MEDIA CONTACT:
Lindsay Hansen
PR Consultant
(C): 480.205.6195
[email protected]
FOR IMMEDIATE RELEASE:
April 7, 2025
PHOENIX, Ariz. (April 7, 2025 ) – The Greater Phoenix Chamber and BOK Financial have released the latest Arizona Economic Insights Dashboard findings. This enhanced tool provides access to real-time, interactive data updates on Arizona’s ever-changing economic landscape. The public can access detailed insights into key indicators such as unemployment, GDP, job projections, population changes, average income, educational attainment, housing data, and more.
“Arizona’s state and local economies received a series of positive reports at the conclusion of 2024, with wage growth, unemployment and inflation all outperforming the national averages,” said Steve Wyett, chief investment strategist for BOK Financial. “We anticipate continued growth in 2025, although at a slightly slower pace than in 2024.”
Q4 economic data findings include:
Housing:
- The Federal Housing Finance Agency has released its House Price Index for the fourth quarter of 2024, Arizona is down 1.00 points, contrasted with increase of 3.10 points in the United States.
Wages:
- Average weekly wages in Construction in Arizona is $1,483 as of the third quarter of 2024. This is a 5.25% change from the same time last year. In the US, it’s $1,515, a 4.99% change.
- Average weekly wages in Finance and Insurance in Arizona is $1,831 as of the third quarter of 2024. This is a 6.21% change from the same time last year. In the US, it’s $2,299, a 6.29% change.
- Average weekly wages in Health care and social assistance in Arizona is $1,270 as of the third quarter of 2024. This is a 3.34% change from the same time last year. In the US, it’s $1,236, a 2.91% change.
- Average weekly wages in Information in Arizona is $2,323 as of the third quarter of 2024. This is an 11.90% change from the same time last year. In the US, it’s $3,213, a 9.03% change.
- Average weekly wages in Manufacturing in Arizona is $1,794 as of the third quarter of 2024. This is a 7.30% change from the same time last year. In the US, it’s $1,559, a 4.14% change.
Unemployment and Hiring:
- Arizona’s latest unemployment rate is 3.80% in December 2024, compared to 4.10% in the US (seasonally adjusted).
- In December, the hiring rate in Arizona was 3.70%, while the national rate was 3.40%.
- Arizona job openings saw a decrease of -0.70% to 5.00% in December, while the U.S. saw a decrease of -0.40% to 4.50% over the same period.
- In December, the total separations rate in Arizona was 3.10%, while the national rate was 3.30%.
Inflation:
- The annual inflation rate for Phoenix-Mesa-Scottsdale was 1.62% for the 12 months ending in December, compared to the US city average at 2.89%.
For information on how to obtain access to the Arizona Economic Insights Dashboard, visit phoenixchamber.com/AZeconomicinsights.
About BOK
BOK Financial Corporation is a $50 billion regional financial services company headquartered in Tulsa, Oklahoma with $115 billion in assets under management and administration. The company’s stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation’s holdings include BOKF, NA; BOK Financial Securities, Inc.; and BOK Financial Private Wealth, Inc. BOKF, NA’s holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas; and BOK Financial in Arizona, Arkansas, Colorado, Kansas and Missouri; as well as having limited purpose offices in Connecticut, Nebraska, Tennessee and Wisconsin. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust and insurance services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.
About the Greater Phoenix Chamber
Representing 2,400 businesses across the Greater Phoenix region, the Greater Phoenix Chamber catalyzes regional prosperity with forward-thinking public policy, intentional economic growth, and diverse, prepared talent. The Chamber pursues this mission by collaborating with business, political and community leaders to grow the regional talent pool, create a regional approach to economic development and drive a pro-Arizona agenda.
FOLLOW ONLINE:
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www.phoenixchamber.com
[email protected]
602.495.2195