29 March 2021

Phoenix/Mesa MSA: Brookings Metro Monitor Measuring Prosperity 2010-2015 + Now 5 Years Later 2020

The City of Mesa makes 5-Year Plans for Economic Development. What's been missing all these years is a broader definition of Economic Development to include Racial and Geographic Inclusions. It has become even more out-of-balance than ever before.
Let's go back first to 2018 to a post on this blog for reference, and then an insert of a recent update:
Objective Metrics For Regional Economies
The Brookings Institution Metro Monitor provides leaders across metropolitan America with a set of objective metrics to guide their efforts in shaping advanced regional economies that work for all.
It tracks the economic performance of the nation’s 100 largest metropolitan areas along three dimensions:
growth,
prosperity
inclusion
This is posted as a follow-up to the 18 Jan 2018 Brookings Institution presentation: "The Rise of Mesa's Innovation District" that attracted a full-house at The Ikeda Theater.
See the results for the Phoenix MSA in the following details.. .
The three dimensions represent the pillars of successful economic development which should encourage robust long-run growth (growth) by improving the productivity of individuals and firms in order to raise local standards of living (prosperity) for all people (inclusion). Along each dimension, the Metro Monitor tracks three indicators, measuring the rate of change during the most recent
  • one-year
  • five-year
  • ten-year periods.
Finally, the results of this indicator analysis are compiled into composite scores, providing overall performance rankings of metropolitan areas for each category.
Read the 2017 report here or explore the data below.
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Explore data for
The Phoenix metropolitan area
Time period:
Select a metropolitan area:
OVERALL RANKINGS

 
Phoenix's overall rank on Growth: 39th
Phoenix's percent change in:
Jobs: +13.1% (26th of 100)
Gross metropolitan product (GMP): +8.6% (51st of 100)
Jobs at young firms: -0.5% (64th of 100)
Phoenix's overall rank on Prosperity: 82nd
Phoenix's percent change in:
Productivity: -4.0% (89th of 100)
Standard of living: +0.0% (84th of 100)
Average annual wage: +3.3% (68th of 100
Phoenix's overall rank on Inclusion: 61st
Phoenix's percent change in:
Employment rate: +5.6% (28th of 100)
Median wage: -1.9% (70th of 100)
Relative poverty: +0.5% (77th of 100) 
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Metro Monitor 2017 Dashboard
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Metro Monitor 2021 - Brookings Institution
www.brookings.edu › interactives › metro-monitor-2021
Metro Monitor 2021
Metro Monitor 2021 tracks the inclusive economic growth performance of the 192 largest U.S. metro areas, which together are home to 78% of the nation's population and contribute 84% of the nation's GDP. *Of the 53 very large metro areas with populations over 1 million. ...
 

Phoenix leads in growth, but wealth disparity is wide, report shows

By
 –  Reporter, Phoenix Business Journal
"Phoenix has consistently been one of the fastest growing large metros in the country, but new data from the Brookings Institution shows prosperity has not kept up with the growing population.
Brookings Metro Monitor ranked Phoenix
> 19th out of 53 very large metros on growth
> 46th on prosperity using data from 2009 to 2019.
 
The report notes that although there has been much effort put in over that decade to grow and diversify the area’s economy, that has not yet come to fruition.
"The statistics indicate that Phoenix continued to grow pretty rapidly in the 2010s, but didn’t, on average, become a more valuable economy,” said Alan Berube, senior fellow and deputy director of the Metropolitan Policy Program with Brookings.
Arizona has put in the effort to remedy the situation by attracting higher value sectors, he said, but some of the effort had not yet produced results enough to reverse losses from the Great Recession.
According to Brookings data, in 2019, 52% of families with children in the Phoenix metro did not earn high enough wages to make ends meet.
In order to move half of those families, about 126,755 families, to self-sufficiency, the region needs to add more than 168,000 more jobs that pay at least $24.84 per hour.
 
Further disparities
The disparity between those from the area’s wealthiest neighborhoods and those from the poorest also widened during the 2010s, according to the report, which studied key indicators such as employment, median earnings and relative poverty rate between the top 20% most-advantaged areas to the bottom 20%, the least-advantaged.
“This, in turn, reflects high and rising levels of economic segregation that tend to separate underserved communities from needed jobs, services, and investment, and thereby limit the region’s potential to fully engage its diverse talent and entrepreneurs,” Berube said.
Phoenix ranked #43 for standard of living, which Berube said is calculated by regional GDP divided by population. In order to raise the standard of living, he said, the region must focus on attracting high-paying jobs and attracting new jobs because promoting the area for its lower labor costs will not prove to be the answer.
"Gaining more jobs isn’t an end in itself; the goal of economic development should be to improve the standard of living enjoyed by residents, both existing and new,” he said.
“If a region attracts and grows jobs primarily based on its ability to minimize labor costs, then — surprise — it’s going to end up with a bunch of low-paying jobs and a low standard of living.”
Arizona’s GDP has been one of the fastest-growing in recent years, outpacing the rest of the nation in 2019, when Arizona saw a 3.3% increase, compared with the country’s 2.3%, according to Bureau of Economic Analysis data released in 2020.
The Milken Institute recently ranked Phoenix as No. 7 among U.S. metros poised for recovery post-Covid, but also cautioned that the skyrocketing home prices and rising rents in the area are freezing out a large segment of the population and could put the region at a disadvantage.
Berube said as cities prepare for economic recovery following Covid-19, Brookings recommends they adopt a broader definition of economic development to include racial and geographic inclusion, as well as support strategies to improve business dynamism and talent development.
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More >

23 June 2019

Jon Talton: Tongue-Lashing All "The Phony Happy Jive-Talk" For Phoenix

Sure looks like the indomitable Jon Talton is hitting his stride once again with a warmed-up pen in excessive heat and dirty air all across the entire East Valley and the Phoenix Metro Area - with Mesa as the biggest suburban sprawl  in the entire nation.
Rogue Columnist
Hype rises as the heat accelerates. Talton takes it all down when he disrupts some newly-concocted "Urban Myths" about fast growth:
Growth doesn't pay for itself.
"As regular readers know, population growth brings carrying costs: Increased need for
  • infrastructure
  • public services
  • schools
  • healthcare
  • not to mention the externalities — the cloaked expenses from more sprawl, destruction of the environment, pollution, etc. . . "
NOT TO MENTION? WHY LET IT TRAIL OFF THERE?
Readers of this blog can find out more by using the Searchbox on this blog - type in "Mesa Ranks" or "Phoenix Ranks" or "Arizona Ranks"
________________________________________________________________________
Debunking the myths:Population increase in Phoenix can be attributed to retirees and the low-wage service jobs that cater to them.
If the local-yokel boosters — "things must be good because people keep moving here" — are having a growthgasm, they're faking it.
> Phoenix ranks as one of the worst cities for growth of its millennial population. It even ranks poorly for baby boomers. This helps explain why it has such a low percentage of its adult population with bachelor's degrees or higher among major metros. It's home to one of the largest public universities in the country but can't retain this talent base.
On the latest Brookings Institution Metro Monitor, Phoenix came in No. 74 on standard of living and No. 31 in average annual wage. Phoenix has an abysmal showing in job concentration, a critical measure of how metros perform in the most advanced technology sectors. Astoundingly, Phoenix even does poorly in so-called opportunity jobs — promising positions for those without a college degree (coming in 76th in this rigorous Federal Reserve study). In other words, this is no blue-collar heaven, even if it performs poorly in advanced, high-skilled college-degree jobs.
READ MORE > https://www.roguecolumnist.com
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