Arizona’s economy continued to show signs of resilience in the second quarter of 2025, according to the latest findings from the Arizona Economic Insights Dashboard. The state’s position in energy, labor, and inflation contributed to its ongoing economic momentum.
Arizona’s access to affordable and reliable energy remains a key factor in its economic growth. The state’s energy resources are considered a strategic asset as Arizona expands its economic base.
Trade data indicated that while Arizona maintains a trade deficit, this is consistent with national trends. Increased imports are seen as a sign of economic momentum, helping to drive faster growth.
The labor market in Arizona has remained stable, with unemployment rates lower than the national average. However, monthly job growth has recently slowed. Steve Wyett, chief investment strategist at BOK Financial, commented, “Arizona’s labor market reflects both the challenges and opportunities of a maturing economy. While short-term job growth has slowed, long-term prospects remain strong, especially in sectors like healthcare and technology. Our state continues to attract many new companies who see Arizona as a great place to live and do business.”
Wage growth across sectors varied. Healthcare and construction wages were in line with national averages, while technology and finance lagged behind. These trends highlight the need for strategic investment and talent retention in high-skill industries. Overall, wages are improving slowly in relation to inflation.
The Phoenix metropolitan area continues to see some of the lowest inflation rates in the country, contributing to price stability for residents.
The updated Arizona Economic Insights Dashboard offers customizable and interactive data visualizations for ongoing analysis. The dashboard is available to the public at phoenixchamber.com/Azeconomicinsights.
BOK Financial Corporation, which contributed analysis to the dashboard, is a regional financial services company headquartered in Tulsa, Oklahoma. It operates across eight states and offers a range of banking and financial services. More information about BOK Financial can be found at www.bokf.com.
The Greater Phoenix Chamber represents 2,400 businesses in the region and works to promote economic growth, public policy, and workforce development by collaborating with leaders across sectors.
