MAG 2025 Region in Review Presentation

The MAG Region
in Review
2025
Data Trends Shaping Our Future

302 North First Avenue, Suite 300
Phoenix, Arizona 85003
MAG@azmag.gov
(602) 254-6300

About MAG
The Maricopa Association of Governments (MAG) provides a 
forum for local governments working together on issues that 
affect the lives of everyone in the greater Phoenix region. MAG is a 
regional agency that conducts planning and makes policy decisions 
in a number of core areas. These include transportation, air quality, 
human services, and economy and growth, all with a focus on 
efficient and effective operations. 
Spanning 10,600 square miles, the MAG regional planning area 
brings together a diverse coalition of local governments. MAG 
member agencies include 27 cities and towns, three Native 
nations, Maricopa County, portions of Pinal County, and the Arizona 
Department of Transportation - working collaboratively to shape the 
future of our region. 
The MAG Region in Review report offers an in-depth look at 
the trends shaping our dynamic region. It provides insights 
into demographics, housing patterns, workforce and economic 
shifts. The report is intended to inform policymakers, business 
leaders, and community stakeholders by offering a clear picture 
of current conditions and emerging challenges.
Key findings show that the MAG region’s population continues to 
grow, becoming more ethnically diverse while also aging. Housing 
development is strong, with expanded multifamily options 
responding to shifting needs. Although housing affordability 
pressures have increased, the region’s economy is strengthening, 
supported by ongoing transportation investments that help drive 
regional prosperity.
Analysis from this report highlights a region in constant change. 
Looking ahead, it will be crucial to continue strategic planning, 
including ongoing transportation investment planning, to ensure 
sustainable growth for future generations.
Founded in the spirit of cooperation, MAG members believe 
that by uniting, they can solve common problems, take 
an active role in long range regional issues, and address 
concerns that affect communities across the region.
About This Report

The MAG Region
The Maricopa Association of Governments (MAG) planning area includes all of Maricopa County and parts of Pinal County, as shown in the MPO 
boundary on the map above. For the purposes of this report, the MAG region refers to the Phoenix-Mesa-Chandler Metropolitan Statistical Area, 
which includes the entirety of Maricopa and Pinal Counties. Data will represent this area unless otherwise noted.
Metropolitan Planning 
Organization (MPO) boundary
MAG Region
County boundary

Region Highlights
Contents
Demographics
6
Discover population factors 
including growth rates, age, 
diversity, education, and 
components of population 
change. 
Housing
10
Explore the region’s housing 
landscape, including trends in 
construction, costs, vacancy 
rates, and home ownership 
versus renting. 
Workforce and Economy
14
Gain insight into workforce and 
economic trends, including 
job growth, wage patterns, 
income levels, and employment 
challenges facing the region.
Working in the Region
18
Understand the dynamics of 
working in the region, including 
major industries, commute 
patterns, foreign investment, and 
commercial real estate trends.
5,070,000
2023 Population
21%
Population Increase
Since 2010
Note: Some metrics in this report include comparisons with peer regions. These 
regions were selected based on size, population, proximity, and megaregion 
designation. The peer names represent their respective metropolitan statistical area.
$448,700
2024 Median Single-Family
Home Sale Price
2.1million
2024 Total Housing Units
3.1%
Unemployment Rate
December 2024
2.5million
2024 Total Jobs
26minutes
2025 Average Commute Time
145,000
2024 Business Locations
SOLD
(22 percent increase 
since 2010)
(Increase of $279,000 
since 2011)
(47 percent increase 
since 2010)
(Improvement from 12.6 
percent peak in 2020)
(50 percent increase 
since 2010)
(unchanged since 2018)

6
DEMOGRAPHICS
The MAG region continues to grow, although at a slightly slower pace than in past years. Growth is 
projected at one percent per year through 2050, a slight slowdown from the two percent annual 
growth rate over the past 25 years. At the same time, the population is aging, with the median age 
rising from 35 in 2010 to 38 in 2023, shaping future workforce, housing, and service needs. 
The region’s growth rate has slowed, although it 
continues to outpace the nation.
The MAG region’s population is expected to grow to 
7.1 million by 2050.
Figure 3: MAG Region Age Distribution
Source: U.S. Census Bureau, American Community Survey 1-year Estimates
11% 
decrease in 
population 
under 5 
since 2010.
67% 
increase in 
population 
65 and over 
since 2010.
4%
3%
2%
1%
0%
1%
2%
3%
4%
85+
80-84
75-79
70-74
65-69
60-64
55-59
50-54
45-49
40-44
35-39
30-34
25-29
20-24
15-19
10-14
5-9
0-4
4%
3%
2%
1%
0%
1%
2%
3%
4%
85+
80-84
75-79
70-74
65-69
60-64
55-59
50-54
45-49
40-44
35-39
30-34
25-29
20-24
15-19
10-14
5-9
0-4
Female
Male
2023 
2010
2010
2015
2020
2025
2030
2035
2040
2045
2050
0M
2M
4M
6M
8M
10M
Arizona
MAG Region
2023:
7,430,000
2050:
9,960,000
2023:
5,070,000
2050:
7,180,000
population
0.5%
1%
1.5%
2%
2011
2013
2015
2017
2019
2021
2023
U.S.
Arizona
MAG Region
0.7
1.5
2.0
1.0
annual growth rate
Figure 1: Annual Population Growth Rate Comparisons
Source: Arizona Office of Economic Opportunity, MAG, and U.S. Census 
Bureau Estimates
Figure 2: Population Growth
Source: Arizona Office of Economic Opportunity, MAG, and 
U.S. Census Bureau Estimates
The region is aging: An aging population combined with fewer 
births reshaped the region’s population between 2010 and 2023.
percent of total population
Population Trends
38years
2023 Median Age

7
DEMOGRAPHICS
Figure 5: Domestic Migration into the MAG region
Sources: U.S. Census Bureau, American Community Survey 
2022 5-year State-to-County Migration Estimates
Population Change
−50k
0k
50k
100k
150k
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Births
Deaths
Net Migration
Population Growth
13,500
83,200
93,800
Figure 4: Components of Annual Population Growth
Source: Arizona Office of Economic Opportunity and MAG
Substantial Population Growth Since the Pandemic
With a net population gain of 195,000 residents, the MAG region ranked 
third in the nation for metropolitan area growth from 2020 to 2023.
Population change is driven by births, deaths, and migration. While natural increase still 
contributes to growth, migration—both domestic and international—plays a key role in the 
region. Most new residents moved from other states, while 13 percent came from abroad, mainly 
Asia (31 percent) and Central America (28 percent).1
Rank
State moved from
Percent of 
domestic 
movers
1
California
23.5%
2
Washington
7.8%
3
Texas
6.3%
4
Illinois
5.3%
5
Colorado
4.6%
6
Oregon
3.7%
7
New York
3.3%
8
Utah
3.1%
9
Minnesota
3.0%
10
Florida
2.8%
3rd
Highest Growth in the 
Nation Since 2020
According to 2022 five-year estimates, 
domestic migration accounted for 87 percent 
of new MAG region residents, with California 
leading the way.
For the last several years, migration has been the primary driver 
of population growth in the region.

8
DEMOGRAPHICS
The MAG region, along with peers, is becoming 
more diverse. The MAG region minority population 
increased by 7 percentage points since 2010.
48%
2023 Minority 
Population
The region’s population continues to become more diverse, with increasing racial and ethnic 
diversity shaping the community and economy. At the same time, language accessibility has 
improved, with a slight decline in the percentage of residents with limited English proficiency.
Diversity in the MAG region (2023)
0
20
40
60
80
100
Houston
San Diego
Atlanta
MAG REGION
Denver
Salt Lake
Minneapolis
61%
52%
49%
41%
34%
25%
21%
2010
0
20
40
60
80
100
68%
58%
58%
48%
40%
33%
29%
2023
Youth Diversity Leading the Way
While minorities made up 48 percent of the total 
population in the MAG region in 2023, the population 
under age 18 was even more diverse, with minority youth 
comprising 62 percent.2
White
Hispanic
Black or African American
Asian and Pacific Islander
Two or More Races
Native American
other
53%
31%
6%
5%
4%
1%
0.5%
Since 2010, 
150,000 
more 
people have 
identified as 
multiracial
Figure 7: Percent Minority
Source: U.S. Census Bureau, American Community Survey 
One-Year Estimates
A Diverse Population
Figure 6: Race/Ethnicity Distribution
Note: Race categories exclude Hispanic origin ethnicity
(i.e. non-Hispanic White, non-Hispanic Black, etc.)
Source: U.S. Census Bureau, American Community Survey 
One-Year Estimates

9
DEMOGRAPHICS
School enrollment, academic performance, and high school graduation rates are key indicators of how 
well youth are prepared for higher education and future opportunities. As the population ages and birth 
rates decline, the share of high school students rose from 30 percent to 33 percent, while K-8 enrollment 
dropped from 70 percent to 66 percent between 2015 and 2024.3
English Language Assessment (ELA) passing rates in 
Maricopa County have steadily improved since 2015.
Youth Education
Graduation rates in both the MAG region and Arizona trail the U.S. 
average by 10 percentage points.
78%
2023 
Graduation
Rate
0%
10%
20%
30%
40%
50%
2015
2016
2017
2018
2019
2021
2022
2023
2024
Math passing rate
0%
10%
20%
30%
40%
50%
2015
2016
2017
2018
2019
2021
2022
2023
2024
Pinal County
Maricopa County
Arizona
ELA passing rate
Math passing rates were disrupted by the pandemic, 
and have yet to recover.
Assessment testing and performance are key indicators of 
student success and areas for growth. In 2024, Maricopa 
County had passing rates of 43 percent for English 
Language Assessment and 35 percent for math. Arizona’s 
goal is 72 percent proficiency in third-grade reading by 
2030.4 At the current rate of improvement, significant 
changes will be necessary to meet this target.
Figure 8: High School Graduation Rate Comparisons
Source: National Center for Education Statistics; 
Arizona Department of Education
Figure 10: School Math Assessment Passing Rates
Source: Arizona Department of Education
Note: Data not available at MSA level. Testing scores show percent 
passing for k-12 schools, all students and all grades.
0%
20%
40%
60%
80%
100%
2011
2013
2015
2017
2019
2021
2023
U.S.
MAG Region
Arizona
high school graduation rate
10points
percentage point gap
Figure 9: School ELA Passing Rates
Source: Arizona Department of Education

74%
2024 
Single Family 
Housing Units
26%
2024 
Multifamily 
Housing Units
The region’s 2.1 million housing units offer a wide range of living options.5 
Multifamily construction is increasing to support growth and changing lifestyles. 
Trends in new construction, ownership, renting, and development near major 
corridors help shape the housing landscape and future planning needs.
Multifamily units are commonly built 
near major transportation corridors, 
such as freeways and high capacity 
transit corridors, with 80 percent of 
all multifamily units in the MAG region 
located within two miles of these 
corridors. In comparison, just over half 
(52 percent) of single-family homes fall 
within the same distance. 

This pattern has become more 
pronounced in recent years. Since 
2020, only 31 percent of newly built 
single-family homes have been 
located within two miles of a major 
transportation corridor. This suggests 
a shift in land use priorities, with areas 
near key transportation access points 
increasingly reserved for higher-intensity 
uses such as mixed-use and commercial 
developments.6
Housing and Regional 
Transportation Connections
10
HOUSING
Evolving Housing Patterns
units constructed
2011
2013
2015
2017
2019
2021
2023
0
5,000
10,000
15,000
20,000
25,000
30,000
Multifamily
Single family
Built-to-rent
For the first time ever, in 2023, multifamily construction outpaced 
single-family home development with single story build-to-rent 
construction also showing significant growth.
Figure 12: Residential Construction by Housing Type
Source: Maricopa County and Pinal County parcel assessor data.

11
HOUSING
Housing Vacancy Trends
Housing vacancy rates offer insight into market trends, availability, and demand. In the MAG region, 
seasonal vacancies and short-term rentals play a significant role in overall vacancies. According to 
Maricopa County Assessor data, approximately 25 percent of all housing units are investor-owned 
or second homes, further contributing to vacancy trends as these properties could potentially be 
vacant for extended periods.
8.6%
2023 Overall 
Vacancy Rate
2010
2012
2014
2016
2018
2020
2022
0%
5%
10%
15%
20%
U.S.
Arizona
Atlanta
Denver
Houston
Minneapolis
MAG Region
Salt Lake
San Diego
percent vacant
Seasonal Housing Trends
The higher percentage of seasonally vacant housing 
in the MAG region, likely influenced by the snowbird 
population, contributes to the region’s overall higher 
vacancy rates.  Over the past decade, an estimated 35 
percent to 45 percent of vacant housing units in the 
region have been used for seasonal, recreational, or 
occasional purposes, such as second homes. In 2023, 
this accounted for nearly 68,000 homes.7
Housing vacancy rates in the region have declined but 
remain slightly higher than our peers.
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
600
2,600
4,700
12,800
18,700
21,100 20,200 22,000
30,000
36,300
33,100
Popularity for short-term rentals started growing in 
2017, becoming a notable part of the region’s housing 
vacancy landscape.
Figure 14: Short-Term Rental Growth
Source: AirDNA, LLC short-term rental data
Figure 13: Housing Vacancy Trends
Source: U.S. Census Bureau, American Community Survey 
One-Year Estimates

SOLD
The housing market is shaped partly by a combination of rising sales prices, higher interest rates, 
and the financial situations of buyers. As home prices have risen and interest rates increased, many 
buyers find it difficult to afford a home. The average age of home buyers has increased from 43 
years old in 2010 to 50 years old in 2024.8
50years
Median Age of 
Home Buyers
12
HOUSING
Market Trends and Affordability
Since 2021, the household income needed to afford a 
median-priced home has been much higher than the 
median household income.
$0k
$25k
$50k
$75k
$100k
$125k
2012
2014
2016
2018
2020
2022
Household
income needed to
afford a median-
priced home
Median
household
income
household income
Figure 15: Comparison of Median Income to Median Home Prices
Sources: U.S. Census Bureau, 1-Year American Community Survey Estimates; 
Information Market; MAG
Note: The income required to afford a median-priced home is calculated by 
comparing median incomes with median sales prices, factoring in standard 
mortgage terms such as down payments, interest rates, taxes, insurance, 
and PMI. It is assumed that the buyer will not spend more than 30% of their 
income on housing payments.
2020 median household income data are unavailable—lines have been 
connected for visual continuity and do not represent actual 2020 values.
0k
50k
100k
150k
2012
2014
2016
2018
2020
2022
2024
Homes sold
152k
91k
0%
2%
4%
6%
8%
30 year mortgage rate
2.98%
7.0%
$0k
$250k
$500k Median home sale price
$481k
$449k
Rising mortgage rates and high prices have 
slowed home sales in the region.
Figure 16: Trends in Home Prices, Mortgage Rates, and Sales
Sources: Information Market; Freddie Mac
Note: Sale prices adjusted for inflation—shown in 2024 dollars.

13
HOUSING
Renting Challenges
for
RENT
Rent costs remain a challenge for many households, despite recent stabilization in costs, as reflected 
by rising eviction filings. Unlike homeowners, who often benefit from low interest rates and stable 
mortgage payments, renters face ongoing uncertainty. As a result, the gap in housing cost burden has 
widened, with renters more likely to spend more than 30 percent of their income on housing.
$1,600
2024 Median 
Asking Rent
Per Unit
$ 500
$ 1000
$ 1500
$ 2000
$ 2500
2010
2012
2014
2016
2018
2020
2022
2024
Arizona
Atlanta
Houston
Minneapolis
Salt Lake
San Diego
Denver
MAG Region
asking rent per unit
Multifamily median rent prices have stabilized since the 
peak in 2021, showing a slight decrease
More than half of all renters spend more than 30 percent 
of their income on housing.
After a period of stability, multifamily vacancy rates surged, 
driven by rising rent prices and increase in supply.
0%
2%
4%
6%
8%
10%
12%
14%
2010
2012
2014
2016
2018
2020
2022
2024
Atlanta
Houston
Minneapolis
Salt Lake
San Diego
Denver
MAG Region
apartment vacancy rate
Eviction filings in Maricopa County continue to rise and 
have reached the highest number ever recorded.
Figure 17: Multifamily Median Asking Rent
Source: Costar Group
Inflation adjusted to 2023 dollars
Figure 18: Multifamily Vacancy Rate Comparisons
Source: Costar Group
Figure 19: Housing Eviction Filings in Maricopa County
Source: Maricopa County Justice Courts
Renters
Owners
50%
44%
52%
34%
20%
21%
2010
2019
2023
Figure 20: Households Spending More Than 30 Percent of Income on Housing
Source: U.S. Census Bureau, 1-Year American Community Survey Estimates
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
62k
63k
64k
65k
65k
62k
61k
63k
66k
69k
38k
41k
67k
83k
87k

14
WORKFORCE AND ECONOMY
The region’s labor force is evolving, with job growth, shifting participation, and 
changing occupations. While top occupations saw increases, material moving 
occupations like truck drivers and warehouse workers experienced the largest 
growth since 2010 (143 percent), highlighting expansion in the logistics sector.
2.5million
Total Jobs in 20249
42%
Projected Increase 
in Jobs by 205010
The Effects of an Aging Workforce
The MAG region’s lower labor force participation rate 
is primarily due to an aging population. However, 
since 2013, participation has increased to match the 
U.S. rate, with the participation rate among women 
increasing slightly faster than men.11
(47 percent increase 
since 2010)
Labor Force Trends
The region’s job market continues to expand, with 
top occupations experiencing significant job growth 
since 2010
Labor force participation rates in the MAG region 
align with the U.S., but are lower than the peer 
regions.
2010
2023
Management, business,
and financial
Office and admin support
Education, legal, arts, and
community service
Computer, engineering,
and science
Sales and related
Healthcare practitioner
and technical
Construction and
extraction
Production
Installation, maintenance,
and repair
Transportation
430k
223k
169k
165k
165k
121k
96k
90k
67k
66k
Figure 21: Top Occupation Categories
Source: U.S. Census Bureau, American Community Survey 
1-Year Estimates
Figure 22: Labor Force Participation Rates
Source: U.S. Census Bureau, American Community Survey 
1-Year Estimates
Salt Lake
Denver
Minneapolis
Atlanta
Houston
San Diego
MAG Region
U.S.
73%
72%
71%
68%
67%
67%
64%
64%

15
WORKFORCE AND ECONOMY
Unemployment rates, poverty levels, and inflation trends are important indicators for the region’s 
economic health and cost of living. The MAG region now reports lower rates across all three 
indicators, reflecting stronger economic conditions.
Economic Indicators
3.1%
Unemployment 
December 2024
The unemployment rate in the region has recovered 
and remains steady since the COVID period.
Since 2010, the poverty rate in the MAG region has 
improved by 5.3 percentage points, showing notable 
progress compared to peer regions.
The annual inflation rate in the region was among the 
highest in the nation in 2021 and is now one of the lowest.
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
0%
5%
10%
15%
MAG Region
U.S.
unemployment rate
Figure 25: Poverty Rate Comparisons
Source: U.S. Census Bureau, American Community 
Survey 1-Year Estimates
Figure 23: Unemployment Rates
Source: U.S. Bureau of Labor Statistics
Figure 24: Inflation Rates
Source: U.S. Bureau of Labor Statistics
2024
2023
2022
1.6%
2.7%
9.5%
U.S. Inflation
MAG Region Inflation 
2010
Poverty Rate
2023
Poverty Rate
Arizona
San Diego
Atlanta
Denver
Houston
Minneapolis
Salt Lake
United States
MAG Region
17.4
10.1
14.8
12.5
8.6
13.9
10.9
8.1
13.1
9.3
15.3
12.5
16.3
10.9

16
WORKFORCE AND ECONOMY
Median household income in the region has risen. This rise is partly due to a growing share of 
households with multiple workers, which reached 39 percent in 2023—an increase of seven  
percentage points from 2010.12 This shift reflects evolving household structures and financial 
dynamics across the region.
$85,700
2023 Median 
Household Income
Household Income
The region’s median household income has steadily 
increased since 2010, and was 10 percent higher 
than both the state and the nation in 2023.
Figure 26: Median Household Income Comparisons
Source: U.S. Census Bureau, American Community Survey 
1-Year Estimates. Inflation adjusted to 2023 dollars.
Figure 27: Median Household Income Growth Rates
Source: U.S. Census Bureau, American Community Survey 1-Year Estimates
From 2013 to 2023, household income in the MAG region 
grew by 27 percent, outpacing both the state and national 
averages and ranking just behind San Diego among peer 
regions.
US
Arizona MAG Region Atlanta
Denver
Houston Minneapolis Salt Lake San Diego
14%
22%
27%
26%
20%
6%
9%
18%
30%
2010
2012
2014
2016
2018
2020
2022
$ 0k
$ 20k
$ 40k
$ 60k
$ 80k
$ 100k
MAG Region
Arizona
U.S
median household income
$8,000
Difference in the MAG region’s 
median household income 
compared to the U.S. and Arizona

17
WORKFORCE AND ECONOMY
Worker earnings are a key economic indicator of purchasing power, job stability, and financial 
well-being. Challenges for the region include wages not keeping up with inflation, occupational shifts, 
and pay disparities. Education also impacts earnings, with workers holding a bachelor’s degree earning 
70 percent more than those with a high school diploma in 2023, down from 85 percent in 2010.13
Worker Earnings Trends
$59,000
2023 Median 
Earnings Per Worker
The gender pay gap in the region has remained 
around 18 percent since 2010, with minor fluctuations.
Four of the five occupations with the largest pay 
changes (2010-2023) are lower-wage jobs, likely due 
to minimum wage hikes.
82%
Women’s 2023 
earnings ratio
$52,250
Women’s 2023 
median earnings
2010
2012
2014
2016
2018
2020
2022
0%
20%
40%
60%
80%
100%
$63,850
Men’s 2023 
median earnings
The earnings ratio:
Women’s share of 
men’s earnings
The pay gap between 
men and women
Figure 30: Comparison of Wages to Household Income
Source (all charts on this page): U.S. Census Bureau, American Community 
Survey 1-Year Estimates; Inflation adjusted to 2023 dollars.
Food prep and serving related
Building and grounds maintenance
Sales and related
Personal care and service
Material moving
21.1%
12.2%
11.6%
11.1%
9.5%
When adjusted for inflation, worker earnings have 
increased more slowly compared to household income 
over the same period.
$ 0k
$ 20k
$ 40k
$ 60k
$ 80k
$ 100k
2017
2018
2019
2020
2021
2022
2023
$76k
$86k
$56k
$59k
Household 
income 
increased 12.6% 
since 2017
Median household income
Median worker earnings
Earnings only 
increased 5.8% 
since 2017
Figure 28: Occupations with Highest Wage Growth
Figure 29: Gender Wage Gap Trends

18
WORKING IN THE REGION
The region’s employment landscape is shaped by its largest employers and industries. 
These sectors, along with new key employers, highlight the evolving workforce and reflect 
the region’s economic growth.
145,000
2024 Business 
Locations14
Employers
Rank
Employer
Employees
1
State of Arizona
30,900
2
Banner Health
29,800
3
Amazon
25,600
4
Walmart
19,800
5
Frys Food Stores
15,500
6
Maricopa County
15,300
7
Intel Corporation
13,000
8
Wells Fargo
12,300
9
Maricopa County Community College Dist
11,700
10
Arizona State University
11,000
Top Employers in the MAG Region, 2023
Between 2020 and 2023, the largest new companies 
and those that opened new locations contributed to 
significant growth
The majority of jobs in the MAG region fall within five major 
industries.
Source (all charts on this page): Greater Phoenix Economic Council 
(GPEC) and MAG Employer Database (5+ Employees)
Taiwan Semiconductor
Manufacturing Company
Amazon
The RealReal
Hello Fresh
Honeywell
2,600
2,000
800
800
600
Health Care and Social Assistance
Retail Trade
Accommodation and Food
Services
Manufacturing
Educational Services
Finance and Insurance
Professional, Scientific, and
Technical Services
Construction
Public Administration
Waste Management, Remediation,
and Administrative Services
261,000
239,900
205,800
161,900
149,300
122,500
122,300
110,600
101,800
100,300
51% of 
jobs are in 
the top 5 
industries
Figure 31: Top Industries in the Region
Figure 32: New Company Locations
Figure 33: Largest Employers

19
WORKING IN THE REGION
Travel times and access to high-capacity transportation commuting options, like freeways and 
high capacity transit corridors, play a key role in the region’s work-life balance. Shorter commute 
times and transportation options offer greater flexibility and efficiency for today’s workforce.
Commuting to Work
26minutes
2023 Average 
Commute Time15 
The MAG region offers strong access to high capacity 
transportation corridors, helping connect people 
to jobs across the region. Sixty percent of jobs are 
located within one mile of high-capacity transportation 
corridors, and 80 percent are within two miles. 
By 2050, even after adding more than 2 million new 
residents and 1 million new jobs, the average commute 
distance is projected to be 13 miles, with commute times 
remaining under 30 minutes—positioning the region to 
continue supporting efficient travel as the economy grows.
Regional Commuting Connections
Commuting modes in the region, compared to the 
U.S., show higher car pool and work from home rates.
U.S. 
MAG Region 
Drive alone
Work From Home
Carpool
Taxi, motorcycle, other
Walk
Public Transportation
Bicycle
65.5%
19.4%
10.2%
1.9%
1.4%
1.2%
0.5%
Working from home drastically changed during the COVID-19 
pandemic. Since then, rates have gradually declined.
Figure 35: Commuting Modes in the U.S. and MAG Region
Source: U.S. Census Bureau, American Community Survey 1-Year Estimates
2010
2012
2014
2016
2018
2020
2022
0%
5%
10%
15%
20%
25%
US
AZ
MAG Region
work from home
Source: 2023 MAG Employer Database (5+ Employees), Fall 2024 MAG Travel Demand Model
Figure 34: Work from Home
Source: U.S. Census Bureau, American Community Survey 1-Year Estimates

20
WORKING IN THE REGION
Canada
United Kingdom
Japan
Germany
France
19,100
14,000
10,500
9,700
6,000
Since announcing a $12 billion investment in 2020, 
the Taiwan Semiconductor Manufacturing Company 
(TSMC) has announced plans for new fabrication 
facilities and the investment is expected to reach $165 
billion—creating well over 6,000 high tech jobs. Once 
complete, Taiwan will be one of the top foreign direct 
investors, while TSMC will be the largest foreign-
owned employer.
Global Connections
Rank
Employer
Country
Employees
1
Circle K
Canada
3,900
2
Petsmart
U.K.
2,900
3
Burger King
Canada
2,600
4
TSMC
Taiwan
2,600
5
Farmers Insurance
Switzerland
2,100
6
JBS
Brazil
1,800
7
NXP USA Inc
Netherlands
1,800
8
Deloitte
U.K.
1,600
9
BMO Harris Bank
Canada
1,200
10
Swire Coca Cola
U.K.
1,200
Top Foreign-owned Employers in the MAG Region, 2023
75% of all export dollars come from these top 
five commodities
Foreign Direct Investment (FDI) is vital to the economy, with global businesses establishing a 
presence in the region and creating jobs. Since 2015, FDI employment has increased by 55 percent, 
demonstrating a strong desire to invest in the region. The region’s growing export activity further 
strengthens global connections. Since 2010, its export value ranking has improved from 30th to 25th 
among metro areas.16
98,500
2023 Total FDI 
Employment 
Figure 38: Top Export Commodities
Source: U.S. International Trade Administration
Computer & Electronic Products
Transportation Equipment
Machinery
Fabricated Metal Products
Electrical Equipment
$ 6,100M
$ 4,100M
$ 1,300M
$ 900M
$ 800M
Figure 36: Largest Foreign-Owned Employers
Source: 2023 MAG FDI Employer Database
These top five countries have supported 
59,000 jobs in the region.
Figure 37: Leading Countries by FDI Employment
Source: 2023 MAG FDI Employer Database
Source: TSMC.com

21
WORKING IN THE REGION
Commercial Real Estate Trends
The region’s commercial real estate market is evolving, with the most significant changes 
occurring in industrial spaces, as reflected in rent prices, vacancy rates, and new construction. 
Proximity to high-capacity transportation corridors, particularly in the West Valley near the 
Loop 303, has been a key driver of industrial building growth.
32million
Average Industrial 
Sq Ft Built Per Year 
2020-202317
Commercial development in the region is closely 
tied to high-capacity transportation, especially 
freeways, which are crucial for distribution 
and logistics. Approximately 77 percent of all 
commercial buildings are within two miles of major 
transportation corridors. Since 2020, 22 percent of 
new commercial space has been built near the Loop 
303, most of it industrial space.18
Commercial Growth Connected to Transportation
Industrial rent has increased more since 2020, 
while office rent remains higher despite rising 
vacancies.
0M
10M
20M
30M
40M
50M
2011
2013
2015
2017
2019
2021
2023
Office
Industrial
Retail
square feet of new construction
$0
$10
$20
$30
$40
2010
2012
2014
2016
2018
2020
2022
2024
Office
Industrial
Retail
asking rent per square foot
0%
10%
20%
30%
40%
2010
2012
2014
2016
2018
2020
2022
2024
Office
Industrial
Retail
vacancy rate
Industrial vacancy rose with new built space 
unoccupied, while increased office vacancy may 
reflect newer remote work trends.
Figure 40: Commercial Vacancy Rates
Source: CoStar Group
Figure 41: Commercial Construction
Sources: Maricopa County and Pinal County assessor data 
Industrial space construction surged as distribution and 
logtistics expanded across the region.
Figure 39: Commercial Rents
Source: CoStar Group
Inflation adjusted to 2023 dollars.

22
APPENDIX
Footnotes
1
U.S. Census Bureau, American Community Survey 2022 5-Year State-to-County Migration Estimates
2
U.S. Census Bureau, American Community Survey 1-Year Estimates
3
Arizona Department of Education
4
Arizona Department of Education
5
Maricopa County and Pinal County Assessor Parcel Data
6
Maricopa County and Pinal County Assessor Parcel Data and MAG
7
U.S. Census Bureau, American Community Survey 1-Year Estimates
8
U.S. Census Bureau, American Community Survey 1-Year Public Use Microdata Sample Estimates
9
MAG Employment Projections
10
MAG Employment Projections
11
U.S. Census Bureau, American Community Survey 1-Year Estimates
12
U.S. Census Bureau, American Community Survey 1-Year Estimates
13
U.S. Census Bureau, American Community Survey 1-Year Estimates
14
U.S. Bureau of Labor Statistics Quarterly Census of Employment and Wages
15
Fall 2024 MAG Travel Demand Model
16
2023 MAG Foreign Direct Investment (FDI) Employer Database and U.S. International Trade Administration
17
Maricopa County and Pinal County Assessor Parcel Data
18
Maricopa County and Pinal County Assessor Parcel Data
Additional Notes
	y
American Community Survey estimates data are unavailable for 2020. Lines in charts have been connected using simple 
linear regression for visual continuity and do not represent actual 2020 values or estimates.
	y
Numbers have been rounded to the nearest 100.

Inside back cover​ 
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