The economy of Arizona is booming. Despite the current economic slowdown, Arizona’s economy continues to grow. According to a recent study from the University of Arizona’s Eller College of Management, Arizona’s recovery from the pandemic acquired substantial traction in the 2nd quarter of 2021, with strong upward trajectories in employment, home sales, and construction. The bright outlook indicates that Arizona jobs will return to pre-pandemic levels in the 4th quarter this year, and the long-term picture calls for ongoing robust growth, with Arizona expected to outperform the rest of the country in terms of job, earnings, and population growth.
Arizona’s population is predicted to grow to 10 million people in the next 30 years, and the state is anticipated to benefit from at least 1.5 million employments over that time.
We must ensure that we have enough energy to power our economy while we experience unprecedented population and economic growth. However, we are all aware that traditional energy-producing methods have environmental consequences. Renewable energy, such as hydro, solar, wind, and geothermal energy, as well as other sustainable sources like carbon capture, hydrogen, nuclear, and improved energy storage, are showing that there is a road to a low-carbon long term and that these clean and renewable energy production methods also help stimulate economic growth and job creation.
To put this in context, the renewable energy market in the United States is worth $64 billion. Currently, there is an expansion of this market in Arizona. Our state is quickly establishing itself as a national leader in innovation and technology, including the development and implementation of sophisticated energy solutions for our modern economy. Arizona’s economy benefits from this industry, which includes everything from solar energy to zero-emission vehicles to sustainability research and infrastructure improvements.
Some of Arizona’s largest companies, such as PepsiCo, Apple, and Target, have put pressure on utilities to provide clean and renewable energy alternatives, and the state’s three largest utility companies have now devoted themselves to generate the majority of their energy from the carbon-free sources over the next few decades.
With firms like ElectraMeccanica, Lucid Motors, Nikola Corporation, and others in the supply chain developing a significant and expanding presence in the state, Arizona has now become a center for the zero-emissions car industry. Nikola is also leading research and production in the hydrogen economy’s future. Companies like First Solar and Kore Electricity are exploring an innovative and sustainable method for solar power and battery storage, respectively.