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State of the Phoenix Economy: Why Life is Still Looking Pretty Good

Some say Phoenix is a Money Tree

Like the immortal bird of its namesake, the Phoenix economy is rebuilding itself one piece at a time, focusing on providing practical solutions where previous governments and markets have failed. These pioneers of economy will succeed by acquiring assistance from governments, investors, foundations, and other businesses.

Further, the economy has been bolstered by the continuing surge in population. Bolstered by its economic growth, the population boom has turned Phoenix into the center of the state’s economy. Over one third of Arizona’s labor force is employed in the metropolitan area. Also, several Fortune 500 companies, such as Time Warner, IBM, Intel, Telecom, Bank of America, and Boeing, have made Phoenix their primary location,

By moving into technology and service industries, the economy is taking on dimensions unheard of in the previous decades. And the long-time business of tourism and business services is stronger than ever, accounting for almost 77 percent of Phoenix’s total employment roster. Banking and financial services remains a strong sector, deriving its power from the high profile financial companies house their processing and/or regional headquarters in Phoenix, including such powerhouses as Chase Bank, American Express, Discover Card Services, Bank of America, and Wells Fargo Bank. In addition, aerospace firms and high technology firms appreciate a considerable share, about 56 percent, of the manufacturing jobs across the Phoenix area.

Consisting of mostly young, well-educated people, Arizona maintains its position in the top five growth states. The state continues to attract new workers due to the high quality of life they can enjoy. As a right-to-work state, employees in Arizona have the option to join and financially support a labor union, joining the already 3.6 percent of others that enjoy the benefits in the private sector.

Though skeptics may tend to look at the recovering Phoenix economy as a glass half-empty, a positive attitude shows that business in Phoenix is on the rise. Recovery is occurring, slowly but surely, and with the continued commitment of existing and new citizens, business will be better than ever.