US | Metro Economic Forecast: Phoenix
Phoenix has recovered 66% of its lost jobs from the nadir of the pandemic. This corresponds to a net decline of 2.7% from the previous peak of Q1 2020. This net decline ranked 6th of the largest 51 metros and is far better than the US net decline of 5.6%. Phoenix is expected to see job growth of 3.4% in 2021, 2.9% in 2022, and is expected to recover all of its lost jobs in Q3 2021. Looking beyond next year, Phoenix is expected to see average annual job growth of 1.0% from 2023 to 2025 which ranks 9th of 51. Population growth will fuel this growth with concentrations in health care, construction, and state and local government.
What you will learn:
- Seen as a low-cost alternative to the west coast metros, Phoenix’s tech sector has reaped significant growth including job gains in software publishing (+7.0% from Q1 2020 to Q1 2021), e-commerce (+5.6%), scientific R&D (+5.3%), and computer systems design (+2.4%).
- Phoenix’s finance sector is also growing with Wells Fargo, Bank of America, and JP Morgan as three of the top 10 employers in the metro. The finance sector grew 2.9% over the last year.
- GDP in Phoenix surpassed the peak 2019 level in Q1 and has grown 1.8% since the peak of Q4 2019. This ranks 7th of the top 51 metros. GDP is expected to grow 8.3% in 2021, 4.9% in 2022, and 2.0% annually from 2023 to 2025.
Tags:
Related Services
Post
Maintenance in Australia: 2023 Edition | Executive Summary
Australia’s maintenance market is estimated to have increased to $53.5bn in FY22, driven by road rehabilitation following flooding along the east coast of Australia. Road maintenance expenditure will continue to be supported over the near-term by Federal and State government programs. Mining maintenance spending will be buoyed by elevated commodity prices, and increased maintenance requirements on recently built LNG facilities.
Find Out More
Post
Australia: Roadblocks cleared for build-to-rent in Australia
The pipeline of build-to-rent (BTR) developments across Australia continues to swell, with our project tracking currently capturing a pipeline of circa 45,000 announced units. Around 5,900 units have broken ground in FY2023, with a further 15,000 geared to commence across FY2024 and FY2025.
Find Out More