By the numbers: Downtown Phoenix generated $21.2 billion in 2022, study says
A new study commissioned by Downtown Phoenix Inc. puts the value of economic output in 2022 at $21.2 billion. The findings, presented by consultant Jim Rounds to a city subcommittee Wednesday, included direct, indirect and induced impacts from personal incomes and tax revenue.
An example of a direct impact would be an office job created downtown. Indirect would be a job that exists to support that office worker. Induced would include employment generated by direct and indirect jobs.
Rounds said downtown employment will keep growing, “and this is because of this economic momentum, high-wage jobs — yes, there’s tourism activity, sports activity, but biotech, all these other ones you’ve worked very hard on, are going to be adding a lot of jobs.”
For example, the University of Arizona is developing a national research hub, called the Center for Advanced Molecular and Immunological Therapies. It’s estimated to create at least 7,500 bioscience-related jobs within 10 years.
Over the next five years, Rounds predicts employment will increase by 10.6%, adding approximately 6,700 workers downtown. Since 2014, the number of people living in downtown Phoenix has more than doubled, to nearly 24,000.
2022 numbers provided by Rounds Consulting:
- 23,900 downtown residents
- 1,900 downtown businesses
- 65,200 non-construction jobs
- 6 million visitors
- 2,164 multi-family rental units added
- 240 student housing units
- 108,000 square feet of new retail space
