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Phoenix small business growth among best in US; wages still lag

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Posted at 5:56 PM, Aug 06, 2020

Phoenix is among the top metros in the United States for small business employment growth, according to a study by Paychex and IHS Markit, which ranked Phoenix number three in the nation.

The study uses an index out of 100 to measure state and metro small business employment. Phoenix scored a 96.46, trailing only Denver and Tampa for metro performance. Denver, the highest-ranked market, received an index score of 97.98.

All metros listed in the study had a decrease in the percentage of growth year-over-year, and Phoenix’s growth index decreased 3.84% over the same time in 2019. The study compares job growth nationwide since 2004, which is the baseline, with 100 as the average rate of growth that year.

Among the state rankings, Arizona ranked fifth in the U.S. for small business employment growth, following Florida, Missouri, Texas and Ohio. Arizona got a 95.98 score and growth index decreased 3.89% from July 2019. Like metros, all states saw their percentage of growth decrease in 2020 amid the effects of the coronavirus pandemic.

Read more from the Phoenix Business Journal.