Greater Phoenix Area Boosts Arizona Economy w/ Strong Employment Growth

Thanks to a booming Greater Phoenix, Arizona's economy is doing very well, according to Elliott D. Pollack & Company (EDPCo), an economic and real estate consulting services. An expanding job market backed by strong numbers from the construction and manufacturing employment sectors helped boost the Copper State's economy to where it is right now.

Arizona now ranks 7th in the country when it comes to percentage employment growth for the first 10 months of 2018. State employment is up 2.7% translating to an increase of 73,30 jobs. Construction employment grew to 9.8% while manufacturing went up to 5.2%, the fastest growth rates for the aforementioned sectors in a longest time. October saw Arizona's total nonfarm employment get boosted to 3.1% above year earlier levels.

The number of migrants both nationally and internationally has decreased in recent times but the Greater Phoenix area enjoyed a relatively strong population growth rate when compared to other US areas. The Greater Phoenix area's employment growth is at 3.7% over year earlier levels and up 3.2% or 64,800 jobs on a year-to-date basis. Construction and manufacturing in this area increased to 11.1% and 5.8% respectively while the unemployment rate went down to 3.9%. Greater Phoenix's strong showing has it ranking 5th out of 35 major US employment markets for the first 10 months of 2018.

On another note, the Home Builders Association of Central Arizona reported 1,829 new home permits in Greater Phoenix in October, an increase of 19.1% from year earlier levels. Year-to-date has the Greater Phoenix area at 19,084 single family permits issued, a 14.1% growth, bouncing from a slight decline in permits in September over concerns with higher interest rates. Arizona and Greater Phoenix looks to continue to perform strongly and attract movers as long as the US economy expands.
 

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