Arizona’s job market continues to outperform much of the nation, according to a new report by the Greater Phoenix Chamber. The chamber’s latest Arizona Economic Insights Dashboard reveals that, despite ongoing challenges in housing, the state’s unemployment rate has consistently stayed below the national average, signaling strong economic growth.
The dashboard, which offers real-time data on Arizona’s economy, provides insights into various indicators, including unemployment rates, job openings, and housing trends. Todd Sanders, president and CEO of the Greater Phoenix Chamber, said the data paints a clear picture of the state’s strong job market and economic output compared to the rest of the country.
“As far as unemployment and gross domestic product, Arizona is outperforming the national average,” Sanders told KTAR News 92.3 FM’s Arizona’s Morning News on Wednesday.
However, Sanders noted that Arizona continues to face hurdles in the housing market. Despite job growth, affordable housing remains a significant concern.
Arizona’s Job Market Shows Growth
The report highlighted a significant increase in job openings, with a 0.9% rise in June, surpassing the U.S. national average, which saw a slight decline of 0.1%. This growth was accompanied by Arizona’s consistently lower unemployment rate, which averaged 3.4% from April through July of this year. In contrast, the national unemployment rate was 4.3% for the same period.
However, not all parts of Arizona are faring equally well. Yuma County’s unemployment rate reached 16%, making it the highest in the state. Sanders attributed this fluctuation to the seasonal migration of people in and out of the area, which tends to spike during the hot summer months when residents temporarily relocate.
“When the summer hits, people tend to leave Yuma, but when things cool down, we see a lot of folks returning,” Sanders explained. “Those numbers will likely shift in the coming months.”
International Events Impact Arizona’s Economic Stability
Sanders also emphasized that international events have a significant impact on Arizona’s economy. He noted that geopolitical instability, such as conflicts in the Middle East, can trigger economic ripple effects across the globe, including in Arizona.
“Global issues like rising tensions between Iran and Israel can drive up oil prices, which in turn affects inflation and other economic factors here in Arizona,” Sanders said.
As Arizona continues to navigate its economic growth, the focus remains on balancing job market gains with critical challenges like housing and external economic pressures.
