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​The Economy Update​

 

 

Phoenix April new job hiring tops 21 other states319Phoenix April new job hiring tops 21 other stateshttps://www.phoenix.gov/econdev/inthenews/3195/21/2019 1:00:00 PM<div class="ExternalClass57BE0A539A934053980A88DC1E80153E"><p>​<img src="/econdevsite/MediaAssets/EconomyUpdate/UPDATE-20190517-Employment-Growth-2015-2019.jpg" alt="" style="margin:5px;" /><br></p><p><em>Eric Jay Toll for The Economy Update</em> </p><p><span style="font-size:14.6667px;">The Phoenix metro added 68,000 new jobs in the year ending April 30, 2019. That's up 3.2 percent over 2018. The unemployment rate dropped from 4.1 percent to 3.7 percent for the metro area. </span></p><p><span style="font-size:14.6667px;">The Phoenix job hike for April was higher than hiring in 21 other states, including Colorado, Massachusetts, Oregon, Nevada and Utah.</span></p><p><span style="font-size:14.6667px;">Arizona posted a slight dip in the unemployment rate to 4.3 percent. In April, the U.S. rate was 3.6 percent. Arizona added 78,900 jobs in year-over-year growth, a number showing improved hiring outside the Phoenix metro. For April, 86 percent of all new jobs were created in the Phoenix area, a share that had been over 90 percent in late 2018.</span></p><p><span style="font-size:14.6667px;">In the Phoenix metro, healthcare and education services hiring was up 14,400 in year-over-year data, putting the sector workforce at 277,600. Healthcare hiring never slowed during the Great Recession. In the peak metro employment month before the downtown, October 2007, there were 179,900 healthcare workers in the Valley. At the trough, or low point in employment, the healthcare workforce increased to 197,700, a gain of 17,800 jobs. The sector has never lost momentum, and the number of jobs by April 2019 were 55 percent higher than 2007.</span></p><p><span style="font-size:14.6667px;">In April, most new jobs were created in construction, an industry facing strong service demand even as contractors struggle to find workers. The workforce increased 16,600 jobs to 138,100. That number is equal to employment in the sector in May 2004. Before the Great Recession, construction jobs peaked at 174,200 in the metro area in July 2007. The bulk of construction hiring was in the specialty trades.</span></p><p><span style="font-size:14.6667px;">Business and professional services added 14,200 jobs, with 10,500 of those in professional, scientific and technical services. Despite the shift into shoulder season, leisure and hospitality hiring was up 4,400, with 3,700 of the jobs in dining and drinking places.</span></p><p><span style="font-size:14.6667px;">The increase in mortgage rates and drop in home sales hit hard in the financial services sector. There were 700 jobs lost compared to 2018. Over 3,500 of those lost positions were in lending positions with banks and mortgage companies. That steep decline was offset by a 2,500-worker hike in insurance carrier hiring. Many of these new hires were a result of major outreach by USAA, Farmers, State Farm and Allstate insurance companies. However, over half those were in financial technology positions, according to employment tracking data by city of Phoenix.</span></p><p><span style="font-size:14.6667px;">Manufacturers in the metro added 6,100 jobs, hitting 29 consecutive months of job growth for the industry. More than 138,000 are now employed in manufacturing jobs in the Phoenix area. Phoenix manufacturing employment grew 4.8 percent in year-over-year hiring compared to 1.5 percent growth nationally for the same period.</span></p></div>https://laborstats.az.gov/sites/default/files/documents/files/emp-report.pdf

 

 

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