The Greater Phoenix Chamber, in partnership with BOK Financial, released the latest Arizona Economic Insights Dashboard findings, 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.
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Key Findings:
Energy: A Strategic Growth Asset
Arizona’s access to affordable and reliable energy continues to be a competitive advantage as the state expands its economic base.
- In 2024, 22.57% of total energy consumption came from the commercial sector, up 0.27% from 2022.
- This signals strength in the business environment and sustained commercial activity.
Trade: Imports Driving Growth
Though Arizona runs a trade deficit, this mirrors national trends and reflects economic momentum through increased imports, helping fuel faster economic growth.
- Taiwan was Arizona’s largest import partner in July 2025, accounting for $3.03 billion in goods.
- Mexico remains Arizona’s top export destination, with $1.47 billion exported in the same month.
- The state recorded a $1.8 billion trade deficit in July, highlighting strong domestic demand, industrial growth, and opportunities to expand exports.
Labor Market: Stability Amid Slowing Growth
Arizona continues to outpace the nation with a lower unemployment rate, though monthly job growth has recently softened.
- Unemployment in Arizona was 4.10% in July 2025, compared to the national rate of 4.20%. Year-over-year, Arizona added 29,600 jobs (a 0.92% increase), ranking 27th nationally.
- The outlook remains bright as continued capital expenditures in technology, as well as strong demographic trends for healthcare, should result in future job growth.
“Arizona’s labor market reflects both the challenges and opportunities of a maturing economy,” said Steve Wyett, chief investment strategist, BOK Financial. “While short-term job growth has slowed, long-term prospects remain strong, especially in sectors like healthcare and technology. Our state continues to attract many new companies who see Arizona as a great place to live and do business.”
Wages: Slower Growth Reflects Shifting Sector Dynamics
Wage growth varied by sector, with healthcare and construction in line with national averages, while tech and finance lagged.
- Construction wages grew 4.77% in Arizona, slightly outpacing the U.S. rate of 4.05%.
- Finance & Insurance saw an 8.83% wage increase in Arizona, behind the 9.55% national average.
- Manufacturing wages declined 1.35%, contrasting with a 2.96% national increase.
These wage patterns underscore the importance of strategic investment and talent retention in high-skill industries. Overall wages continue their slow improvement vs. inflation.
Inflation: Phoenix Leads in Price Stability
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.
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: visit phoenixchamber.com/Azeconomicinsights.
