Economy
What is Arizona’s economy doing on a weekly or monthly basis? Which sectors are on the rise and what can leaders do to encourage forward momentum? The Dashboard pulls targeted economic metrics to provide a snapshot of the status of Arizona’s economy. All data below represents the state of Arizona compared to the U.S.
Arizona Economic Insight visuals are designed to be intuitive and easy to navigate. You can also make the most of them with a few quick tips:
- Latest Data First: Top of most visuals give you cards that show the current data point or a dynamic narrative about the economy.
- Customize Viewing: Use zoom sliders to only view certain periods in time or certain data ranges.
- Easy Navigation: Utilize the buttons on the left to select filters or switch to detailed views.
- Hover for Details: Hover over the any visual for additional details, descriptions, and specific data point values.
- Highlight Details: Select any chart component to have it highlighted.
- Source Links Below: Have more questions, go straight to the source – select the link in the source note below each visual.
- Focus Mode: Select a visual and click on icon focus mode button on top right to only view that visual.
- Zoom: Adjust zoom level and opt for full screen mode on bottom right.
- Have more questions: contact msauncy@phoenixchamber.com
Gross Domestic Product
Gross Domestic Product (GDP) – The value of the goods and services produced in Arizona and United States. Gross Domestic Product can be measured in multiple ways and can give an idea of how the economy is growing.
- Current-Dollar GDP estimates are based on market prices during the period being measured. The nation’s gross domestic product totals trillions of dollars, while the state level is in the millions.
- Real Gross Domestic Product – People often refer to as “GDP” is a percentage. That’s the rate of change in real GDP from the previous period.
- Quantity Index – When comparing Arizona and the United States GDP, the values are much different. The quantity index can help weight these values to give a comparative score. The Index gives a weighted average of the proportionate changes in the quantities of a set of goods or services in time. Quantity indexes for adjacent pairs of periods can be “chained” (multiplied) together to form chain-type quantity indexes.
Real Gross Domestic Product
Real GPD is the percentage rate of change in GDP from the previous period.
Gross Domestic Product by Industry
The Gross Domestic Product can be analyzed by industry, tracking changes over time in current dollar values.
Gross Domestic Product Changes by Industry
As industries widen and narrow, their percentage of the total GDP changes over time.
Sales and Use Tax Revenue
Sales tax and use tax are both taxes that apply toward tangible goods and services. They are an important source of revenue for state government, funding key public services and projects.
State & Local Resources
Local, regional, and state government resources to help large and small businesses.
Arizona’s Growing Industries
The Greater Phoenix region is a leader in the development of the state’s economy and has become a notable leader across the nation as a whole. Rounds Consulting Group (“RCG”) partnered with the Greater Phoenix Chamber Foundation (“Foundation”) to perform a workforce summary of key target industries including a “high-level” review of supply and demand opportunities and constraints. The analysis examined multiple data points from various sources in order to determine if the supply of labor in the target sectors is expected to meet the demand. The five target industries include:
Inflation
Inflation is the general increase of prices over time and is usually measured using the Consumer Price Index (CPI). CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Inflation in Arizona and the United States is compared below. The CPI can be viewed directly or can be viewed by changes over time.
Inflation by Item
Personal Income
Per Capita Personal Income takes the total amount of income from a region’s workforce and divides it by the number of people in the population. This value gives an idea of how much people are earning per year on average.
Median Income
Median income takes the midpoint value of all household incomes. When looking at personal income, median value is more commonly viewed over averages because some very high earners can bring the average to a less representative value. Hover over each datapoint to see mean versus median comparison. *Data not available for 2020 due to COVID-19.
Income Distribution
Household earnings are commonly grouped in brackets and observed over time. These changes are shown below by county, state, and the U.S. *Data not available for 2020.
Economy
Economic metrics provide a snapshot of the status of Arizona’s economy and tracks progress toward economic recovery.
Housing
Arizona’s housing market and commercial real estate sectors will be key indicators during the post COVID-19 recovery.
Workforce
Monitoring workforce, job creation and retention, and talent pipeline data is fundamental to supporting the economy.