Economy Archives

Phoenix mayor opens Hermosillo trade office

The City of Phoenix officially opened a Northern Mexico trade office, on Tuesday, in Hermosillo. This is Phoenix’s second trade office in Mexico. Phoenix Mayor Greg Stanton and a business delegation were at the office’s opening. During the ceremony, a Hermosillo-based custom label manufacturing company, Etiquetas e Impresiones de Mexico SA DE CV, announced it… Read More →

Arizona remains on ‘solid’ job growth pace

Arizona added 54,700 jobs from January 2016 to January 2017, a 2 percent increase that put it near the top of states for job growth, according to a jobs report released this month by the Bureau of Labor Statistics. Experts point to traditional factors, like the state’s steady population growth and its low-tax, pro-business environment,… Read More →

Tourism in Tempe generates $1 billion in business sales

Tempe

The Tempe Tourism Office released the findings from a comprehensive research project, conducted by Tourism Economics, that details the economic impact of the tourism industry in Tempe. This study, which quantifies the importance of tourism in Tempe, found that 3.7 million visitors to Tempe in 2015 spent $730.6 million in direct expenditures. When combining that… Read More →

Resolution mine official: Permitting process a barrier to business

The Resolution Copper Mine in Arizona would be operating by now in most countries, but is still years away from getting all the permits it needs to begin mining in the U.S., a company official testified Tuesday. Nigel Steward, managing director of copper and diamonds for Rio Tinto, the multinational mining company developing the Resolution… Read More →

Hexagon Mining selects downtown Tucson for headquarters

Hexagon Mining, an information technology provider of planning, operations and safety solutions for the mining industry, today announces the relocation and expansion of its Tucson, AZ-based North American headquarters to downtown Tucson. Hexagon Mining employs 140 people in Tucson and plans to add 120 jobs over the next five years. Hexagon Mining employs 580 people worldwide and is committed… Read More →

Arizona in Top 10 for job creation

Researchers at Arizona State University completed an analysis of the latest revised data on 2016 employment growth among states and metro areas. Arizona, in 9th place, moved into the top 10 states for job creation in 2016 for the first time since 2013. The state ranked second in financial job growth and fifth in healthcare.… Read More →

Business leaders see interest rate hike as sign of improving economy

The Federal Reserve raised the key interest rate by a quarter-percent Wednesday, to 1.0 percent, a move that Arizona business leaders welcomed as one that is likely to benefit Arizona consumers in the long run. The new rate is still low, they said, and should offer consumers more variability in areas such as banking without… Read More →

Small business optimism remains near record high

small business optimism

Small businesses are excited about a new healthcare law, tax reform and regulatory relief from Washington. According to the February Small Business Optimism Index, small business optimism is at its highest readings in 43 years, despite a .6 point dip to 105.3. The National Federation of Independent Business released its monthly report that shows a… Read More →

What do Arizona business leaders see as top challenges?

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

The education system and quality and availability of workforce are still top concerns for local business leaders, according to Alliance Bank of Arizona’s 2017 Arizona Leaders in Business Survey. In a broadly positive set of findings about the state’s business climate, respondents also named healthcare costs as a top business challenge, moving this issue up… Read More →

Report: Businesses feel better about U.S. economy

Executives from midsize and small businesses feel dramatically better about the U.S. economy than a year ago, according to the 2017 JPMorgan Chase & Co. Business Leaders Outlook report released Wednesday. Middle market executives are twice as optimistic – 80 percent, up from 39 percent – about the U.S. economy than they were last year. Also, 62… Read More →

Impact Players: Arizona’s tourism industry pumps up economy

by in AZ Business Magazine | Economy

November 29, 2016 was a significant day for the Arizona Lodging & Tourism Association (AzLTA). Why? Take a seat – or jump out of one – this is good. On that chilly day in Tempe (by Arizona standards), an industry analysis by Oxford Economics revealed that in 2015, 42.1 million people enjoyed overnight accommodations in… Read More →

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

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 →