In yet another sign of strong economic momentum and growth in quality jobs, the Phoenix metro area experienced the highest wage growth in the nation over the past year. Wages in the Valley jumped 7.6 percent between July 2016 and July 2017, according to the U.S. Bureau of Labor Statistics.
“We’ve been laser focused on building a more innovation-driven economy that works for everyone, and we’re seeing great results,” Mayor Greg Stanton said. “This significant private-sector wage growth is being driven by advanced industries like technology, biosciences, healthcare, financial services and precision manufacturing.”
The average hourly wage grew by nearly $2 an hour over the past year in the Phoenix metro area and is now $26.75, 1.5 percent higher than the national average of $26.36.
Overall, the Phoenix metro area ranks 23rd in wages, but it’s quickly heading in the right direction. Before the Great Recession in 2007, advanced industries accounted for less than half of the workforce in Phoenix (46 percent). Now those higher-talent, higher-wage jobs make up more than 60 percent of the Valley’s workforce.
Here’s a closer look at the numbers:
Top 10 metros by increase in average hourly wage, July 2017 over July 2016
“MSA Rank” is based on July 2016 metropolitan statistical area population by the U.S. Census; “Rank” means percent change in average hourly wage year-over-year
Source: U.S. Bureau of Labor Statistics