The Greater Phoenix Chamber has released its Arizona Economic Insights Dashboard findings for the most recent time period extending through July 2024. This tool provides access to real-time, interactive data updates on Arizona’s ever-changing economic landscape. Users can delve deeper into unemployment, GDP, job projections, population changes, average income, educational attainment, housing data, and more.
The most recent findings include:
Unemployment: Arizona’s unemployment rate remained consistently below the national average from April through July. As of July, Arizona’s rate is 3.4%, nearly a full percentage point below the U.S. average of 4.3% (seasonally adjusted).
Yuma County’s unemployment rate has fluctuated throughout the summer, rising to 16%—the highest among all counties—reflecting the ongoing variability in the region (not seasonally adjusted).
Since 2020, the lowest unemployment rate in Arizona’s metropolitan areas was Phoenix-Mesa-Scottsdale in April at 2.30% (not seasonally adjusted).
GDP: The Bureau of Economic Analysis measures GDP (Gross Domestic Product) not only by region, but also by industry. Arizona’s Gross Domestic Product in the “Health care and social assistance” industry sector grew by 2.21% in the first quarter, in contrast to the national rate of 1.91%.
Workforce: Arizona job openings increased by 0.90% in June, while the U.S. saw a slight decline of 0.10% over the same period.
The real estate sector plays a critical role in Arizona’s economy as an important driver of prosperity and economic growth across the state. Arizona’s housing market has experienced drastic growth over the past five years, impacting the overall workforce. As of September 12, 2024, the U.S. Census Bureau released the 2023 results from the American Community Survey, an annual demographic survey program. These results are published as estimates.
Home Ownership: Arizona saw an increase in the number of owner-occupied homes, up 45,958 homes, a 0.27% change from 2022 to 2023. This compares to a 0.06% change in the U.S.
Homes Occupied by Renters: Arizona saw an increase of 10,679 in the total number of homes occupied by renters, a -0.27% change from 2022 to 2023. This compares to a -0.06% change in the U.S. (an inverse from the ownership figures).
Vacant and available to rent: The percentage of vacant homes available for rent in Arizona has steadily risen over the last three years, from 12.3% in 2021 to 16.7% in 2022 and 22% in 2023. The last time this figure was as high was in 2009, at 23.2%.
The U.S. has also seen a rise in vacant homes listed for rent, though not at the same rate. The percentage was 16.73% in 2021, 17.55% in 2022, and 19.12% in 2023. The last time the U.S. reached this level was in 2010, at 20.83%.
Median Gross Rent: Since 2019, Arizona’s median gross rent (including estimated utilities) has consistently outpaced the national average, with the gap widening. As of 2023, Arizona’s median gross rent is at $1,608, compared to the U.S. average of $1,406—a gap of $202. In 2022, this gap was $150.
As of 2023, Maricopa County has the highest median gross rent in Arizona, at $1,766, while Apache County has the lowest, at $607.
Percent of Income toward Rent: The percentage of income spent on rent varies by region. In 2023, Arizona households spent 32.3% of their income on gross rent, compared to the U.S. average of 31%. Coconino County has the highest rent-to-income ratio in Arizona, at 35.8%, while Apache County has the lowest, at 15.6%.
Median Income: Median income in Arizona has not yet surpassed the U.S. median, but it is close. In 2023, Arizona’s median income was $77,315, while the U.S. median was $77,719, a difference of $414. This is similar to 2022, when the gap was $187. A decade ago, the gap was significantly larger, at $6,740, with Arizona at $41,850 and the U.S. at $52,250.
Median income can differ significantly from average household income. In 2023, the average household income in Arizona was $104,620, and the median was $77,315, while in the U.S. it was $109,160 and $77,719.
