A look inside how Greater Phoenix sets the pace for U.S. economic growth

Greater Phoenix is defying national economic trends with remarkable resilience and growth.

The proof: Employment is on the rise as the unemployment rate continues to drop, inflation has significantly reduced and migration to the region is robust.

• This growth creates a ripple effect, boosting various sectors and solidifying Greater Phoenix's reputation as an economic powerhouse.

🧑‍💼What you need to know: Recent data from May 2024 shows the area's unemployment rate stood at an impressive 2.9%, which marked three consecutive months with a rate below 3%.

Greater Phoenix's market saw the largest unemployment rate decline among the 51 metros with a population of 1 million or more, declining by 0.5% compared to the same time last year, according to the Bureau of Labor Statistics (BLS).

• During that timeframe, only 21% of the metro areas nationwide saw a year-over-year decrease in unemployment rates and only 23% of metro areas had rates below 3%.

🧳 Here's what else: At the same time, the region is a top destination for new residents, particularly those with higher incomes, driving further economic vitality.

• The U.S. Census Bureau shows Arizona had a net migration of 78,000 people in 2022.
• Migration from high-income movers has resulted in an average adjusted gross income of $56,306 for new residents.

📉 Even better: Greater Phoenix currently holds one of the lowest inflation rates in the country, ranking fifth lowest among the 21 metros tracked by the BLS.

• Inflation, which peaked at 13% in August 2022, decreased to 2.3% as of August 2024, below the national average of 2.5.%.

Why it's important: Greater Phoenix's economic success highlights its potential as a prime destination for businesses, investors and new residents seeking opportunity and growth.

• The low unemployment rate and rising employment figures indicate a robust job market, attracting talent and fostering innovation.

• Reduced inflation enhances purchasing power and living standards, making the region more attractive for families and professionals.
• The significant net migration — especially from high-income individuals — contributes to a thriving local economy and increased consumer spending.

The takeaway: Greater Phoenix stands out as an economic beacon amid national challenges. Its low unemployment, significant job growth, reduced inflation and strong migration trends underscore its appeal as a thriving, opportunity-rich region.

• The area's strategic economic initiatives are paying off, creating a vibrant environment for businesses and residents alike.

"The region's positive trends in these key indicators is a testament to the economic growth and unparalleled lifestyle and livability that businesses and residents alike seek across Greater Phoenix," said Chris Camacho, president and CEO of the Greater Phoenix Economic Council (GPEC).

🤝 Worth a mention: GPEC is dedicated, through strategic initiatives and partnerships, to driving sustainable economic growth and innovation across the region so businesses and individuals can grow, innovate and succeed.

Learn more about Greater Phoenix's economy.