With a population of over 1.5 million people in 2014, Phoenix is Arizona's largest city by far. With close proximity to the west coast, a beautiful desert landscape, and an affordable cost of living, Phoenix continues to draw in young families and students alike.
Median household income in Phoenix through 2013 was $47,139, which is slightly less than the national average of $49,774. Top five industries in terms of GDP include real estate, financial services, manufacturing, health care, and retail. Top employers include Avnet, Freeport - McMoRan, PetSmart, Republic Services, and Honeywell's aerospace division.
Through 2013, 26.3 percent of Phoenix adults held a bachelor's degree. Meanwhile, 80.6 percent of adults held a high school diploma or better. The National Center for Education Statistics lists 40 institutions of higher education as active in the area, and that includes both four-year schools and a diverse array of vocational and trade schools in Phoenix. Because of all Phoenix has to offer, Forbes named the city #44 on its list of Best Places for Business and Careers and #61 in job growth last year.
To learn more about the economic landscape in Phoenix and the surrounding area, we reached out to Christine Mackay, City of Phoenix Community & Economic Development Director.
What are the top industries in Phoenix?
The top industries in the Phoenix area are ABS, manufacturing, software, biomedical and entrepreneurship.
What is the cost of living in Phoenix?
- Phoenix composite cost of living index: 93.6 (100 is the national average)
- Utility index: 92.5
- Median Home Value: $175,800 (6.4% increase in the past year; predicted to increase 3.5% in the next year)
- Median Listing Price: $225,000
- Median Sale Price: $205,400
Are there specific industries that Phoenix is trying to grow?
The future of economic growth & development in Phoenix is bright! Phoenix employment corridors are growing and thriving, including Midtown. Located on North Central Avenue along the METRO Light Rail, this area offers prime office space for tech companies and start-ups.
Phoenix's Warehouse District is experiencing a renaissance of its own where innovative companies are moving in and launching creative spaces that meet their clients and their employees' needs. Lastly, businesses in the Gateway District are taking advantage of their close proximity to Sky Harbor International Airport for business travel and exports. Some of the specific industries that we are targeting for growth are IT/Software, Cybersecurity and Advanced Manufacturing.
These industries provide quality jobs and seek a knowledge based workforce that is provided by institutions of higher learning including Arizona State University, University of Arizona, Grand Canyon University, the Maricopa Community College District and other area schools.
What are the most prominent schools in Phoenix?
The most prominent schools are Arizona State University, University of Arizona, Grand Canyon University and Maricopa Community College.
Why would you recommend someone move to this city?
Phoenix is hot! With numerous amenities, a diverse community and easy access to higher education, the City is attractive to young professionals and families alike. Phoenix is a young city with an average age of 32.2 years. Our residents enjoy professional sports, arts & culture, outdoor recreation, world-class shopping and dining as well as short drives to the snow and the beaches of Southern California and Mexico. Phoenix also has a robust entrepreneurial ecosystem with many resources available to small businesses and start-up companies.
Christine Mackay is a Community & Economic Development Director for the City of Phoenix.
- College Navigator, National Center for Education Statistics, Arizona, https://nces.ed.gov/collegenavigator/?s=AZ
- Interview with Christine Mackay, City of Phoenix Community & Economic Development Director
- Phoenix, Arizona, Forbes, http://www.forbes.com/places/az/phoenix/
- State & County QuickFacts, U.S. Census Bureau, Phoenix, http://quickfacts.census.gov/qfd/states/04/0455000.html
- Which Arizona Cities Will Cost you the Least? AZ Central, http://www.azcentral.com/story/money/business/2015/06/17/bullhead-city-cheapest-arizona-city/28899239/