Phoenix Ranks No. 1 in the Country for Economic Growth

PHX BIZThe Phoenix Business Journal reported that Phoenix ranked highest for economic growth in the Brookings Institute’s latest Metro Monitor Report.

According to the Phoenix Business Journal’s article, Phoenix has the highest total value of goods and services that a metropolitan area produces. Bookings policy analyst Kenan Fikri said that if the output continues to grow as it has been, it could be signs of a durable and lasting recovery.

The report, which looks at 2013 first-quarter data on economic progress for the country’s 100 largest metro areas, shows an output increase of 1.2 percent in Phoenix and 1.1 percent in Tucson during the first quarter.

While seven out of the 10 Mountain West metro areas have already reached pre-recession output levels, Phoenix closed the quarter with a deficit of 2.6 percent.

Phoenix saw 0.6 percent job growth over the quarter, which is higher than the national average of 0.4 percent. However, the employment rate is still 7.2 percent below its pre-recession peak despite consecutive quarters of above-average growth.

“Since output recovery typically precedes a job recovery, companies make more sales before they hire more people, the recent progress on the output front does point to a potentially accelerating jobs recovery, as well,” Fikri said.

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