(The Center Square) - The Phoenix metro area has the 43rd largest economy in the world, according to a new report.
The report by Common Sense Institute Arizona found that the city's economy is $398 billion, ranking it behind Romania and Hong Kong. The Phoenix metro area’s economy is bigger than Chile’s, the Czech Republic’s and Egypt’s, the report said.
The Phoenix area has grown “very quickly” over the last 10 years, said Glenn Farley, the CSI’s director of policy and research.
He added that the city, in terms of economic output, has gone from a “below-average income jurisdiction” to a “high-income jurisdiction.”
Many people started moving to Phoenix in the 1990s and early 2000s, Farley told The Center Square.
Phoenix’s population did not grow “particularly fast” until 2015, when Phoenix started to attract a lot of people moving to the city, he said.
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