Phoenix s population is 4.9M, with a total workforce of 2.1M. The labor market grew by 48,200 jobs over the past year, up by 2.3%. The median household income in Phoenix is $63,571, 3.4% higher than last year and 0.6% above the national average of $63,179.
In the housing market, total permits issued totaled 32,933 over the last twelve months, up 2.9% year-over-year. Phoenix has 545 active new home projects on the market, 1.8% fewer than the 555 from last year. The average list price in the market is $350,914, 7.1% higher than last year and 17.2% above the national average. Over the last three months, new home contracts increased by 28.2% to 5,503. Phoenix and Mesa had the highest concentration of the new home contracts in the Phoenix market.