MEDIA CONTACT:
Lindsay Hansen
PR Consultant
(C): 480.205.6195
lindsay@ldhconsulting.net
FOR IMMEDIATE RELEASE:
PHOENIX, AZ (Dec. 8, 2025) – The Greater Phoenix Chamber, in partnership with BOK Financial, today released the findings from the Q3 Arizona Economic Insights Dashboard, highlighting a resilient statewide economy and a deeper understanding of Arizona’s evolving energy and trade landscapes. This enhanced, real-time dashboard offers dynamic access to key economic indicators, empowering policymakers, businesses, and community leaders to track and interpret shifts across Arizona’s economic sectors.
“Arizona’s economic data from mid-2025 paints a picture of steady growth, strong wage performance in key industries, and a stable labor market,” said Steve Wyett, chief investment strategist, BOK Financial. “Inflation remains well below national averages; GDP growth continues to be healthy and long-term housing occupancy trends reflect increasing demand throughout the state.”
Key Findings from Q3 2025
Inflation Remains Below National Average
The Phoenix metro area continues to experience some of the lowest inflation in the country.
- The annual inflation rate for the Phoenix-Mesa-Scottsdale area was 1.43% for the 12 months ending August 2025, well below the 2.92% national average.
- This trend has been supported by softening housing costs and slower wage growth in several sectors. In addition, some declines in real estate helped bring down rents within the inflation measures, a trend we expect to continue to help hold down inflation going forward.
Unemployment Shows Steady Labor Market Conditions & Strong Job Growth
- Arizona’s seasonally adjusted unemployment rate in August 2025 was 4.1%, slightly under the U.S. rate of 4.3%, indicating continued labor market stability relative to the nation.
- Arizona added 700 jobs between July and August 2025, ranking 34th nationally with a modest .02% increase.
- Year over year from August 2024-August 2025, the state added 41,400 jobs, ranking 17th for annual job growth. This represents a 1.29% increase, highlighting stronger long-term performance despite slower monthly gains.
GDP Growth Slightly Outpaces National Rate
- Arizona’s GDP reached $592.85 billion in Q2 2025, reflecting a 1.56% increase from the previous quarter – slightly above the national GDP growth rate of 1.48%. All industries collectively contributed to the expansion.
Wages: High-Paying Industries Lead Statewide Earnings
- The top three industries by average annual pay in 2024 are Utilities ($129,962), Management of Companies & Enterprises ($125,474) and Information.
- Weekly wages remain steady amongst Construction, Finance and Insurance, Healthcare, and Manufacturing.
Housing Market: Slow Price Growth, More Occupied Homes
- According to new data from the Federal Housing Finance Agency, the Arizona House Price Index rose .03 points in Q3 2025, compared to a 2.73-point increase nationally.
- In 2024, Arizona’s median home value reached $426,000, above the U.S. median of $361,000, ranking 15th nationally.
- From 2009 to 2024, the number of owner-occupied homes in Arizona increased by 494,000 and the number of vacant homes decreased by 159,000.
The updated Arizona Economic Insights Dashboard is available to the public and provides customizable, interactive data visualizations for continued monitoring and analysis. To learn more, 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:
@phxchamber
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Learn more:
www.phoenixchamber.com
info@phoenixchamber.com
602.495.2195
Economic insights reveal a resilient economy in Arizona – AZ Big Media