Previously posted by Bizjournals.com
Phoenix moved up 10 spots since last month to No. 25 in July’s On Numbers Economic Index, another sign of its improving economy.
The On Numbers Economic Index measures the relative vitality of 102 major metropolitan areas with populations of more than 500,000. The index is generated by an 18-part formula that assesses private-sector employment growth, unemployment, earnings, home values, and construction and retail activity.
A large part of Phoenix’s improvement can be attributed to growth in the housing market. Home values grew 15.3 percent in the past year, the best growth rate in the nation, according to the index.
While the number of private-sector jobs in Phoenix has expanded by 3 percent in the past year, it still has fewer jobs today than it did in 2008. The unemployment rate remained at 6.2 percent from June to July.
Provo, Utah, which had occupied second place the previous four months, was No. 1 in July’s index, which means it has the strongest local economy of any major U.S. market.
Dallas-Fort Worth slips into second place this month, while Austin drops to third. Austin had been the top-rated market every month from February through June.
Rounding out July’s top five are Oklahoma City and Houston.
View the complete ‘On Numbers Economic Index’, July 2013, click here.
View database with selected statistics for top markets, click here.
View the Click here to see the national leaders in the
previous 11 months, click here.
See the complete article at BizJournal.com, click here.
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