• Phoenix Job Market Surges: Low Unemployment, Sectoral Growth, and Welcoming Landscape

  • Oct 19 2024
  • Length: 3 mins
  • Podcast

Phoenix Job Market Surges: Low Unemployment, Sectoral Growth, and Welcoming Landscape

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  • Summary

  • The job market in Phoenix, Arizona, is characterized by steady growth and a relatively low unemployment rate. As of September 2024, the Arizona unemployment rate, which includes the Phoenix area, increased slightly to 3.5% from 3.4% in August 2024, still lower than the U.S. rate of 4.1%.

    In terms of employment, Phoenix saw a notable increase in nonfarm jobs. From August to September 2024, nonfarm employment rose by 29,300 jobs, with significant gains in government (20,400 jobs), private educational services (4,000 jobs), and health care and social assistance (3,300 jobs). Over the year, from September 2023 to September 2024, Phoenix experienced a 2.1% increase in nonfarm employment, driven by growth in health care and social assistance (25,100 jobs), professional and business services (11,900 jobs), and trade, transportation, and utilities (11,100 jobs).

    Major industries in Phoenix include health care and social assistance, professional and business services, and government. The city is also known for its robust technology sector, though recent data shows a decline in manufacturing jobs.

    Despite the overall growth, some sectors faced declines, such as construction (-1,700 jobs) and leisure and hospitality (-600 jobs) from August to September 2024. Phoenix ranks among the least competitive job markets in the U.S., with an average of 29.37 applicants per job posting, making it relatively easier to land a job compared to other major cities.

    Commuting trends and specific government initiatives are not extensively detailed in the recent data, but it is noted that Arizona has regained 106.5% of its pandemic-related job losses since April 2020, adding 533,500 jobs.

    Seasonal patterns show that while there is growth, certain months see slower job gains. For example, Arizona lost 2,500 nonfarm jobs in August 2024, reflecting a slower period.

    Current job openings in Phoenix include positions in health care, such as Registered Nurses and Medical Assistants, roles in professional and business services like Software Engineers and Data Analysts, and jobs in education, such as Teachers and Educational Administrators.

    Key findings indicate that Phoenix maintains a strong job market with low unemployment, significant growth in key sectors, and a relatively less competitive environment for job seekers.

    **Sources:**
    - Arizona Office of Economic Opportunity
    - Resume.io analysis
    - Common Sense Institute
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