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2024 Arizona Minimum Wage Increase
Arizona State minimum wage is increasing to $14.35 per hour on January 1, 2024.
In accordance with A.R.S. § 23-363(B), Arizona's minimum wage will increase from $13.85 to $14.35 effective January 1, 2024.
Employees who live in cities, such as Flagstaff, which has set its minimum wage higher than the State rate of $14.35 per hour, will be paid at the higher rate. This increase will be reflected on the January 12, 2024 paycheck.
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Arizona Corporation Commission Announces a New Federal Reporting Requirement
The Arizona Corporation Commission (ACC) is committed to supporting and facilitating business operations in Arizona. In line with this commitment and our ongoing efforts to keep business owners well-informed, the ACC wishes to inform you about a significant new reporting requirement effective from January 1, 2024.
The United States Congress has passed the Corporate Transparency Act (CTA) to combat money laundering and terrorist financing. This Act mandates beneficial ownership reporting for corporations, limited liability companies, and similar entities registered in the United States. Entities formed or registered before January 1, 2024, must file an initial beneficial ownership report before January 1, 2025.
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ASSESSING ARIZONA'S ECONOMIC RESILIENCE
In April 2020, Arizonans, just like the rest of the nation, were overwhelmed by the impacts of the COVID-19 pandemic and resulting public health measures on the economy. In one month, 320,000 jobs were lost in Arizona alone, causing the unemployment rate to surge from 4.9 percent to over 13 percent. The effects were predominantly seen in the tourism and service industries, collectively making up a substantial portion of Arizona's economy, approximately $20 billion.
Today, there is continued reporting on the state of the national economy. Post-pandemic inflation is recovering from a 40-year high but remains 2 percent above the target set by policymakers. Job and wage growth has remained strong, yet many feel a sense of uncertainty that belies the apparent strength of the economy. In this latest update, we explore how the economy is doing across the state using Arizona Jobs Progress Meter data and insights from CFA's Gallup Arizona Survey.
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55% OF SMALL BUSINESS OWNERS SAY PROFIT MARGINS DECREASED THIS YEAR
Despite some initial reports that consumer spending is up this holiday season, small business owners are being left out in the cold, according to a new survey of retail small business owners from Goldman Sachs 10,000 Small Businesses Voices. Seventy-seven percent of small business owners said they aren’t seeing an increase in holiday sales this season and 55% say their profit margins are down this year – a troubling sign during a make-or-break shopping season.
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U.S. Chamber SMALL BUSINESS INDEX DIPS, BUT OPTIMISM REMAINS
The U.S. Chamber of Commerce Q4 2023 Small Business Index fell 7.9 points on a worsening view of the economy, but small business owners remain positive about the health of their businesses.
Why it matters: Small businesses are the backbone of the U.S. economy, employing nearly half of the private sector workforce and generating about 44% of U.S. GDP. Their outlook reflects the state of the recovery and the challenges ahead.
By the numbers: The Index's overall score fell to 61.3 from 69.2 last quarter, a return to the scores seen earlier this year and in late 2022.
- 25% of small businesses say the U.S. economy is in good health and 30% say their local economy is in good health, both down eight percentage points since last quarter.
- Over half of those who report searching for new workers in 2023 say it is hard to find candidates with the experience or skills their businesses need.
- 52% of small business owners cite inflation as a top concern.
Zoom out: Over two-thirds of small business owners remain positive about the health of their businesses.
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Chips, Climate, Culture, College, and Construction are the new "5 C's" of Arizona
Arizona’s early economy was based on the strength of what it famously called the “5 C’s”: Climate, Cattle, Copper, Cotton, and Citrus. Some of those continue to infuse strength into the state’s economy, some have morphed into a broader category, and some have had their elite spot usurped by a newcomer.
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