3 Things You Should Know About the Phoenix, AZ Economic Summary

Travelling nurses have the opportunity to live in many different places throughout their careers. If your work-related travels take you to Phoenix, you have a lot of fun activities to look forward to. It’s always a great idea to spend some of your free time getting to know each new area and making new friends, but it’s also important to get a feel for the local economy in the event you’re tempted to settle down for good.

The most recent Phoenix, AZ Economic Summary provides an extensive breakdown of local economic trends in the Phoenix area. Some of the main topics covered include employment and unemployment statistics, wages across different industries, trends involving employee benefits, prices, spending, and wage statistics across employment vectors. The report contains several key bits of information that you should know if you plan to work in or move to the Phoenix, AZ area.

Important Takeaways from the Phoenix, AZ Economic Summary

The report covers a wide breadth of information:

  1. The Phoenix area had a relatively stable unemployment rate between November of 2018 and November of 2019, starting this period with an unemployment rate of 4.1, which was .6 points above the national average at the time and ending at 3.7, which was only .4 points above the 3.3 national average. Phoenix area unemployment rates have been relatively consistent, indicating relatively strong local economic stability but slow growth.
  2. As of November of 2019, the three top employers among non-farm industries in the Phoenix area included trade, transportation, and utilities with more than 430,000 positions, professional and business services with more than 370,000 positions, and education and health services with almost 350,000 positions.
  3. The cost of living in the Phoenix area is a bit more expensive than national averages. While Phoenix area residents paid less for food from 2017 to 2018, they paid more in healthcare costs, personal insurance, transportation, and housing.
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