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Phoenix Slips from Top 10 Fastest Growing Cities List

Photo credit: Jim Poulin/Phoenix Business Journal

By Eric Jay Toll for Phoenix Business Journal

Phoenix dropped out of Forbes’ Top 10 list of fastest-growing metro regions for 2015, slipping to No. 11.

Last year the metro ranked third, a five-slot climb from 2013’s eighth spot.

Forbes uses a combination of population and economic growth factors in making the determination. While Phoenix did well in population growth in 2014 and is a top five rate projected for 2015, it fell short on economic indicators for unemployment rate, gross metro product growth and job growth rates projected for 2015.

The magazine estimates that Arizona’s unemployment rate will drop another percentage point to 5.9 percent this year, but all of the top five metros are under 5 percent in the projections.

The projected gross metro product, also known as the regional domestic product, growth rate of 2.2 percent is not only less than the top five markets, but is seriously less than the 5 percent to 6 percent rate the state needs to achieve to offset its slumping state tax revenues and the $1.5B, 18-month deficit the state faces.

Read more at Phoenix Business Journal