CoWorkingCafe just published a study highlighting the U.S. cities that saw the most economic growth, which we categorized by population size: large, mid-sized, and small — and eight Arizona cities rank among those with most economic growth

In an economic landscape that is constantly changing, a city’s prosperity is not only brought by a robust job market, but also by investments in infrastructure, local entrepreneurship, innovation and community. So, we crunched the latest data from 2019 through 2023 across 11 key metrics — including GDP growth, job gains, housing expansion, export strength and infrastructure buildout — all detailed in the methodology section of this study.

Arizona, and more specifically the Phoenix metro area, saw an incomparable economic growth between 2019-2023, having eight locations in the top 10 across the three population brackets

The Phoenix metro area of Arizona experienced impressive economic growth in infrastructure with 25.8% increase in roadway miles between 2019-2023. The area’s GDP grew by 42% in the same timeframe, while business applications saw a 61% growth.

Below we’ve extracted the key findings on the economic metrics that saw the most noteworthy growth by location.

Mesa took the fourth spot overall among large cities:

• Mesa saw the second highest growth for median earnings between 2019-2023 – 38% – now standing at $43,958.
• The employment rate grew by 1% in the same timeframe, placing the city third for this metric, while the 9% drop in crime places Mesa eighth among large cities. The 5% increase in housing stock puts Mesa ninth.

Phoenix ranked seventh overall among large cities:

• Phoenix had an impressive 20% drop in crime which places the city fourth for this metric.
• Employment grew by 1% in Phoenix as well, while median earnings saw a 34% increase reaching $43,488.

Gilbert crowned first among mid-sized cities:

• With a 2% growth in employment rate, a 1% drop in unemployment rate and 16% more housing units added between 2019-2023, Gilbert takes the second spot for these metrics.
• Educational attainment grew by 13%, placing the city third, while population increased by 12.8%, ranking fourth. The 32% growth in median earnings brought the median at $59,603 while placing the city in the seventh spot for this growth.

Chandler took the fifth spot overall among mid-sized cities:

• The 13% growth in educational attainment and the 14% more housing units added, place Chandler fourth for these metrics.
• The city saw an impressive drop of 24% in crime between 2019-2023, ranking fifth for this metric.

Glendale ranked ninth overall in the mid-sized bracket:

• With a 1% growth in employment rate, Glendale takes the third spot for this metric. The 1% drop in unemployment rate places it second among mid-sized cities.
• The 30% growth in median earnings brought the median at $40,071 while placing the city in the ninth spot for this growth.

Goodyear takes the crown among small cities:

• Goodyear took several first spots among key metrics, more specifically – there was a 32% increase in educational attainment, a 29.2% growth in population and 38% more housing units were added between 2019-2023.
• The 1% increase in employment rate placed the city fourth, while the 30% growth in median income brought the income at $50,209 while placing the city 17^th for the growth saw for this metric.

Surprise ranked fourth overall among small cities:

• Surprise is ranked second for the employment rate metric, which saw a 3% increase, and the unemployment rate drop of 2%.
• Other great-performing areas for Surprise were the population growth of 12.3% (ranking 18^th), the addition of 7% housing units (16^th spot) and the median income increase of 28% (19^th spot) reaching $48,225.

Peoria came in the eighth spot among small cities:

• The unemployment rate drop of 2% placed this city second for this metric, while the addition of 19% housing units ranked the city sixth. There was an increase of 18% in educational attainment, scoring seventh spot for this metric.
• The 13.5% population increase got Surprise on the 11^th spot, while the 29% median earnings increase got the city to $51,465 and placed it 18^th among small cities.

Full data and methodology: https://www.coworkingcafe.com/blog/top-cities-for-economic-growth

– more at azbigmedia.com

---

---

Thinking about investing in Phoenix real estate? Have a property to sell in Arizona? Let’s work together.

Connect with us to buy, sell, or lease multifamily, residential and commercial real estate in Phoenix, and across Arizona. 

Tell us what you’re searching for.

 

Natan Jacobs, Vestis Group

Call: 602-281-6202

Email: Info@Vestis-Group.com