Councilman Valenzuela Touts Drop in Unemployment Rate, Rise in Median Household Income in PhoenixCouncilman Valenzuela Touts Drop in Unemployment Rate, Rise in Median Household Income in Phoenix<div class="ExternalClassF1664F2920D84932974C9BF8B8C2C40C"><div>Key Phoenix Economic Indicators released at the City Council's Downtown, Aviation, Economy and Innovation Subcommittee, chaired by Councilman Daniel Valenzuela, revealed job growth in Phoenix rebounded strongly from the prior year as the unemployment rate dropped from 5.4 percent to 4.0 percent. This is the largest yearly improvement in the unemployment rate since 2005, according to data from the American Community Survey (U.S. Census Bureau). The City of Phoenix releases unemployment figures annually in October for the prior calendar year.<br><br>In addition to the 25 percent decrease in the unemployment rate, median household income in Phoenix rose to $48,452, an increase from the previous year and ahead of the three-year average.<br><br></div><div>“Trends in our key economic indicators reveal efforts to diversify the Phoenix economy have put more people to work with higher wages, which have increased revenues that pay for police officers, firefighters, parks, senior and community centers, libraries, and other city services our residents have consistently told us are a priority,” Councilman Valenzuela said.<br><br></div><div>Key economic indicators are statistical measures which reflect the overall strength of the economy, with household income and the unemployment rate very common measures for determining the health of a local economy.</div><div><br></div><div>“When one person is out of work, there is one less person that is part of the city revenue base, and one more person who will instantly cut back on their non-necessary spending due to less disposable income and concerns about future financial security,” Councilman Valenzuela added. “Our first quarter economic indicators show the Phoenix economy is healthy, the business cycle is robust, and consumers are spending.”</div></div>1/10/2017 5:00:00 PMDavid Urbinato602-495-5405