Do you fancy a change of climate? Are you interested in getting a brand new job featured by a job market with soaring tendencies? Perhaps you endorse the idea of being part of one of the most prestigious universities in the States? Then pay a visit to The Old Pueblo, and let Tucson convince you about its economic merits! To help you some more, our real estate agents in Tucson AZ, can find you good reasons to stay here. Plus, they will provide you with affordable housing available both to purchase and rent.
Tucson, AZ on the right track to economic development (before Covid)
The city of Tucson, Arizona, found in Pima County, had experienced constant growth in economic development over the years. Although there are some disquieting disadvantages, such as fluctuant crime rates and sweltering summers, the advantages of moving to and living in Tucson still outweigh the negative aspects for sure. We will shed light on the many reasons why Tucson turned into a financially progressive city and a paradise for newcomers and job-hunters.
Economic impacts of the COVID-19 pandemic on Tucson
Typically, in pre-Covid years, public events, such as rodeos, street festivals, the Tucson Jazz Festival, Gotta Dance at the Ranch, etc., had boosted the life of Tucson economically. Now that the pandemic emerged, the city, unfortunately, lost a significant part of its former revenues. Though concrete numbers were not yet revealed, easily tens of millions of dollars, previously expected as a stable income, were lost in the ensuing traveling restrictions and lockdown.
On the one hand, due to this unforeseen event, the hospitality industry suffered a major financial blow. Specialists, however, are hopeful that by the end of the year, the economy of Tucson will be back on track. And since sales taxes are rising, it will be interesting to see how the city intends to make up for the lost profits.
On the other hand, economists experienced considerable growth in large industrial sectors, such as aerial and railway transportation and logistics. Furthermore, the long-established bicultural and flourishing bilateral contacts with neighboring Mexico provide Tucson with promising economic prospects. And let’s not forget about their access to outstanding and thriving marketplaces, for instance, the Heirloom Farmers Market, the St. Philips’ Plaza Farmers Market, the Santa Cruz River Farmers Market, etc. No financial crisis can put an end to Tucson’s flourishing business!
The cost of living in Tucson, Arizona
All factors considered, living in Tucson costs substantially less than the rest of America. From the housing perspective, Tucson is a lot more affordable than the rest of the country. Yet, be aware! The Old Pueblo is currently a hot seller’s market, implying that more buyers are out there house-hunting than the number of houses available in the Tucson real estate market.
Although the average income is less than Arizona house revenues, from the perspective of general factors, like grocery costs, health, utilities, transportation, clothing, dining repairs, and entertainment, Tucson AZ, still has to be your best bet!
The current stand of the economy in Tucson, Arizona
Based on 2021 statistics, the unemployment rate in Tucson is slightly higher than the national average: 7.4% to 6.0%. However, Tucson has better perspectives than the average American in the recent job growth sector: 2.% to 1.6%. The future job growth expectations, calculated considering migration patterns, and economic growth, are solid: 33%. All sales taxes for Tucson are slightly higher than the American median: 8.7% to 6.2%. High sales taxes translate into paying more local taxes in Tucson than in other cities in the United States. (Source: Kiplinger). Besides, Tucson has the third-highest median property tax rate, contributing to the city’s total high tax burden.
The good news is that here you will have to pay fewer taxes after your income than in the average American city: 3.4% to the national average of 4.6%.
The family median income is approximately $49,000, compared to the national income of $71,000 and the Phoenix, AZ family median income of $60,000. According to this, Tucson has fallen a little behind Phoenix, the capital of the state.
How about the Tucson job market?
Let’s look at the top three employers in Tucson: the University of Arizona, Raytheon Missile Systems, and Davis-Monthan Air Force Base. As you can see, there is an enhanced military presence in Tucson with the US Army Intelligence centers. In addition, the city gained an excellent reputation in the domains of business and finance, optics, computer and math, arts, and entertainment, etc. Consequently, you can find a good job virtually in any domain you are interested in.
Though unemployment in Tucson escalated to 10.5% in 2020, it showed a promising descent to 7.4% in the first half of 2021. They traced the best incomes in the following job industries: mining, quarrying, and oil and gas extraction with an average salary of $60,000, followed by those who work in utilities with earnings averaging $57,500. The top five list with the best wages concludes with the public administration, professional, scientific and technical services and, the 5th one being the manufacturing domain.
Conclusion on the prosperous city of Tucson, AZ
Residents and newcomers alike consider Tucson a vast and developing Sun Belt city. Everybody praises it due to its delightful climate, and genuinely cultured and metropolitan nature. The town hosts a charming setting, advanced downtown with a bit of historic sector, while suburbs encompass it. Around a mile north of the city center can be found the gemstone of the city, the University of Arizona, lending the city a college-town atmosphere with all its perks. Why don’t you check it out for yourself?
Though economic hardships deeply affected the city, locals have proven themselves resourceful enough to fill in the financial gaps generated by the pandemic. With an expected steadily growing labor market in the long run and a more than stable real estate market, Tucson shows economic prosperity laying the foundations for even greater success.
