Economic development and its impact on Greater Phoenix
Published: 05/06/2019
Updated: 07/10/2020
It’s Economic Development Week and we are excited to team up with local community leaders to celebrate how far we have come as an organization and a state recognizing the positive impact that economic development has on Greater Phoenix.
Economic development helps build our economy, works to improve well-being and enhances quality of life for communities across the nation. So what exactly is economic development? According to International Economic Development Council (IEDC), it is a set of programs, policies and activities that seek to create and retain jobs, and ultimately facilitate economic growth. As Greater Phoenix’s economic development organization, we exist to attract and grow quality businesses, and advocate for the competitiveness of the region. We have played an instrumental role in bringing 800 locates to Greater Phoenix. Some of the businesses we worked with recently to relocate or expand to the region include Creighton University, Deloitte, Aerocircular, Zillow Offers, Andersen Corporation and more.
In honor of Economic Development Week, we are highlighting three areas where the effects of economic development are felt the most.
Create jobs through local efforts
Since 1989, our organization has helped create a more economically sound region by attracting 800 businesses, resulting in more than 130,000 jobs, and $14.8 billion in capital investment. In fact, due to our commitment to our mission, strong partnerships with business and community leaders, and excellence in operation, we were awarded the 2017, 2018 and 2019 Mac Conway Awards by Site Selection Magazine. With thousands of economic development organizations nationwide, we’re honored to be considered a nationally top-ranking organization.
Maintaining a healthy capital investment is important when measuring the success of the economy. When businesses are making capital investments, they are investing in the future of the community and intend to grow their operations by improving existing productive capacity. This is one of the metrics we evaluate each year to be sure we’re positively impacting our community and improving the region’s future economic success.
Advance career development opportunities
From recruiting high-wage jobs and solidifying educational partnerships, we have played an important role in advancing career development opportunities for Greater Phoenix residents. Partnerships with educational institutions like Arizona State University, Grand Canyon University, University of Arizona, University of Phoenix, Midwestern University, University of Advancing Technology, the Maricopa County Community College District and others are preparing a talented workforce for the in-demand jobs of today and tomorrow.
With the strong technology ecosystem in Greater Phoenix, our community leaders are committed to evaluating educational needs that will lead to future employment success in blockchain, sensor technology and other adjacent industries. From the Phoenix Code Academy, to Galvanize, Woz U and many others, we’re proactively evaluating the K-20 educational system and supporting career professionals with opportunities to make career shifts.
Arizona has one of the fastest growing economies in the U.S. with top rankings like fifth in U.S. for personal income growth to fourth in U.S. for GDP growth. These factors along with various educational opportunities make financial security and an overall better quality of life more attainable.
Improve quality of life
We want our 22 cities and towns to enjoy their overall quality of life in the community they choose to call home. As community leaders, we’re always looking for intentional ways to improve city operations for the betterment of residents. Between our communities, Greater Phoenix has an average commute time of 26 minutes, so you can spend your time doing things you like rather than being stuck in traffic for hours. Arizona has 22 national parks and 10 national natural landmarks as well as hundreds of trail miles for walking, running and biking on any one of the region’s 300 days of sunshine a year.
In Greater Phoenix, cities and towns are coming together to change the way we live by developing a smart region mentality and then transitioning that mentality into action. What this means is that our business and community leaders are implementing smart technology solutions that enhance the quality of life and improve citizen well-being by updating local infrastructure.
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