Phoenix ranked among top 10 metro areas for small business wages, job index
Apr 1, 2022, 4:15 AM | Updated: 11:34 am
PHOENIX — Small businesses in Phoenix and throughout Arizona have experienced a rise in wages and the job index over the past year, according to the Paychex IHS Markit Small Business Employment Watch report.
Phoenix ranked seventh among United States metropolitan areas in hourly earnings growth from March 2021 to March 2022. Wages increased by 5.11% to $29.70, according to the report.
Every metro area in the U.S. saw at least a 3% increase in hourly wages, and Phoenix’s weekly wage grew from $930 last March to nearly $993, according to the city.
The Valley also sits in fourth among metro areas in job hiring pace at just under 7%. Only Dallas, Atlanta and Minneapolis have higher rates, although Phoenix had the smallest one-month change in March.
Arizona ranked fourth among states in hourly wage growth at 5.23% and job index.
Hourly earnings grew 4.76% nationally, with the West region producing the highest increase at 5.04%. Arizona was the top performing state in the West in wage increases, ahead of fellow top-15 states California and Washington.
The U.S. job index dropped by 0.03% in March, just shy of the record peak it hit in January.