Recent Phoenix Area Employment and Population Statistics - Market is Still Going and Growing Strong!!!
EMPLOYMENT
- Arizona's economy added 14,400 jobs in November 07 to reach a record total of 2,753,500 non-farm jobs.
- Over the year employment growth for Arizona (1.5%) remains above the U.S. growth rate of 1.0%.
- Arizona's service-providing industries added 17,600 jobs.
- Government gained 1,700 jobs in Nov 07, setting a record at 433,800.
- Overall unemployment for the Phoenix Metro area was 3.5% in Nov 07 compared to 4.7% for the U.S. and 4.1% for all of Arizona.
POPULATION
- From July 2006 to July 2007 the overall population in the US grew by approximately 1.0%
- Various regions across the US posted moderate changes in this time period (Northeast +0.2%, Midwest +.4%, South +1.4% and West +1.4%) while Arizona's population jumped by approximately 2.8% (from 6,165,689 to 6,338,755).
- Over that 12-month period Arizona needed approximately 75,000 housing units to absorb that growth!
In short, these two factors indicate some fundamental strength in our market. We still have a large number of homes for sale, and prices continue to adjust to handle this excess supply situation, yet the outlook for our market remains favorable.