Phoenix in ‘Sweet Spot’ for Business Affordability, Employment Growth, Report Says

Article originally posted on Phoenix Business Journal on August 13, 2019

Phoenix lands right in the “sweet spot” for the cost of doing business and employment growth, according to a Business Cost Index study done by global research firm IHS Markit Ltd.

According to the index, it costs 1.1% less to do business in Phoenix compared with the national average, while employment growth increased an average of 3.3% in the Valley during the past three years, above the national average of 2.2%.

The index includes a composite of both office-using firms and manufacturing companies to judge the costs.

Karl Kuykendall, principal economist for IHS Markit in New York City, told the Business Journal that Phoenix, along with many other Sun Belt cities, have seen an influx of workers from more expensive markets, especially California, New England and the Midwest, contributing to employment growth.

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The Phoenix economy is in a good spot relative to other cities in the country according to a new study.