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A top hub in the nation for the finance & insurance industry
Greater Phoenix is a top market in the nation to locate, relocate or expand your finance and insurance business operations. In fact, the region’s finance and insurance sector is one of the largest in the nation.
With local program graduates among the most highly sought after nationally by recruiters, Greater Phoenix is making the case as one of the top financial cities offering a distinctly specialized workforce making this an attractive region to relocate or start your finance and insurance company.
Greater Phoenix offers consistent and reliable internet and power coverage. With new freeways and rail to connect workforce and companies efficiently as well as access to a leading domestic and international airport, this region was designed for finance business relocation success.
In addition to affordable real estate and benefit costs to peer markets, Greater Phoenix also provides a number of quality insurance company relocation incentives to further decrease your business’s operating costs.
Specialized programs are prominent at universities across the state to train top talent. There is a great deal of university alignment in place along with partnerships to match talent to employers looking to start a finance business or relocate their insurance company.
Greater Phoenix is the sixth largest finance & insurance cluster in the United States, indicating a higher industry concentration and specialization. The region also has the largest location quotient of any top-25 finance & insurance market.
Greater Phoenix Talent Pipeline
Greater Phoenix’s education pipeline is nearly double the size of Charlotte’s and Salt Lake City’s. Many recent locates in these industries enjoy easy hiring thanks to a quality workforce pipeline and the region’s excellent quality of life driving additional talent to choose to relocate to the region. Arizona’s institutions of higher education are training the finance & insurance workforce of the future via innovative partnerships and high-quality programs.
Notable Programs in Finance and Insurance - Related Fields
In a competitor markets’ talent pipeline analysis, Greater Phoenix has become one of the top finance and insurance cities and pulled ahead of popular cities like Salt Lake City and Charlotte in total degree completions for finance and insurance-related programs.
- Arizona State University has been named the #1 Most Innovative School in 2016, 2017, 2018, and 2019 by U.S. News & World Report as well as the top 1% of the world’s most prestigious universities by Time of Higher Education.
- The University of Arizona was named the #1 Public Management Information System program by U.S. News & World Report.
The Greater Phoenix region is home to a number of companies producing disruptive technology in the finance and insurance space. The region is able to support local startups and recent transplants which has resulted in an increase of finance company relocation to Greater Phoenix.
Location Quotient, or LQ, is a measure of market specialization in an industry by comparing the share of that market’s employment in an industry to the national proportion of that industry’s employment. For example, Phoenix’s LQ of 1.71 indicates that the market has 71% higher concentration of the finance & insurance cluster than the nation as a whole.
In March of 2018, Governor Doug Ducey signed House Bill 2434 into law making Arizona the first state in the nation to enact a groundbreaking regulatory FinTech “sandbox.” Arizona joins countries such as the United Kingdom, Singapore, United Arab Emirates and Australia in encouraging FinTech investment by instituting sandboxes encouraging business owners and entrepreneurs to relocate and start their finance and insurance company in the Greater Phoenix region.
In Arizona’s sandbox, startups, entrepreneurs and even established companies can launch products on a limited, temporary scale to consumers to test innovative products, services, business models, and delivery mechanisms in the real market without incurring regulatory costs and burdens that would otherwise be imposed. This makes the Greater Phoenix area one of the top financial cities in the country and, also, an attractive opportunity for movers and shakers looking to start an insurance business or relocate their finance company.
Finance Operations in Greater Phoenix
Greater Phoenix is home to a dynamic and growing finance and insurance cluster. Many of the finance sector’s leading firms have a significant presence in Greater Phoenix.
Insurance Operations in Greater Phoenix
Greater Phoenix is home to a vibrant finance and insurance cluster. Many national leaders have significant employment and multiple internal units operating in the region.
Median wages in Metro Phoenix are generally lower than peer markets like Charlotte and Dallas. Phoenix also has a larger workforce than markets like Salt Lake City.
Scroll to the side to see how Greater Phoenix stacks up against other cities in terms of median wages for finance and insurance operations.
|Customer service representatives||$33,862||$35,152|
|First-line supervisors of office & administrative support workers||$51,979||$56,368|
|Bookkeeping, accounting, & auditing clerks||$40,186||$40,352|
|Accountants & auditors||$66,102||$76,086|
|Receptionists & information clerks||$29,598||$27,768|
|Insurance sales agents||$46,613||$58,531|
|Software developers, applications||$100,755||$105,726|
|Computer systems analysts||$89,066||$92,997|
|Claims adjusters, examiners & investigators||$58,323||$65,978|
|Software developers, applications||$98,904||$105,206|
|Securities, commodities and financial services sales agents||$51,709||$69,805|
|Loan interviewers & clerks||$41,434||$42,307|
|Administrative services managers||$82,846||$103,834|
|Computer & information systems managers||$135,554||$135,054|
|Insurance claims & policy processing clerks||$40,747||$42,744|
|Personal financial advisors||$78,936||$112,486|
The Annual Business Operating Cost Analysis below has been prepared using the following parameters as an estimate for finance and insurance operations in competitor markets. Component and custom analyses to match your company’s operations can be provided upon request.
- $10,000,000 personal property investment
- 100,000 square foot Central Business District Office, Lease
- Utilities (per month): Included in lease
- 350 jobs (Bureau of Labor Statistics equivalent occupations)
|Customer service representatives||100|
|Information security analysts||25|
|Software developers, applications||25|
|Office clerks, general||10|
|Software developers, systems software||10|
|Human resources specialists||5|
|Network & computer systems administrators||5|
|Computer & information systems managers||3|
|General & operations managers||2|
Operating Cost & Total Industry Jobs
Arizona Competes Funds
- Discretionary funds that can be used to attract, expand and retain Arizona enterprises
Quality Jobs Tax Credit
- $9,000 of corporate income tax credits per job, spread over 3 years
- Capped at 10,000 jobs per year
- Four tiers of qualification that all require at least 65% of benefits packaged covered by employer
Qualified Facilities Refundable Tax Credit
- Targets aerospace, biomedical, science, and technology and high-tech manufacturing sectors for manufacturing, R&D, and manufacturer HQ functions
- Lesser of 10% of capital investment or $20,000 per job per phase (phase determined by client)
- Requires wages of greater than 125% of the state median wage for production occupations ($46,690) in urban areas, and above the median wage in rural areas ($44,346)
- Minimum investment of $250,000
Companies in Greater Phoenix
- American Express
- Bank of America
- Charles Schwab
- Chase Bank
- Edward Jones
- Liberty Mutual
- State Farm
- United Healthcare
- Wells Fargo
Want to see a full list of companies in Greater Phoenix? Download the complete report.