Tag Archives: 2016

Deloitte Report Reveals Mid-Market Companies Expect U.S. Economic Growth

Economists optimistic Arizona economy will continue to grow

Arizona continues to recover, with industries such as business services, educational services, leisure and hospitality leading the way. That was just one of the positive signs that emerged from Economic Outlook 2016, presented by the Greater Phoenix Chamber of Commerce and Cox Communications. Nearly 825 business leaders attended the 33nd annual event at the Arizona Biltmore on Wednesday, September 2, 2015, to hear insightful analysis of the state of the global economy, national economic indicators, economic challenges facing our state and what opportunities lie ahead for Arizona’s economy.

Attendees gained insight from local, national and global economic experts, including presentations by David Brancaccio, host of American Public Media’s Marketplace Morning Report, local Valley economist Elliott Pollack of Elliott D. Pollack & Company, and financial markets expert Jim Huntzinger of BOK Financial.

In an exclusive GPCCTV video, Pollack features the highlights in our local economy, shares how Arizona is doing in comparison to the rest of the country and gives his predictions on the local housing market.

Stated Pollack, “If you like 2015 so far, 2016 will be more of the same. But that’s not necessarily bad. The Phoenix metropolitan area is the 13th most rapidly growing metropolitan area in terms of economic activity. In comparison to the rest of the country, Arizona is doing okay. The local economy should continue to grow. The industries that are leading the way are business services, educational services, leisure and hospitality, followed by trade and wholesale. The manufacturing industry is lagging a little and the construction industry continues to lag quite a bit.” 

Delivering the national perspective and some of the best news of the day was Jim Huntzinger, executive vice president and chief investment officer of BOK Financial.

“The U.S. economy is stable,” said Huntzinger. “There is no recession on the horizon.”

In an exclusive GPCCTV video, Huntzinger discusses the state of the U.S. economy and how the equity market is reflective of what’s going on in the overall economy, as well as job creation and the national unemployment rate.

Added Huntzinger, “Consumer confidence is growing. U.S. consumers are in a much better place than they were just six years ago. And the national economy is starting to look more normal with unemployment down to 5.3 percent.”

An award-winning journalist, David Brancaccio provided a global perspective and covered key international economic issues, as well as focused on examples of how global actions impact our own local economy. In this exclusive GPCCTV video of Brancaccio, he discusses how the U.S. economy is doing in comparison to the rest of the world and what we should expect to see for the 2016 economy.

“There’s a major shift going on with emerging market countries,” stated Brancaccio. “I expect the Federal Reserve is going to raise interest rates very soon. That means returns will be higher in this country. It also means that as money flows out of emerging market countries, it will cause some hardship in these countries.”

Added Brancaccio, “Europe is probably somewhat on the mend. The great crisis in Greece is not over, but at least there’s some structure for dealing with it.”

“The Greater Phoenix Chamber of Commerce is proud to work with a strong community partner like Cox Communications to provide the latest research and expert analysis on our financial climate and present the state of the economy from a local, national and international perspective to business leaders across the Valley,” stated Todd Sanders, president and CEO of the Greater Phoenix Chamber of Commerce. “Although recovery in the housing market has been slow, it’s very good news that U.S. economic conditions have stabilized and that there is no recession in the near future. I am also confident that Arizona’s economy will continue to improve and we’ll see a respectable rate of growth in 2016.”

The Greater Phoenix Chamber of Commerce has been hosting Economic Outlook since 1982 to provide the community an opportunity to learn about the global, national and local economic indicators. The Chamber’s Annual Report, which provides an informative look at how the Chamber works on behalf of its members, was presented during Economic Outlook 2016. New this year, the Chamber’s Phoenix Forward Aggregated Summary Report was also presented during Economic Outlook 2016, which communicates the Chamber’s commitment to supporting local businesses in their efforts to grow and expand.

Added Sanders, “Last year at this event, I presented the fundamentals of the Chamber’s work to create a more robust economic development program through an initiative called Phoenix Forward. Through this initiative, we are helping to retain and expand Arizona businesses. Our partners, including the City of Phoenix, Maricopa County and the Arizona Commerce Authority, are essential to this mission and it is truly a collaborative effort.”

Business is looking strong in Phoenix. Together the Chamber, the City of Phoenix and the Arizona Commerce Authority conducted 363 business visits in a six-month period. During these visits, companies indicated the following anticipated growth:

• 7,812 new jobs – primarily in advanced business services and health care

• These new jobs translate to $395 million in payroll and 2.4 million square feet in new building space

• The average wage of these new jobs is $51,000, well above the average for the region

Concluded Sanders, “We’re very excited to continue the work we’re doing with our partners and the business community to ensure we are truly moving Phoenix forward.”

Downtown Phoenix, Photo: Flickr, squeaks2569

Phoenix Makes Case to Host Democratic Convention in ’16

City and government officials in Phoenix are currently preparing for a visit Sept. 9-11 from the Democratic National Committee. Phoenix joins four other cities – New York City; Philadelphia; Columbus, Ohio; and Birmingham, Ala. – as finalists to host the 2016 Democratic National Convention.

The committee of Democratic officials to visit Phoenix makes up the DNC’s Technical Advisory Group, and will assess Phoenix’s viability and readiness to host the convention.

With stiff competition from the other top cities, Phoenix stands out as the only finalist from the West, and offers a host of distinguishing qualities that are sure to pique the interest of visiting officials.

Although historically a red state, Arizona is on the cusp of becoming a swing state with its growing Hispanic electorate.

Phoenix is a majority-minority city, and Latinos make up more than 40 percent of its population. By far, it has the largest Latino community of any of the five finalist cities. As a state, Arizona boasts the third-largest Native American population in the country.

Phoenix is also one of the nation’s most LGBT-friendly communities, and earned a perfect score on the Human Rights Campaign’s Municipal Equality Index.

Mayor Greg Stanton leads Phoenix’s effort alongside Host Committee co-chairs U.S. Rep. Gabrielle Giffords and Capt. Mark Kelly, convention liaison Ann Wallack, U.S. Rep. Kyrsten Sinema, and business leaders Rick DeGraw and Martin Shultz.

Stanton said that in addition to its diversity, Phoenix’s logistical advantages, amenities and experience hosting large-scale events are important to the city’s pitch.

“We’re really the perfect host city,” Stanton said. “Downtown Phoenix, with the convention center, arena and thousands of hotel rooms, is compact and just minutes from the airport via light rail. Throughout the Valley, we have exactly the kind of venues that are important to making national party conventions a success.”

The nation’s sixth-largest city boasts more than 500 hotels, 60,000 hotel rooms, and 40 full-service resorts. With more than 900,000 square feet of meeting and exhibit space, the Phoenix Convention Center is one of the largest meeting facilities of its kind in the United States, and is recognized as one of the country’s top 10 convention centers. It is along the city’s light rail line and just seven miles from Phoenix Sky Harbor International Airport.

Phoenix is a hot spot for large-scale events and in just six months will host both the Super Bowl XLIX and the NFL’s Pro Bowl. The Valley of the Sun has previously hosted two Super Bowls, the 2009 NBA All-Star Game, the 2011 MLB All-Star Game, and plays host to MLB Cactus League Spring Training and the NCAA’s Fiesta Bowl annually.

More than 16 million people visit Greater Phoenix alone each year, making tourism one of Arizona’s largest revenue generators.

The 2016 Democratic National Convention is expected to bring upwards of 50,000 visitors to the host city, and pump hundreds of millions of dollars into the local economy. Phoenix’s bid has earned bipartisan support because city and state leaders – regardless of political affiliation – understand the positive economic impact of hosting an event of this magnitude.

“The economic benefits in Phoenix would be especially key because the convention would take place before Arizona’s tourism season really kicks off,” Wallack said. “Our community is prepared to make sure convention visitors have a special experience, and we’re thrilled to show the DNC all we have to offer.”

During the site visit, the DNC’s Technical Advisory Group will tour the convention center and US Airways Center, as well as top destinations in the region. The historic Orpheum Theatre will be among the unique venues showcased as potential sites for party caucus meetings during the convention.

The Technical Advisory Group is expected to make a decision on the host city at the end of 2014 and announce its decision in 2015.

For more information on Phoenix’s bid, visit www.phx2016.com.

Diamond Head

Arizona lands 2016 championship game

Arizona will host the College Football Playoff championship in 2016 and Tampa, Fla., will be the site of the 2017 title game.

The conference commissioners who oversee the playoffs announced Monday their choices for the sites of the second and third championship games in the new postseason system that goes into effect next season.

“This was not an easy decision,” said Bill Hancock, executive director of the playoff. “It was a very competitive process. The decision was difficult because we received eight excellent proposals.”

The first championship game will played Jan. 12, 2015, at AT&T Stadium in Arlington, Texas, home of the Dallas Cowboys.

The second title game is scheduled to be played Jan. 11, 2016, in Glendale at University of Phoenix Stadium, home of the Fiesta Bowl and the NFL’s Cardinals. The Fiesta Bowl is also part of the six-bowl semifinal rotation for the playoff, but it won’t host a semifinal until the 2016 season.

The other bidders for the 2016 game were Jacksonville, Fla., New Orleans and Tampa.