BUSINESS AND ECONOMY
Symphony Hall Lobby. Photo courtesy of Visit Phoenix
SPORTS: CARDINALS, SUNS, THE DIAMONDBACKS AND MORE With just about every major sport represented, sports tourism is big business in Phoenix.
newly built, or on the horizon the number of jobs available to those in the healthcare sector will continue to rise. The Valley of the Sun also houses major data centers and technology companies. Top technology employers in Phoenix include Intel, Honeywell, Boeing and some defense contractors. Where do people go when its 20-below? Phoenix has become the go to place to relax, unwind and enjoy weather like you won’t find elsewhere. Looking to spend a day at the spa? There are approximately 450 hotels in the Phoenix area, employing and running at full steam. Need to hit the green? Phoenix has numerous golf courses to keep golfers putting away and the industry humming alongside it. THE ARTS Arts and cultural organizations are also big contributors to the local economy, with an estimated economic impact of over $300 million. Arts activity generates state and city tax revenue and contributes to job growth in critical support industries like restaurants, hotels and retail businesses. The City of Phoenix is one of 182 commu- nities that participated in Arts & Economic Prosperity III, the most comprehensive study of its kind, which documents the economic impact of the nonprofit arts and culture industry in 139 cities and counties, 31 multi- county regions, and ten states—representing all 50 states and the District of Columbia.
Business Financing Corp.(www.swbfc.com), the Phoenix Industrial Development Authority (PIDA – www.phoenixida.com), the federal Small Business Innovation Research Program (SBIR – www.sbir.gov), and the Arizona Commerce and Economic Development Commission (www.azcommerce.com). PHOENIX & INDUSTRY: DIVERSITY ALL AROUND With origins in agriculture, evolving to manufacturing and then high-tech, Phoenix businesses include a wide array of industries, including financial, healthcare, and technology and tourism. American Express and JPMorgan Chase have a big presence here, and there are branch offices for numerous brokerage firms, plus a host of financial planners, wealth managers and other financial companies. In all, the Phoenix area is home to nearly 600 bank and credit union branches—from small, local financial institutions to such international powerhouses as Chase, Wells Fargo, Wachovia and Bank of America—all of which are eager to do their part in helping launch and nurture incoming Phoenix-area businesses. Phoenix is also home to several top healthcare systems, including Scottsdale Health, Catholic Healthcare West and Banner Health – all of which are big area employers. Arizona hospital employment growth has significantly outpaced the annual employment growth of hospitals nationally. With new hospital facilities being
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Greater Phoenix has more than 200 golf courses; The Valley of the Sun stadiums hosted Super Bowls XLII, XLIX and LVII; Cactus League spring training baseball attracts 1 million fans each year; and The Waste Management Phoenix Open annually attracts the largest galleries of any golf tournament in the world.
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In fact, the Arizona Sports & Tourism Authority, which owns and operates the University of Phoenix Stadium, funds the promotion of tourism in Maricopa County, the construction and renovation of Cactus League Spring Training facilities, and the youth and amateur sports projects. Sports tourism activities contribute close to $2 billion annually to the area economy, according to a report by AZ Business Magazine. It’s clear that Phoenix is an exciting and vibrant place to do business with a thriving entrepreneurial spirit and industries of all kinds. We’re glad you’re here!
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