Economy Archives

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 →

Childcare pays poverty-level wage, but Arizona still tops most states

childcare

Arizona childcare workers were paid less, on average, than parking lot attendants, manicurists and pedicurists in 2015, part of a national trend that saw workers in all states earning salaries that could qualify them for food stamps. And Arizona’s median salary of $20,070 last year for childcare workers was not even the worst in the… Read More →

Bagnall earns spot on the Inc. 5000 list

Deloitte Report Reveals Mid-Market Companies Expect U.S. Economic Growth, Nation’s Economy

Inc. magazine ranked Bagnall No. 4,634 on its 35th annual Inc. 5000, the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment— its independent small businesses. Companies such as Microsoft, Dell, Domino’s Pizza, Pandora, Timberland, LinkedIn, Yelp,… Read More →

Is the FTZ the Valley’s most enticing recruitment tool?

105548730

Arizona has definitely gone global. “We want to extend our hand so that Arizona is an inviting place for foreign direct investment and for companies that are looking to relocate,” says Arizona Gov. Doug Ducey. But Arizona hasn’t always been as attractive to global companies. “At one time, we had some issues in the West Valley… Read More →

Fiesta Bowl, Cactus Bowl have $169.4M economic impact

football

Fiesta Bowl and Cactus Bowl, the two annual college football bowl games hosted in the Valley during the 2015-2016 season, combined to generate an estimated $169.4 million in economic impact, including $79 million in total direct spending for the Valley and more than $7.5 million in direct tax revenue. The breakdown specifically between the two games attributed $111.6 million… Read More →

GPEC predicts $32B economic output from SkySong

SkySong

SkySong, The ASU Scottsdale Innovation Center is projected to generate more than $32 billion in economic output and more than 10,000 new jobs across the Valley over the next 30 years, according to new analysis performed by the Greater Phoenix Economic Council. The analysis examines the impact of 11 SkySong buildings and a restaurant/retail component… Read More →