Economy Archives

GCU commercial hub to have $670M annual impact

GCU

A corner in a West Phoenix neighborhood that had been a hotbed of crime for years will now pump $670 million into the local economy each year as a commercial hub, thanks to Grand Canyon University. GCU has transformed the northeast corner of 27th Avenue and Camelback Road from what was once a run-down hotel,… Read More →

GPEC releases new global trade and investment strategy

Copyright: f11photo / 123RF Stock Photo

Ample sunshine, decent weather, luxury resorts and great attractions make many think Arizona’s central industry is tourism. Soon, the world could be thinking of Arizona as a hub of sensor technology, if the Greater Phoenix Economic Council’s (GPEC) newest global trade and investment strategy pans out. During a Wednesday announcement, GPEC released the Metro Phoenix… Read More →

ASU professor predicts ‘Obamacare’ repeal could send state into health care recession

Obamacare

A new report from an Arizona State University professor predicts that repealing “Obamacare” could cut Arizona jobs and send the state into a “health care recession.” Lee McPheters, a research professor of economics, discussed the findings of his January study in a conference call Wednesday. Since 1995, one out of every five new payroll jobs… Read More →

Higher education leaders stress degrees as important for Arizona economy

Maria Harper-Marinick, chancellor of Maricopa Community Colleges, and Michael M. Crow, president of Arizona State University, spoke about the intersection of higher education and the economy in Arizona at Gateway Community College on Tuesday. (Photo by Erica Apodaca/ Cronkite News)

Arizona State University President Michael Crow and Maricopa County Community College District Chancellor Maria Harper-Marinick on Tuesday stressed the importance of a college degree in obtaining a well-paying job – the types of jobs that it takes to stimulate the economy. But the state lags behind educational achievement. “Arizona needs a prepared workforce,” Harper-Marinick said.… Read More →

Tucson’s economy to grow in 2017, experts predict

An Aerial Shot of Downtown Tucson, Arizona

Tucson’s economy continues to gain momentum with faster growth predicted for the next two years. That was one of the key takeaways from Friday’s University of Arizona Eller College of Management annual Economic Outlook Luncheon at the Westin La Paloma Resort in Tucson. More than 500 people packed the room to hear presenters George W. Hammond, director and… Read More →

Phoenix sees decline in consumer spending growth, report shows

123rf.com: qvist

A recent report on the Local Consumer Commerce Index for August 2016, shows that Phoenix is among 12 U.S. cities in the report to see a decline in consumer spending growth with a 1.68 percent decline in growth. The JPMorgan Chase Institute Local Consumer Commerce Index  reports that all but three of the 15 major… Read More →

$700M electric car manufacturing facility in Casa Grande announced

A screenshot of a Lucid Motors electric car  from the livestream of the announcement event. (Screenshot courtesy of Lucid Motors)

Casa Grande will soon be home to a $700 million electric car manufacturing facility that plans to employ 2,000 full-time workers, according to an announcement made by Gov. Doug Ducey. California-based Lucid Motors picked Casa Grande as the site for a manufacturing facility that will build the firm’s luxury electric cars, Ducey said during the Tuesday afternoon… Read More →

ASU Research Park generates jobs, $1.4 billion in state income

Photo by Tom Story, courtesy of ASU Research Park

A recent study conducted by the L. William Seidman Research Institute at the W.P. Carey School of Business at Arizona State University reveals that ASU Research Park tenants generate 16,160 jobs for Arizona residents, provide labor income of $865 million for Arizona workers, and account for $1.418 billion in total income. Labor income is the… Read More →

Online video pioneer Brightcove relocating to SkySong

SkySong

SkySong, The ASU Scottsdale Innovation Center, will welcome a prominent new tenant to its newest office building. Brightcove, a pioneering force in the world of online video, signed a lease to occupy 13,000 square feet of the first floor of SkySong 4. The company, relocating from Tempe, has nearly 5,000 customers in 70 countries is a leading provider of cloud services for video. The company offers a… Read More →

Accounting sector expects strong revenue, steady profits

Reviewing Investments Annually

The nation’s accounting firms are experiencing the strongest growth in revenues since the recession, averaging 6.3 percent last fiscal year, according to the just-released INSIDE Public Accounting’s (IPA) National Benchmarking Report. In fact, 85 percent of the 540 firms that participated in IPA’s Annual Survey and Analysis of Firms experienced positive organic revenue growth. One… Read More →

Economic experts expect steady growth, low unemployment for 2017

Downtown Phoenix, Photo: Flickr, squeaks2569

Steady, improving employment numbers at both the local and national levels are the highlight of an ongoing, eight-year economic recovery, which saw unemployment as high as 10 percent. With unemployment hovering around 5 percent now, top Valley economists say this is likely “as good as it’s going to get” recovery-wise for the foreseeable future. Economists… Read More →

Turf Paradise has an economic impact of $91M, study finds

Turf Paradise

A study, recently released by economist Dr. Margaret Ray of the University of Mary Washington in Fredericksburg, Virginia found that Turf Paradise Race Course generates an annual economic impact of $91 million to the state of Arizona. Since its establishment in 1956 as Arizona’s first sports franchise, Turf Paradise has continually been ranked among the… Read More →

Arizona poverty rate down, but many still hungry

foodbank

Last week, the U.S. Census Bureau released new data showing the official poverty rate had its largest one-year decline since 1968. The U.S. poverty rate fell from 14.8 percent to 13.5 percent. In Arizona, the official poverty rate is now 17.4 percent, down from 18.2 percent the previous year. The child poverty rate is 24.7 percent,… Read More →

108 Arizona companies make Inc. 5000 list

lawyers

A total of 108 Arizona companies earned spots on the Inc. 5000 list of the top 5,000 fastest-growing private companies in the U.S. for 2016. Criteria for earning admission to the 2016 Inc. 5000’s list include required businesses to: • Be privately held, for profit, based in the U.S., and independent (not a subsidiary or division of… Read More →