Freedom Financial Network (FFN) will contribute approximately $306.8 million to the Arizona economy in 2018, according to an independent economic impact study conducted by the Seidman Institute, the consultancy arm of W. P. Carey School of Business at Arizona State University. The figure represents a 22.1 percent increase over the company’s 2017 impact.
“The ASU findings establish quantitatively what we’ve all known intuitively for quite some time,” says Andrew Housser, co-CEO and co-founder of FFN. “Freedom Financial Network is a major contributor to Arizona’s economy, and will continue to be in the years to come. We have been proud to be part of the fabric of the Tempe community for more than a decade, and look forward to continuing to contribute to the growth of Tempe, Maricopa County and the State of Arizona.”
The company presented the results of the study this morning, at the grand opening of FFN’s new, 150,000-square-foot building at 2114 E. Rio Salado Parkway in Tempe (renamed today “Freedom Way”), the first of two buildings planned at the site. The audience included representatives from local and state government and economic development organizations.
The Seidman Institute researchers who conducted the study, “The Economic Impact of Freedom in Maricopa Countyand the State of Arizona,” examined estimated impacts, including both the direct effects of FFN’s operations and capital expenditure in each geography, and the multiplier effects that arise when income is recycled within the local economy.
“Our findings indicate that Freedom Financial Network not only generates a significant amount of direct economic impact in Arizona,” says Tim James, Ph.D., director of research and consulting at ASU’s Seidman Research Institute. “Freedom’s expanding Tempe operations give rise to more than one additional job elsewhere in the state for every associate that they directly employ.”
Results of the study include 2018 projections of state-wide impact including:
• 4,130 direct, indirect and induced jobs; 1.08 indirect and induced jobs for every one person FFN employs in Tempe
• $140.1 million total wages and salaries (including benefits) of FFN’s Tempe employees
• $74.2 million total FFN purchases from Arizona-based vendors
• $242.2 million labor income in total statewide impact
• $306.8 million in total state GDP impact
“Tempe has proven to be an exceptional base for FFN’s rapid growth,” says Housser. The company opened its Tempe office in April 2006 with two employees. Today, nearly 2,000 employees work at FFN in Tempe. “With this new campus, we’re proud to provide our current, and future, employees a home that reflects the investment we are making in their futures – and a home base for the outstanding work they do on behalf of our clients.”