PHOENIX — The job market in Phoenix is steadily declining, according to the Phoenix Business Journal.
Phoenix ranked No. 42 out of the top 50 U.S. job markets in a recent study from Glassdoor.com, citing a high dissatisfaction with jobs and a low quality of life.
The city also has a median starting salary of $42,000, ranking No. 34 out of 50 for highest salaries. The median-home value in Phoenix is $202,500, which requires an annual salary of $81,160 to afford.
In order to improve the economy, business leaders in the Valley have developed a plan they hope will do the trick — the Velocity program.
Velocity is a “collaboration that calls for swift, transformative change in order for the Greater Phoenix region to become a global center for innovation,” according to its website.
Chris Camacho, president and CEO of the Greater Phoenix Economic Council, said the program is designed to bring jobs with higher wages to the Valley.
“Advanced industries and knowledge-based service companies pay higher than other companies,” he said in an interview with Phoenix Business Journal. “The Velocity program is designed to create the ecosystem to attract, grow and retain a solid number of high-wage jobs.”
Many economic analysts have argued the problem stemmed from the stalling of state economy. While data has showed that there is upward movement in numbers, the growth is not where it needs to be.
John Graham, president and CEO of Sunbelt Holdings and head of the interim Velocity board, said in an interview with Phoenix Business Journal that the plan could help smooth out the economic peaks and valleys the region currently experiences.
The Great Recession, as it is widely known, ended five years ago and jobs have yet to be recovered.
Raleigh, North Carolina; Kansas City, Missouri; Oklahoma City, Oklahoma; Austin, Texas and Seattle, Washington rounded out the study’s top five best cities for job opportunities.