01 Overview
02 Talent Pipeline
03 Industry Ecosystem
04 Labor Analysis
05 Operating Cost Analysis
06 Statutory Incentives

INVEST IN SUCCESS IN

GREATER PHOENIX

A TOP HUB IN THE NATION FOR FINANCE AND INSURANCE

 

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.

 

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CONTENTS

1
OVERVIEW
2
TALENT
PIPELINE
3
INDUSTRY
ECOSYSTEM
4
LABOR
ANALYSIS
5
OPERATING
COST ANALYSIS
6
STATUTORY
INCENTIVES

VALUE PROPOSITION

EXCEPTIONAL TALENT PIPELINE

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.

INFRASTRUCTURE

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.

COMPETITIVE OPERATING COSTS

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.

EDUCATED WORKFORCE

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.

LARGE EXISTING CLUSTER

Greater Phoenix is the largest location among peer markets, indicating a higher industry concentration and specialization. Numerous national industry leading finance and insurance companies have relocated significant portions of their operations to the sprawling region.

GREATER PHOENIX TALENT PIPELINE

The region’s educational pipeline is the third largest in terms of programs with large finance and insurance clusters, behind only Dallas and Atlanta. Many recent locates in these industries enjoyed 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 as well as entrepreneurs and business owners looking to relocate or start their finance and insurance companies.

NOTABLE PROGRAMS IN FINANCE AND INSURANCE - RELATED FIELDS

Competitive Programs

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 Denver, 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 2015, 2016, 2017 and 2018 as well as boasting #5 in Best-Qualified Graduates.
  • The University of Arizona offers a full-time MBA among their public programs.
  • At Grand Canyon University, you can earn a Master of Science in Accounting in addition to a Master of Business Administration with an emphasis in Finance.
  • Thunderbird’s specialized Master of Global Management degree earned the #1 Master in Management ranking in the Times Higher Education/WSJ 2019 Business Schools Report.

ARIZONA ECOSYSTEM

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.

The 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. So if you were looking to start or relocate your finance or insurance business in a particular area, it would be interesting to know that Phoenix’s LQ of 1.66 indicates that the market has a 66% higher concentration of the finance and insurance cluster than the nation as a whole.

 

 

FINTECH SANDBOX

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.

LABOR COSTS

Median wages in Metro Phoenix are lower than peer markets except for Salt Lake City; however, Phoenix has more than double the workforce of 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.

OCCUPATION PHOENIX CHARLOTTE DALLAS DENVER SALT LAKE CITY ATLANTA
Administrative Services Managers $78,069 $101,020 $98,131 $105,432 $77,733 $86,887
Computer and Information Systems Managers $133,302 $136,976 $147,427 $151,998 $105,636 $133,272
Financial Managers $99,858 $139,960 $133,131 $149,547 $104,726 $133,323
Claims Adjusters, Examiners, and Investigators $55,183 $65,860 $66,924 $69,675 $58,247 $58,102
Accountants and Auditors $60,680 $70,720 $74,108 $72,423 $63,555 $71,841
Credit Analysts $68,398 $83,291 $78,825 $68,056 $53,874 $60,960
Financial Analysts $69,855 $80,303 $81,911 $85,930 $75,782 $74,402
Financial Examiners $74,208 $83,358 $83,701 $73,654 $72,384 $78,272
Credit Counselors $47,258 $50,652 $44,700 $61,682 $36,534 $41,730
Loan Officers $62,291 $66,207 $67,412 $65,187 $51,738 $60,269
Insurance Sales Agents $38,272 $51,247 $47,083 $49,249 $50,940 $48,915
Securities, Commodities, and Financial Services Sales Agents $48,728 $88,898 $66,853 $56,864 $54,242 $70,881
First-Line Supervisors of Office and Administrative Support Workers $49,195 $55,700 $60,150 $60,057 $50,754 $55,434
Bookkeeping, Accounting, and Auditing Clerks $37,769 $38,222 $40,398 $40,230 $36,816 $39,404
Customer Service Representatives $31,249 $34,382 $33,527 $35,196 $31,201 $33,191
Loan Interviewers and Clerks $43,772 $41,098 $44,967 $45,811 $32,964 $35,798
Receptionists and Information Clerks $28,151 $27,564 $25,993 $31,339 $27,657 $29,505
Insurance Claims and Policy Processing Clerks $37,566 $44,145 $38,678 $48,751 $37,108 $37,992
Statistical Assistants $31,808 $42,354 $55,974 $50,912 $45,480 $49,023
Average Salary $57,664 $68,524 $67,889 $69,579 $56,178 $63,116

 

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 ($41,133) in urban areas, and above the median wage in rural areas ($32,906).
  • Minimum investment of $250,000.