Phoenix s population is 4.9M, with a total workforce of 2.2M. The labor market grew by 58,500 jobs over the past year, up by 2.7%. The median household income in Phoenix is $66,169, 2.7% higher than last year and 4.7% above the national average of $63,179.
In the housing market, total permits issued totaled 40,558 over the last twelve months, up 30.7% year-over-year. Phoenix has 555 active new home projects on the market, 11.6% fewer than the 628 from last year. The average list price in the market is $370,929, 5.2% higher than last year and 15.4% above the national average. Over the last three months, new home contracts increased by 11.7% to 6,143. Phoenix and Queen Creek had the highest concentration of the new home contracts in the Phoenix market.