The Phoenix metro area was the seventh fastest-growing economy among the 20 largest US metros in 2016, according to an analysis of data recently conducted by SpareFoot.
In 2015, the Phoenix-Mesa-Scottsdale, AZ Metropolitan Statistical Area generated a gross GDP dollar value of $198 billion. In 2016, the metro’s total economic output rose to $203 billion, an increase of 2.62 percent. That makes it the seventh fastest-growing economy among the 20 largest US metros, outpacing all but six other MSAs. Phoenix came in right behind Miami’s growth rate of 2.63 percent.
The analysis was based on data released last month by the Bureau of Economic Analysis.
This is the third straight year of mid-two percent GDP growth rates in Phoenix, making it one of the fastest-growing large metros in the country since 2013.
The total GDP of the 385 metro areas tracked in the BEA study increased by 1.7 percent, putting Phoenix’s growth ahead of the curve.
The Phoenix-Mesa-Scottsdale, AZ metro is the sixteenth largest metropolitan economy in the USA.
According to the BEA data, the finance, insurance and real estate sector and the professional and business services sector made the biggest contributions to Phoenix’s economic expansion, each accounting for 0.55 percent of total GDP growth. Education, transportation, trade and Information technology also saw strong growth. Only the durable natural resources and mining sector saw a year-over-year decline.
