Phoenix Job Market Report

By: Quiet. Please
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  • Summary

  • Welcome to the Phoenix Job Market Report, your essential guide to navigating the bustling employment landscape in Phoenix, Arizona. Whether you're a job seeker, employer, or industry insider, our podcast delivers cutting-edge insights, data-driven analysis, and exclusive interviews with key players in the local market. Stay updated on the latest job trends, salary benchmarks, and hiring opportunities in the Valley of the Sun. Tune in weekly to gain a competitive edge and unlock your career potential with the Phoenix Job Market Report!

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    Copyright 2024 Quiet. Please
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Episodes
  • "Phoenix's Thriving Job Market: Tech, Healthcare, and Opportunities Abound"

    "Phoenix's Thriving Job Market: Tech, Healthcare, and Opportunities Abound"
    Sep 27 2024
    The job market in Phoenix, Arizona, is characterized by significant growth and diversity, driven by various factors including population expansion and the emergence of new industries.

    Phoenix boasts a growing workforce, with a 10% increase in its total workforce between 2017 and 2021, adding over 76,000 new workers. The city had an unemployment rate of 4.6% as of recent data, which is lower than the national average.

    Key statistics include an annual average unemployment rate that remained under 4.5% prior to the COVID-19 pandemic, though it rose to 7.8% in 2020 and recovered to 4.9% by 2021. The unemployment rate is particularly high among women, Black people, Hispanic and Latino people, and disabled individuals.

    Major industries in Phoenix include healthcare, technology, hospitality, manufacturing, education, and finance. Banner Health, the State of Arizona, Amazon, Arizona State University (ASU), and Walmart are among the top employers, offering a wide range of jobs from healthcare professionals to tech and logistics roles.

    The tech sector is particularly robust, with Phoenix experiencing a 13.4% increase in high-tech software and service jobs during 2021-2022, adding over 12,000 new jobs and positioning Phoenix as a significant tech hub. The healthcare industry also remains strong, driven by the growing population and demand for healthcare services.

    Recent developments include the expansion of companies such as Taiwan Semiconductor, LG Energy, and Core Power, which have announced or expanded operations in the area, adding over 7,700 new jobs with an average salary of $72,000.

    Commuting trends are influenced by the presence of major tech employers and universities, such as Arizona State University, which contribute to higher rents and lower vacancy rates in areas like Tempe.

    Government initiatives and market evolution are focused on fostering innovation and supporting the tech workforce. The city's commitment to innovation and investment in high-quality office spaces has made Phoenix an attractive destination for tech professionals and businesses.

    Seasonal patterns in the job market have been impacted by the COVID-19 pandemic, particularly affecting the hospitality and tourism industry, though it is gradually recovering.

    Current job openings include positions such as software developers, IT support specialists, and cybersecurity engineers in the tech sector, as well as roles in healthcare like registered nurses and medical assistants.

    Key findings indicate a strong and diverse job market with significant growth in the tech and healthcare sectors, a relatively low unemployment rate, and a need for skilled professionals to fill emerging job opportunities.

    For example, current job openings might include:
    - Software Developer at a leading tech company in Phoenix, with a salary range of $80,000 to $120,000 per year.
    - Registered Nurse at Banner Health, with a salary around $75,000 per year.
    - IT Support Specialist with a tech firm, offering a salary range of $50,000 to $70,000 per year.
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    4 mins
  • Booming Tech Hub: Phoenix's Evolving Job Market Offers Opportunities for Talent

    Booming Tech Hub: Phoenix's Evolving Job Market Offers Opportunities for Talent
    Sep 24 2024
    The job market in Phoenix is characterized by a mix of strong growth, low unemployment, and evolving trends. As of May 2024, the Phoenix-Mesa-Scottsdale metropolitan area has a historically tight labor market, with an unemployment rate of 3.4%, the lowest since 1976 and below the U.S. rate of 4.0%.

    The employment landscape in Phoenix is diverse, with significant job gains in sectors such as private education and health services, trade, transportation, and utilities, financial activities, and manufacturing. Over the year, the Phoenix MSA added 52,300 jobs, representing a 2.2% growth rate.

    Key statistics include a low average of 29.37 applicants per job posting, making Phoenix one of the least competitive job markets in the U.S.. The area also saw a 13.4% increase in high-tech software and service jobs during 2021-2022, positioning Phoenix as a rising star in the tech industry.

    Trends indicate a strong tech sector, with Phoenix ranking 10th on CBRE's "Tech 30" list. The tech industry has a $33.4 billion economic impact on Arizona, with projected growth in jobs such as software development, IT support, cybersecurity, network engineering, and data science.

    Major industries include healthcare, finance, technology, and corporate advisory, as highlighted by the Phoenix Employment Market Survey 2024. This survey also notes that hybrid work models are becoming more prevalent, influencing talent retention and productivity.

    Recent developments show modest signs of loosening in the labor market, with slight increases in unemployment insurance claims and layoffs. However, employment costs have moderated, with a 2.7% growth in the first quarter of 2024 for Phoenix, down from the peak of 5.5% in summer 2022.

    Commuting trends are not extensively detailed in recent reports, but the demand for high-quality office space, particularly in tech submarkets like Tempe, suggests a preference for proximity to major employers and educational institutions.

    Government initiatives to support the job market are not explicitly mentioned in recent data, but the overall business-friendly environment and investments in innovation are noted as favorable factors.

    In terms of market evolution, the Phoenix job market is adapting to emerging technologies like AI, which is increasingly embedded in workplaces. This shift is expected to impact job roles and talent requirements.

    Key findings include a robust job market with low unemployment, significant growth in the tech sector, and a shift towards hybrid work models. The market remains competitive for employers seeking talent but favorable for job seekers.

    Current job openings include:
    - **Project Management Specialists**: With 18,010 positions available, this role averages $100,710 annually.
    - **Software Developers**: Part of the growing tech sector, software development jobs are projected to grow by 4.9% from 2022 to 2023.
    - **Human Resources Managers**: With 2,810 positions available, this role averages $145,830 annually.
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    4 mins

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