BUSINESS AND ECONOMY
Downtown Phoenix. Photo by Robert Silberblatt courtesy of Visit Phoenix
Convention Center Photo courtesy of Visit Phoenix
fastest job growth in 2023. The Greater Phoenix area ranks among the top major metropolitan employment centers in the U.S. in 2023. Top industries in Arizona include: aerospace and defense, technology, renewable energy, bioscience and health, optics/photonics, manufacturing and advanced business services.
LABOR & UNEMPLOYMENT Phoenix’s long business history started in the 1800s, when citrus and agriculture became a burgeoning industry – resulting in the construction of the Roosevelt Dam to ensure ample irrigation during the state’s hot months of the year. That wherewithal still exists today. One of the nation’s fastest-growing regions, Phoenix has long been recognized for its strong job growth, especially for aerospace, high-tech and bioscience companies. Intel is one of the area’s largest employers, as are Fortune 500 companies like Boeing and Honeywell Aerospace. Manufacturing and tourism are also important to the city’s economy, with more than 22 million visitors flocking to the area each year, visiting the awe-inspiring Grand Canyon, enjoying the charm of towns like nearby Sedona, and relaxing at such luxury resorts as the Arizona Biltmore Resort & Spa, Legacy Golf Resort, Arizona Grand Resort and the recently remodeled Camelback Inn Resort & Spa. Amidst slow economic recovery, the local job market continues to grow at a strong rate. According to The Common Sense Institute Arizona, the state ranks 9th in the nation for
The Maricopa Community College District – one of the largest higher education systems in the country with 10 colleges and two skill centers – is Arizona’s largest provider of job training, serving more than 200,000 students each year. Business Insider ranked Arizona number 7 in “Best U.S. States to Start a New Business” in a 2023 article. Arizona’s large availability of employees and relatively low cost of living are contributing factors. Arizona also has a high volume of start-up companies, indicative of a climate that is strong for potential enterprise. Phoenix is also known as a great place to live. CNN Money named four Phoenix communities – Chandler, Scottsdale, Peoria and Gilbert – as best small cities to live. With all those accolades, it’s easy to see why greater Phoenix is among the nation’s fastest- growing regions, consistently recognized for its strong job growth and entrepreneurial environment. The city’s location in the southwest United States, boasting a dry and temperate climate, has turned it into a top choice for business, especially for aerospace, high-tech, bioscience, advanced business and sustainable technology companies.
PHOENIX: NURTURING BUSINESS GROWTH
People and businesses from around the country and the world continue to flock to Phoenix. Besides the city’s beautiful and scenic surroundings, Phoenix has a long history of spearheading business development efforts. In fact, business owners organized the Phoenix Chamber of Commerce in November 1888. Now known as the Greater Phoenix Chamber of Commerce (www.phoenixchamber.com), the Chamber is committed to making the “Valley of the Sun” a great place to live, work and do business. That commitment also includes funding and assistance for business development in the form of incentive programs and other resources. Assistance for business development in Phoenix is available through such organi- zations as the Small Business Enterprise Program through the City of Phoenix (SBE – phoenix.gov), Business Development Finance Corporation (www.bdfc.com), Southwestern
Made with FlippingBook - Online catalogs