The IHS Small Business Jobs Index is a straightforward compilation of small business employment activity for firms of less than 15 employees and how much they're hiring over the course of a year, 3 months and 1 month. Phoenix is getting record highs, especially in the small business area, says Jim Diffley, Chief Economist for IHS.
On a national level, the small business jobs index is almost at record highs and Phoenix in particular is still bouncing back from the "death of the recession," and the dire picture from 2007-2010, Diffley says.
Diffley says that if you ask an economist what the growth can be attributed to, they'd probably say the recovery of the housing market, with there being less foreclosures and homes under water and construction back up. The rest of the economy is significantly strong and Diffley says that the housing market is a big part of that.
Jim Diffley is the Senior Director US Regional Economics for IHS. For more information on the small business jobs index, click here. He spoke with Arizona Business News during his interview. Arizona Business News, sponsored by ASBA, is a featured network of Sequence Media Group.