Thought I would update you with some very promising news for the Economy here in Phoenix.
Let’s Start out with Jobs!
Arizona is expected to add around 120,000 jobs in 2015 and 2016, according to a new forecast from the Arizona Department of Administration.
Tourism growth is expected to lead that job growth, according to the 2016 Employment Forecast from the ADOA, with 56,600 expected to be added this year with the other 63,100 to come in 2016.
Why are there more jobs… well because the economy is doing better. One factor is an increase in Exports!
Arizona exporting businesses are doing their job to boost the state’s economy. Exports from Arizona are up 34.4 percent since 2010 and up more than 8 percent from 2013.
Most of the growth came in trade with North American neighbors Mexico (up 39 percent since 2010 and 21 percent since 2013) and Canada (up 10 percent since 2010, and flat from 2013).
- Eric Jay Toll
- Reporter-Phoenix Business Journal
Chicago-based international bank Northern Trust, is building a $95 million, 450,000-square-foot three-building regional operations center in Tempe.
The Tempe City Council is getting ready to consider a package deal from Northern Trust that brings 1,000 jobs paying an average of $82,000 to the city’s Discovery Business Campus at Elliot Road and Loop 101.
Rents in Phoenix are on the rise, but compared to other big cities, Phoenix is still affordable.
The Arizona Republic reported that monthly prices for metro Phoenix apartments and rental homes are rising faster than the national average.
Rents in Phoenix increased 5.6 percent in 2014, which was higher than the 3.3 percent average increase in the 35 large U.S. cities studied by Zillow. The rise in the Valley’s rents also exceeded U.S. inflation.