The Greater Phoenix Chamber and BOK Financial have released the latest Arizona Economic Insights Dashboard findings. This enhanced tool provides access to real-time, interactive data updates on Arizona’s ever-changing economic landscape. The public can access detailed insights into key indicators such as unemployment, GDP, job projections, population changes, average income, educational attainment, housing data, and more.
“Arizona’s state and local economies received a series of positive reports at the conclusion of 2024, with wage growth, unemployment and inflation all outperforming the national averages,” said Steve Wyett, chief investment strategist for BOK Financial. “We anticipate continued growth in 2025, although at a slightly slower pace than in 2024.”
Q4 economic data findings include:
Housing:
- The Federal Housing Finance Agency has released its House Price Index for the fourth quarter of 2024, Arizona is down 1.00 points, contrasted with an increase of 3.10 points in the United States.
Wages:
- Average weekly wages in Construction in Arizona is $1,483 as of the third quarter of 2024. This is a 5.25% change from the same time last year. In the US, it’s $1,515, a 4.99% change.
- Average weekly wages in Finance and Insurance in Arizona is $1,831 as of the third quarter of 2024. This is a 6.21% change from the same time last year. In the US, it’s $2,299, a 6.29% change.
- Average weekly wages in Health care and social assistance in Arizona is $1,270 as of the third quarter of 2024. This is a 3.34% change from the same time last year. In the US, it’s $1,236, a 2.91% change.
- Average weekly wages in Information in Arizona is $2,323 as of the third quarter of 2024. This is an 11.90% change from the same time last year. In the US, it’s $3,213, a 9.03% change.
- Average weekly wages in Manufacturing in Arizona is $1,794 as of the third quarter of 2024. This is a 7.30% change from the same time last year. In the US, it’s $1,559, a 4.14% change.
Unemployment and Hiring:
- Arizona’s latest unemployment rate is 3.80% in December 2024, compared to 4.10% in the US (seasonally adjusted).
- In December, the hiring rate in Arizona was 3.70%, while the national rate was 3.40%.
- Arizona job openings saw a decrease of -0.70% to 5.00% in December, while the U.S. saw a decrease of -0.40% to 4.50% over the same period.
- In December, the total separations rate in Arizona was 3.10%, while the national rate was 3.30%.
Inflation:
- The annual inflation rate for Phoenix-Mesa-Scottsdale was 1.62% for the 12 months ending in December, compared to the US city average at 2.89%.
