Phoenix has recovered 66% of its lost jobs from the nadir of the pandemic. This corresponds to a net decline of 2.7% from the previous peak of Q1 2020. This net decline ranked 6th of the largest 51 metros and is far better than the US net decline of 5.6%. Phoenix is expected to see job growth of 3.4% in 2021, 2.9% in 2022, and is expected to recover all of its lost jobs in Q3 2021. Looking beyond next year, Phoenix is expected to see average annual job growth of 1.0% from 2023 to 2025 which ranks 9th of 51. Population growth will fuel this growth with concentrations in health care, construction, and state and local government.
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