
Measured on this global scale, Phoenix’s economic output exceeds that of many established nations and highlights its ascent as one of the most economically significant metropolitan regions in the United States.
The report emphasises that Phoenix’s diversified economy encompasses robust sectors including research, construction, tourism, healthcare, financial services and manufacturing, underpinned by a population exceeding 5.2 million people.
Growth in the metro’s economy reflects sustained demographic expansion, strong domestic demand and ongoing investment across key industries, contributing to its emergence as a major hub for business and innovation.
Comparatively, the economy of Hong Kong was estimated at just over $407 billion in 2024, reflecting its continued position as a global financial and trade centre despite structural challenges.
The proximity of Phoenix’s economic size to that of an internationally recognised city-state underscores the increasingly global scale of large U.S. metropolitan economies.
Analysts say the comparison illustrates how regional economies in the United States have grown to rival the output of many countries, driven by internal migration, diverse industrial bases and strategic positioning in sectors such as technology and services.
Phoenix’s economic trajectory has been characterised by significant resilience and expansion in recent years as its labour market has strengthened and development activity has broadened across multiple sectors.
The global ranking context adds perspective to the metro area’s economic influence far beyond its geographic footprint.
















