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April 2011

11 Comeback Cities for 2011

Phoenix

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Population: 4,364,094

Unemployment rate today: 8.8%

Forecast job growth for 2011: 1.5%

It�s renewable energy that�s fueling growth in Phoenix. One new solar manufacturing plant in the works will create 600 jobs. Another firm is investing $50 million and has committed to 500 jobs in the region. The growth in renewable energy creates jobs in construction, installation and manufacturing, as well as engineering, especially for professionals left hanging by a sluggish semiconductor sector. Aerospace, export industries and clean technologies are also gaining, while the lower cost of living in Arizona is attracting California entrepreneurs in social media and online businesses.

Still, the severe construction slowdown in an overbuilt city means Phoenix won�t bounce back as quickly from the most recent downturn as it has in the past. Employment is set to climb by about 1.5% in 2011, following a 12% decline during the downturn.

Data are for Phoenix-Mesa-Glendale metropolitan area. Unemployment rate is not seasonally adjusted.