Published: April 30, 2007
For businesses, Arizona means economic opportunity and high-tech innovation. Major sectors include aerospace, electronics and semiconductor manufacturing. Add to those tourism, business services and back-office operations. The US Bureau of Labor ranks Arizona the fastest-growing state in the US and places it first for job growth. The workforce, described as knowledge-based, is younger than the national average and numbers nearly 2.85 million. The University of Arizona (UA), Northern Arizona University (NAU) and Arizona State University (ASU) are well known for their cutting-edge research in emerging technologies. In addition, breakthroughs in advanced biomedicine are under way at Arizona institutions, such as the Biodesign Institute at ASU, Translational Genomics Research Institute (TGen) and the Mayo Clinic in Greater Phoenix. More than 100 foreign-owned companies have operations in Arizona. Many benefit from gateway access to Mexico and South America. Businesses of all sorts are expanding their footprint in the state. Among the most recent are Johnson Controls to Yuma, Google to Tempe, Sanofi-Aventis to Oro Valley north of Tucson, PayPal to Scottsdate, and Pella to Tucson. Arizona’s competitive business climate and favourable tax structure are key reasons. Consequently, the state is home to both Fortune 500 and start-up companies.
- First in GDP growth, according to the US Bureau of Economic Analysis (June 2006).
- First in job growth, according to the US Bureau of Labor Statistics (October 2006).
- First on the Federal Funds Information for States (FFIS) index of state economic momentum (State Policy Reports, 2006).
- Fastest-growing state in the US (US Bureau of Labor Statistics).
- Fourth most desirable state for corporations (Chief Executives Magazine’s poll).
New Investment focus
- Aerospace
- Electronics
- Semi-conductor manufacturing
- Tourism
- Business services and back-office operations
- Agriculture and mining
- Bioscience
Demographics
Arizona’s fast growing population is younger than the national average. The state’s median age is 34.2 years, compared to the US’s 35.3 years. The proportion of those younger than 25, as well as those over 65, is roughly the same as in the nation as a whole.
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