Tucson, AZ – January 2024 Jobs Market Report – Sunshine State Sees Steady Growth

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The Tucson job market kicked off 2024 with continued positive momentum, adding nearly 6,600 jobs and holding an unemployment rate of 3.6%, its lowest point in decades. This report summarizes key trends, growth sectors, and hiring opportunities in the city.

Highlights:

  • Job growth: Nonfarm job employment increased by 1.6% compared to December 2023, exceeding the national average of 1.1%.
  • Low unemployment: The unemployment rate dipped to 3.6%, marking a significant improvement from 4.6% in January 2023.
  • Wage gains: Average wages increased by 2.4% year-over-year, indicating healthy employer competition for talent.

What Industries and Occupations Grew:

  • Professional and Business Services: This sector led the pack with over 2,100 new jobs, driven by growth in areas like management, consulting, and scientific research.
  • Leisure and Hospitality: The tourism industry added over 1,500 jobs, reflecting increased travel demand and a return to pre-pandemic activity levels.
  • Trade, Transportation, and Utilities: This sector saw an expansion of over 1,200 jobs, primarily in retail trade and transportation & warehousing.
  • Fastest-growing occupations: Software Developers & Application Analysts (+5.5%), Registered Nurses (+4.8%), and Sales Representatives (+4.3%) saw the highest job growth.

What Industries and Occupations Shrank:

  • Mining and Logging: This sector experienced a minor decline of 0.1%, with just 50 fewer jobs compared to December 2023.
  • Information: This sector shed about 200 jobs, possibly due to automation and digitalization trends.

Compare to Same Month Last Year:

  • Job growth (+1.6%) was slightly lower than January 2023 (+2.2%).
  • However, the unemployment rate (3.6%) remains significantly lower than January 2023 (4.6%).

Compare to Previous Month:

  • Job growth (+1.6%) slowed down slightly compared to December 2023 (+2.3%).
  • The unemployment rate (3.6%) saw a minor improvement from December 2023 (3.8%).

Future Outlook:

  • The Tucson job market is expected to maintain its positive trajectory in 2024, with projected growth in sectors like healthcare, technology, and tourism.
  • However, potential economic headwinds and rising interest rates could create some uncertainty in the later half of the year.

10 Growing Occupations:

  1. Software Developers & Application Analysts
  2. Registered Nurses
  3. Sales Representatives
  4. Personal Care Aides
  5. Home Health Aides
  6. Wind Turbine Service Technicians
  7. Solar Photovoltaic Installers
  8. Customer Service Representatives
  9. Truck Drivers
  10. Marketing Specialists

10 Companies Hiring Now:

  1. Raytheon Missiles & Space
  2. Banner Health
  3. Tucson Unified School District
  4. University of Arizona
  5. Tucson Medical Center
  6. General Dynamics Information Technology
  7. Lockheed Martin
  8. Tucson Electric Power Company
  9. Honeywell Aerospace
  10. Freeport-McMoRan

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