A recent study highlights Metro Phoenix’s strong economy, showcasing its job growth and economic opportunities compared to other US cities
Phoenix: So, have you heard about how well Phoenix is doing economically? A recent report from the Milken Institute looked into this and found some pretty impressive stuff.
They checked out a bunch of stats to see how cities stack up against each other. Phoenix made it to the top 25 out of 200 cities for economic performance, which is no small feat!
In fact, they ranked 23rd overall, while Tucson came in at 110. Not too shabby for the Valley of the Sun, right?
One of the big reasons for Phoenix’s high ranking is its labor market. The city saw a job growth of 14% from 2018 to 2023, which is fantastic. They even ranked 17th in the country for this!
Wage growth was also impressive, with a 47.4% increase during the same period. That’s a solid boost for folks living and working there.
Now, when it comes to the high-tech industry, Phoenix has some room for improvement. While the GDP from this sector grew by 40.7%, it only landed them at 69th place. They’re still working on building that tech scene.
As for economic opportunities, nearly 70% of households in Phoenix are spending less than 30% of their income on housing, which is great news. But there’s still some work to do on income inequality, where they ranked 65th.
All in all, it looks like Phoenix is on the right track, and it’s exciting to see how things will develop in the future!
