ARIZONA RANKS 5TH IN U.S. PERSONAL INCOME GROWTH

Sources: Eric Toll / Phoenix Community and Economic Development; & the Bureau of Economic Analysis

Arizona has been among the top states for population and rent growth. Now it has the 5th highest personal income growth in the nation at 5.5% for the first quarter of 2018 according to the U.S. Bureau of Economic Analysis. This is thanks to the growth that has been seen in the advanced industries--manufacturing, healthcare and life sciences, education, technology, and advanced business and financial services.

The Phoenix metro had the highest statewide wage growth. At 7.8%, it is ranked as the Bureau of Economic Analysis' fastest-growing metro in wage increases.

Arizona, and the Phoenix MSA, have seen tremendous growth over the past few years. It was ranked in the top 5 large cities in the U.S. for fastest rising rent and has the fastest growing county in the U.S. (Maricopa County). This growth has been fueled by the advanced business services--financial services and technology--, manufacturing, construction, bio- and life-sciences, and real estate.

Phoenix is quickly becoming one of the "hottest" places to be. Its economic pivot represents an effort started during the recession, and no other state since has so dramatically shifted the workforce base of its economy. Much of the activity has been attributed to the region's job and population growth.

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