February marked the return of positive month-over-month employment growth in metro Phoenix with 14,400 jobs added to the region in January. The monthly job growth was led by the leisure and hospitality sector, which added 7,800 jobs to gear up for the peak spring tourism season. The area’s total nonfarm employment through February reached 1,844,600, marking an annualized job growth rate of 2.4%, which ranks 10th nationally.
The expansion of regional health services has spurred healthcare companies to rapidly expand services, which dominated leasing activity throughout Phoenix. The unemployment rate dropped to 6.1% in February, 80 basis points (bps) lower than a year ago and 60 bps below the current national rate.
Source : Cushman & Wakefield