Jan. 15, 2018

Phoenix Job Market

The population of Phoenix has grown to more than 1.6 million people.  We have a diverse economy built on the foundation of tourism, manufacturing, tech, financial, healthcare and educational institutions.  Phoenix is part of Maricopa County which was recently named as the nations fastest growing county, adding residents, jobs and wages at a higher rate than any other county in the country.  The labor market is also young and diverse, with an average age of 34.

Over the last 12 months, Phoenix Metro has seen a 2.8 percent job growth, up from a 1.5 percent gain in 2016.  This growth has been driven by an increasing number of advanced industries moving to and investing in our city.  There is also an increased amount of competition which has resulted in wages increasing by 7.6 percent in 2017 alone.

Forbes recently ranked Arizona as the fourth best state for future job growth with much of the job growth has been focused in healthcare and high tech industries.  ZipRecruiter reported Phoenix Metro to be the fastest growing tech town in America, as well as the second best for healthcare jobs.

Experts predict that in the short term, there will be an increase of job seekers relocating to Arizona to help fill the high demand, especially from areas with a high cost cost of living or colder climates.  The "climate" is great for the young professional who wants to settle down, buy a home and begin the next phase of their life or for that matter the more mature who are looking for a better, more affordable life style.

 

 

Posted in Market Commentary
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