh All Your Options Before Making a Decision
Making a career move can be a big decision. The job market in Arizona is tight right now, but there are still plenty of opportunities available.
If you’re considering making a move or making your side hustle into your full-time job, now is a great time to explore your options. Just be sure to research your insurance options before quitting your job so you can avoid any financial setbacks.
Luke Williams writes and researches for the insurance comparison site, Clearsurance.com. His passions include promoting proper insurance coverage and helping others navigate our nation’s ever-changing labor markets.