The Economy of Arizona had a total gross state product of $373 billion in 2020.[1] The composition of the state's economy is moderately diverse; although health care, transportation and the government remain the largest sectors.
The state's per capita income is $40,828, ranking 39th in the U.S. The state had a median household income of $50,448, making it 22nd in the country and just below the U.S. national mean.[2] Early in its history, Arizona's economy relied on the "five C's": copper (see Copper mining in Arizona), cotton, cattle, citrus, and climate (tourism). Copper is still extensively mined from many expansive open-pit and underground mines, accounting for two-thirds of the nation's output.
The state government is Arizona's largest employer, while Banner Health is the state's largest private employer, with over 39,000 employees (2016). Шаблон:As of, the state's unemployment rate was 5.4%.[4]
The top employment sectors in Arizona are (August 2014, excludes agriculture):
Arizona collects personal income taxes in five brackets: 2.59%, 2.88%, 3.36%, 4.24% and 4.54%.[6] The state transaction privilege tax is 5.6%; however, county and municipal sales taxes generally add an additional 2%.
The state rate on transient lodging (hotel/motel) is 7.27%. The state of Arizona does not levy a state tax on food for home consumption or on drugs prescribed by a licensed physician or dentist. However, some cities in Arizona do levy a tax on food for home consumption.
All fifteen Arizona counties levy a tax. Incorporated municipalities also levy transaction privilege taxes which, with the exception of their hotel/motel tax, are generally in the range of 1-to-3%. These added assessments could push the combined sales tax rate to as high as 10.7%.
