Metro Phoenix new business growth exceeds national average
Add Axios as your preferred source to
see more of our stories on Google.
About 18 new business applications per 1,000 residents were filed across metro Phoenix in 2022, per new Census Bureau and IRS data.
State of play: That's slightly higher than the rate of filings recorded in 2021, and above the national average of 15 for every 1,000 residents.
Between the lines: New business applications are an important measure of an area's perceived economic health. If lots of people are trying to start new companies in a given city, it's a sign they're bullish on the area's prospects.
The big picture: This trends with what industry experts have been telling us about homegrown innovation and startups following the major semiconductor growth we've seen in the past several years.